Investment Research Associates - Page 30

                                       - 118 -                                        
                           1984        1985          1986          1987              
          Consolidated                                                                
          income(loss)   ($175,946)  $96,363      ($327,854)   ($16,942)              
          Cedilla Invest.331,263     376,929      (1,148,003)  (704,460)              
          Zeus           (96,473)    (153,108)    (151,122)   (181,747)               
          IRA                                                                         
          Income                                                                      
          Dividends      113,505     97,206          87,079      31,960               
          Interest       247,230     177,236         164,843     238,396              
          Gross rents    2,689,177   2,689,177    1,175,346      1,271                
          Capital gain   247,929           --        (62,833)    604,750              
          Partnerships   24,821      (202,702)    373,779        186,845              
          Loss notes --  --  -- (1,176,670)                                           
          Commissions/fees      --              --             --            --       
          Other           356          1,000        (546)      --                     
          Total          3,323,018   2,761,917    1,737,668    (113,448)              
          Deductions                                                                  
          Bad debts             --              --             --    132,013          
          Interest       1,778,953   1,477,807    543,077        274                  
          Depreciation   1,748,335   1,222,686    316,192        3,228                
          Consulting fees       --              --             --            --       
          Commissions           --        4,000           --            --            
          Other           20,752       22,784        29,683      37,094               
          Total          3,548,040      2,727,277 888,952        172,609              
          Net income     (225,022)   34,640          848,716   (286,057)              
          NOL            (89,235)    (410,736)    (458,721)         --                
          Special ded.    (96,479)      (82,625)     (86,412)   (31,960)              
          Taxable income (410,736)   (458,721)    303,583      (318,017)              
                                                                                     
          Assets                                                                      
          Cash           53,976      11,933          322,645   1,241,888              
          Pooled funds     38,250     --  --    --                                    
          Notes Receiv.  1,868,086   1,649,390    2,528,266    1,156,439              
          Loans                                                                       
          Stockholders    292,479  --  --    --                                       
            Subsidiaries --          292,569      345,869          --                 
          Others         1,543,454   1,146,668    1,186,973      620,594              
          Securities                                                                  
          Short term     422,000     415,000           --            --               
            Marketable       230,451            --             --            --       
          Nonmarketable   4,430,107  4,848,613    5,291,069    5,718,826              
          Invest. sub.   65,000      65,000          65,000      65,000               
          Invest. pship.  1,129,898  1,041,875    1,194,093      345,491              
          Deprec. assets 11,286,020  11,286,020   23,721         23,721               
          Less acc. dep. (9,385,237) (10,607,923)    (20,494)    (23,721)             
          Other          2,365       2,365         2,365        2,365)                
          Total          11,976,849  10,151,510   10,939,507   9,150,603              
          Liabilities                                                                 
          Payables          --              --             --            --           
          Short term     81,250      122,925         45,490      45,490               
          Long term      11,258,179  9,995,705    9,495,319    9,495,280              
          Defer. gain    1,777,711   1,569,599    2,459,893    1,100,516              
          Other       --              --          --            --                    
          Total          13,117,140  11,688,229    12,000,702    10,641,286           
          Net assets     (1,140,291)     (1,536,719)    (1,061,195)   (1,490,683)     

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