Common use of SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Clause in Contracts

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. This summary of significant accounting policies is presented to assist the reader in understanding and evaluating the consolidated financial statements. These policies are in conformity with Generally Accepted Accounting Principles in the United States ("GAAP") and have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and related disclosures. Actual results could differ from those estimates. BASIS OF PRESENTATION The consolidated financial statements have been prepared using ▇▇▇▇▇▇'▇ historical bases in the assets and liabilities and the historical results of operations of the ▇▇▇▇▇▇▇ Lifesciences Business prior to the Distribution, operated primarily as a division of Baxter, and continuing as a separate legal entity, ▇▇▇▇▇▇▇ Lifesciences Corporation and its subsidiaries, subsequent to the Distribution. All material intercompany balances have been eliminated. Prior to the Distribution, the combined financial statements included allocations of certain Baxter corporate assets, liabilities and expenses to the ▇▇▇▇▇▇▇ Lifesciences Business, which were allocated on the basis that was considered by Baxter management to reflect most fairly or reasonably the utilization of the services provided to or the benefit obtained by the ▇▇▇▇▇▇▇ Lifesciences Business (see Note 11). Typical measures and activity indicators used for allocation purposes included headcount, sales, payroll expense, or the specific level of activity related to the allocated item. Management believes the methods used to allocate amounts were reasonable. However, the financial information included herein does not necessarily reflect what the financial position, results of operations and cash flows of the Company would have been had it operated as a stand-alone public entity during the periods prior to the Distribution, and may not be indicative of future operations, cash flows or financial position. The consolidated financial statements do not include an allocation of ▇▇▇▇▇▇'▇ consolidated debt and interest expense prior to the Distribution. Certain reclassifications of previously reported amounts have been made to conform to classifications used in the current year. FISCAL YEAR OF INTERNATIONAL OPERATIONS Certain operations outside the United States and its territories are included in the consolidated financial statements on the basis of fiscal years ending November 30 in order to facilitate timely consolidation. FOREIGN CURRENCY TRANSLATION The Company follows the principles of Statement of Financial Accounting Standards ("SFAS") No. 52, "Foreign Currency Translation." Accordingly, when the local currency of its foreign entities is

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. This summary of significant accounting policies is presented Development Stage Company ------------------------- The Company's activities to assist the reader in understanding date principally have been planning and evaluating the consolidated financial statements. These policies are in conformity with Generally Accepted Accounting Principles participation in the United States (Auction, initiating research and development, conducting market research, securing capital and developing its proposed service and network. Accordingly, the Company's financial statements are presented as a development stage enterprise, as prescribed by Statement of Financial Accounting Standards No. 7, "GAAP") Accounting and have Reporting by Development Stage Enterprises." Since the Auction, the Company has been applied consistently in all material respectsrelying on the borrowing of funds and the issuance of common and preferred stock rather than recurring revenues, for its primary sources of cash flow. Use of Estimates ---------------- The preparation of financial statements in conformity with GAAP generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at and disclosure of contingent assets and liabilities on the date of the financial statements, statements and the reported amounts of revenues and expenses during the reporting period, and related disclosures. Actual results could differ from those estimates. BASIS OF PRESENTATION Concentration of Credit Risk ---------------------------- Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The consolidated Company has invested its excess cash in a money market account with a commercial bank. The underlying assets of the fund collateralize these investments. The money market account invests in U.S. Government securities. The Company has not experienced any losses on its cash and cash equivalents. Cash Equivalents ---------------- The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents. Licenses and Microwave Relocation --------------------------------- As a condition of each PCS license, the FCC requires each license-holder to relocate existing microwave users (Incumbents) within the awarded spectrum to microwave frequencies of equal strength. Microwave relocation costs will include the actual and estimated costs incurred to relocate the Incumbents microwave links affecting the Company's licensed frequencies an dare presented in the financial statements at the estimated value of the project cost. PCS licenses also include costs incurred, including capitalized interest related to the U.S. Government financing, to acquire FCC licenses on frequency block F in the 1850-1990 MHz radio frequency band. Interest capitalization begins when the activities necessary to get the PCS network ready for its intended use are in progress. For the year ended December 31, 1997, the Company capitalized $131,397 of interest cost. The PCS licenses are issued conditionally for ten years. Historically, the FCC has granted license renewals providing the licensees have complied with applicable rules, policies and the Communications Act of 1934, as amended. The Company believes it had complied with and intends to continue to comply with these rules and policies. The Company will amortize the cost of the PCS licenses and microwave relocation costs on a straight-line basis over 40 years at the time PCS services commence, which is expected to be in early 1999 for certain BTAs. Property and Equipment and Network Under Development ---------------------------------------------------- Property and equipment are recorded at cost and depreciated on the straight-line method over three to ten years based upon estimated useful lives. Network under development, includes all costs of engineering, cell site acquisition, site development, capitalized interest and other development costs being incurred, to ready the PCS network for use. Network under development will be depreciated over its estimated useful life. Long-Lived Assets ----------------- The Company periodically evaluates the recoverability of the carrying value of the property and equipment, network under development, intangible assets and PCS licenses. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of these assets in relation to the operating performance of the business and future and undiscounted cash flows expected to result from the use of these assets. Impairment losses are recognized when the sum of expected future cash flows are less than the assets' carrying value. No such impairment losses have been prepared using ▇▇▇▇▇▇'▇ historical recognized to date. Income Taxes ------------ The Company accounts for income taxes in accordance with the liability method. Deferred income taxes are recognized for tax consequences in future years for differences between the tax bases in the of assets and liabilities and their financial reporting amounts at each year-end, based on enacted laws and statutory tax rates applicable to the historical results of operations periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary, to reduce net deferred tax assets to the amount expected to be realized. The provision for income taxes consists of the ▇▇▇▇▇▇▇ Lifesciences Business prior to current tax provision and the Distribution, operated primarily as a division of Baxter, and continuing as a separate legal entity, ▇▇▇▇▇▇▇ Lifesciences Corporation and its subsidiaries, subsequent to the Distribution. All material intercompany balances have been eliminated. Prior to the Distribution, the combined financial statements included allocations of certain Baxter corporate assets, liabilities and expenses to the ▇▇▇▇▇▇▇ Lifesciences Business, which were allocated on the basis that was considered by Baxter management to reflect most fairly or reasonably the utilization of the services provided to or the benefit obtained by the ▇▇▇▇▇▇▇ Lifesciences Business (see Note 11). Typical measures and activity indicators used for allocation purposes included headcount, sales, payroll expense, or the specific level of activity related to the allocated item. Management believes the methods used to allocate amounts were reasonable. However, the financial information included herein does not necessarily reflect what the financial position, results of operations and cash flows of the Company would have been had it operated as a stand-alone public entity change during the periods prior to the Distribution, period in deferred tax assets and may not be indicative of future operations, cash flows or financial position. The consolidated financial statements do not include an allocation of ▇▇▇▇▇▇'▇ consolidated debt and interest expense prior to the Distribution. Certain reclassifications of previously reported amounts have been made to conform to classifications used in the current year. FISCAL YEAR OF INTERNATIONAL OPERATIONS Certain operations outside the United States and its territories are included in the consolidated financial statements on the basis of fiscal years ending November 30 in order to facilitate timely consolidation. FOREIGN CURRENCY TRANSLATION The Company follows the principles of Statement of Financial Accounting Standards ("SFAS") No. 52, "Foreign Currency Translationliabilities." Accordingly, when the local currency of its foreign entities is

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. This summary Basis of significant Presentation The accounting and reporting policies is presented of the Company conform to assist the reader in understanding and evaluating the consolidated financial statements. These policies are in conformity with Generally Accepted Accounting Principles accounting principles generally accepted in the United States of America ("GAAP") and have been applied consistently in all material respects). Use of Estimates The preparation of financial statements the balance sheet in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, balance sheet and the reported amounts of revenues and expenses during the reporting period, and related disclosures. Actual results could differ from those estimates. BASIS OF PRESENTATION Cash Equivalents and Concentration of Cash Balance The consolidated financial statements have been prepared using ▇▇▇▇▇▇'▇ historical bases Company considers all highly liquid securities with an original maturity of less than three months to be cash equivalents. The Company?s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. Offering Expenses Offering expenses relate to the offering for a specific Series and consist of underwriting, legal, accounting, escrow, compliance, filing and other expenses incurred through the balance sheet date that are directly related to a proposed offering and will generally be charged to members' equity upon the completion of the proposed offering. Offering expenses that are incurred prior to the closing of an offering for such Series, are being funded by the Manager and will generally be reimbursed through the proceeds of the offering related to the Series. Should the proposed offering prove to be unsuccessful, these costs, as well as additional expenses to be incurred, will be charged to the Manager. Operating Expenses Operating expenses related to a particular collectible asset are costs and expenses attributable the assets of a particular Series and include storage, insurance, transportation (other than the initial transportation from the card location to the Manager?s storage facility prior to the offering, which is treated as an ?Acquisition Expense?, as defined below), annual audit and legal expenses and other specific expenses as detailed in the Manager?s allocation policy. We distinguish between pre-closing and post-closing Operating expenses. Operating expenses are expensed as incurred. Except as disclosed with respect to any future offering, expenses of this nature that are incurred prior to the closing of an offering of Series of Interests are funded by the Manager and are not reimbursed by the Company, Series or economic members. These are accounted for as capital contributions by the Manager for expenses related to the business of the Company or a Series. Upon closing of an offering, a Series becomes responsible for these expenses and finances them either through revenues generated by a Series or available cash reserves at the Series. Should revenues or cash reserves not be sufficient to cover Operating expenses the Manager may (a) pay such Operating expenses and not seek reimbursement, (b) loan the amount of the Operating expenses to the Series at a reasonable rate of interest and be entitled to reimbursement of such amount from future revenues generated by the Series (?Operating expenses Reimbursement Obligation(s)?), and/or (c) cause additional Interests to be issued in order to cover such additional amounts. Income Taxes The Company intends that the master series and separate Series will elect and qualify to be taxed as a C-corporation under the Internal Revenue Code. The separate Series will comply with the accounting and disclosure requirement of ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the historical results periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Note 5: RELATED PARTY TRANSACTIONS The Company, a Delaware series limited liability company, whose managing member is the Manager, will admit additional members to each of operations its series through the offerings for each series. By purchasing an Interest in a Series of Interests, the investor is admitted as a member of the ▇▇▇▇▇▇▇ Lifesciences Business Company and will be bound by the Company's Operating Agreement. Under the Operating Agreement, each investor grants a power of attorney to the Manager. The Operating Agreement provides that the Manager with the ability to appoint officers Note 6: REVENUE, EXPENSE AND COST ALLOCATION METHODOLOGY The Company distinguishes expenses and costs between those related to the purchase of a particular collectible asset and Operating expenses related to the management of such collectible assets. Fees and expenses related to the purchase of an underlying collectible asset include the offering expenses, Acquisition Expenses, Brokerage Fee and Sourcing Fee. As of July 1, 2020, VinVesto, Inc. incurred costs of $0 on behalf of the Company or Series. Within Operating expenses the Company distinguishes between Operating expenses incurred prior to the Distributionclosing of an offering and those incurred after the close of an offering. Although these pre- and post- closing Operating expenses are similar in nature and consist of expenses such as storage, operated primarily insurance, transportation and maintenance, pre-closing Operating expenses are borne by the Manager and are not expected to be reimbursed by the Company or the economic members. Post-closing Operating expenses are the responsibility of each Series of Interest and may be financed through (i) revenues generated by the Series or cash reserves at the Series and/or (ii) contributions made by the Manager, for which the Manager does not seek reimbursement or (iii) loans by the Manager, for which the Manager may charge a reasonable rate of interest or (iv) issuance of additional Interest in a Series. Allocation of revenues, expenses and costs will be made amongst the various Series in accordance with the Manager's allocation policy. The Manager's allocation policy requires items that are related to a specific Series to be charged to that specific Series. Items not related to a specific Series will be allocated pro rata based upon the value of the underlying collectible assets or the number of collectibles, as a division stated in the Manager?s allocation policy and as reasonably determined by the Manager. The Manager may amend its allocation policy in its sole discretion from time to time. Revenue from the anticipated commercialization of Baxterthe collections will be allocated amongst the Series whose underlying collectibles are part of the commercialization events, and continuing as a separate legal entity, ▇▇▇▇▇▇▇ Lifesciences Corporation and its subsidiaries, subsequent to based on the Distributionvalue of the underlying collectible assets. All material intercompany balances No revenues have been eliminatedgenerated to date. Prior to the DistributionOffering expenses, the combined financial statements included allocations of certain Baxter corporate assets, liabilities and expenses to the ▇▇▇▇▇▇▇ Lifesciences Business, which were allocated on the basis that was considered by Baxter management to reflect most fairly or reasonably the utilization of the services provided to or the benefit obtained by the ▇▇▇▇▇▇▇ Lifesciences Business (see Note 11). Typical measures and activity indicators used for allocation purposes included headcount, sales, payroll expense, or the specific level of activity other than those related to the allocated item. Management believes the methods used to allocate amounts were reasonable. However, the financial information included herein does not necessarily reflect what the financial position, results of operations and cash flows overall business of the Company would Manager (as described in Note 2(4)) are funded by the Manager and generally reimbursed through the Series proceeds upon the closing of an offering. No offering expenses have been incurred by the Company as of July 1, 2020. Acquisition expenses are funded by the Manager, and reimbursed from the Series proceeds upon the closing of an offering. The Manager had it operated as a stand-alone public entity during the periods prior incurred $0 in acquisitions expenses at July 1, 2020. The Sourcing Fee is paid to the Distribution, and may not be indicative Manager from the Series proceeds upon the close of future operations, cash flows or financial position. The consolidated financial statements do not include an allocation of ▇▇▇▇▇▇'▇ consolidated debt and interest expense prior to the Distribution. Certain reclassifications of previously reported amounts have been made to conform to classifications used in the current year. FISCAL YEAR OF INTERNATIONAL OPERATIONS Certain operations outside the United States and its territories are included in the consolidated financial statements on the basis of fiscal years ending November 30 in order to facilitate timely consolidation. FOREIGN CURRENCY TRANSLATION The Company follows the principles of Statement of Financial Accounting Standards ("SFAS") No. 52, "Foreign Currency Translationoffering." Accordingly, when the local currency of its foreign entities is

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. This PRINCIPALS OF CONSOLIDATION During the first quarter of 1997, West Suburban Bank (the "Bank") received approvals from the Federal Deposit Insurance Corporation ("FDIC"), the Office of the Illinois Commissioner of Banks and Real Estate and the Office of Thrift Supervision to merge the four bank subsidiaries and the thrift subsidiary into one state chartered bank under the name "West Suburban Bank." On May 17, 1997, the subsidiaries were merged and since that date, West Suburban Bancorp, Inc. ("West Suburban") has conducted its banking activities through its single bank subsidiary. The merger had no significant impact on the Company's financial condition or results of operations. West Suburban together with the Bank may be referred to as the "Company." The consolidated financial statements include the accounts of West Suburban and the Bank. Significant intercompany accounts and transactions have been eliminated. BASIS OF ACCOUNTING The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles and conform to general practices within the banking industry. A summary of significant accounting policies is presented to assist the reader in understanding and evaluating the consolidated financial statementsfollows. These policies are in conformity with Generally Accepted Accounting Principles in the United States ("GAAP") and have been applied consistently in all material respects. USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with GAAP generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the allowance for loan losses, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, statements and the reported amounts of revenues income and expenses during the reporting period, and related disclosures. Actual results could differ from those estimates. BASIS OF PRESENTATION The consolidated financial statements have been prepared using ▇▇▇▇▇▇'▇ INVESTMENT SECURITIES Debt and marketable equity securities are classified into two categories, "held to maturity" and "available for sale." Held to maturity securities include those debt securities where the Company has both the ability and positive intent to hold them to maturity. Securities not meeting these criteria are classified as available for sale. Held to maturity securities are carried at amortized historical bases in the assets cost while available for sale securities are carried at fair value with net unrealized gains and liabilities and the historical results losses (net of operations of the ▇▇▇▇▇▇▇ Lifesciences Business prior to the Distribution, operated primarily as a division of Baxter, and continuing tax) reported as a separate legal entity, ▇▇▇▇▇▇▇ Lifesciences Corporation and its subsidiaries, subsequent to the Distributioncomponent of shareholders' equity. All material intercompany balances have been eliminated. Prior to the Distribution, the combined financial statements included allocations of certain Baxter corporate assets, liabilities and expenses to the ▇▇▇▇▇▇▇ Lifesciences Business, which were allocated Gains or losses on disposition are based on the basis that was considered by Baxter management to reflect most fairly or reasonably net proceeds and the utilization adjusted carrying amount of the services provided to or the benefit obtained by the ▇▇▇▇▇▇▇ Lifesciences Business (see Note 11). Typical measures and activity indicators used for allocation purposes included headcountsecurities sold, sales, payroll expense, or using the specific level identification method. Any decline in the carrying values of activity related investment securities which is deemed to the allocated itembe other than temporary is charged against current earnings. Management believes the methods used to allocate amounts were reasonable. However, the financial information included herein The Company does not necessarily reflect what the financial position, results of operations and cash flows of the Company would have been had it operated as a stand-alone public entity during the periods prior to the Distribution, and may not be indicative of future operations, cash flows or financial positionengage in trading activities. The consolidated financial statements do Company has not include an allocation of ▇▇▇▇▇▇'▇ consolidated debt and interest expense prior to the Distribution. Certain reclassifications of previously reported amounts have been made to conform to classifications used in the current year. FISCAL YEAR OF INTERNATIONAL OPERATIONS Certain operations outside the United States and its territories are included in the consolidated financial statements on the basis of fiscal years ending November 30 utilized futures, forwards, swaps or option contracts in order to facilitate timely consolidationmanage its interest rate risk or otherwise. FOREIGN CURRENCY TRANSLATION LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are stated at the amount of unpaid principal, reduced by an allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Accrual of interest is generally discontinued on a loan when it becomes 90 days past due or when management believes, after considering economic and business conditions and collection efforts, that the borrowers' financial condition is such that collection of principal or interest is doubtful. In some circumstances, a loan that is more than 90 days past due can remain on accrual status if it can be established that payment will be received within another 90 days or if it is fully secured and in the process of collection. When a loan has been placed on nonaccrual status, interest that has been earned but not collected is charged back to the appropriate interest income account. When payments are received on nonaccrual loans they are first applied to principal, then to expenses incurred for collection and finally to interest income. The Company follows allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the principles allowance for loan losses when management believes that the collectibility of Statement the principal is unlikely. The allowance is an amount that management believes will be adequate to absorb losses on existing loans that may become uncollectible, based on evaluations of Financial Accounting Standards ("SFAS") Nothe collectibility of loans and prior loan loss experience. 52The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, "Foreign Currency Translation." Accordinglyoverall portfolio quality, when review of specific problem loans and current economic conditions that may affect the local currency of its foreign entities isborrowers' ability to pay. -------------------------------------------------------------------------------- 10 --------------------------------------------------------------------------------