Investment Research Associates - Page 34

                                       - 121 -                                        
                                        1988               1989                       
          Assets                                                                      
               Cash                     $1,320,716     $611,752                       
               Notes Receivable         879,079          --                           
               Loans                                                                  
               Stockholders                --             --                          
               Others                   554,969        1,309,744                      
               Securities                   --             --                         
               Marketable                                                             
               Nonmarketable            6,145,610      6,806,346                      
               Investment in sub.       125,000        125,000                        
               Investment in pship.     390,091        478,847                        
               Other                    2,365           2,365                         
               Total                    9,417,830      9,334,054                      
          Liabilities                                                                 
               Payables/notes                                                         
               Short term                  --             --                          
               Long term                9,495,280      9,495,280                      
               Deferred gain            836,581          --                           
               Other                                                                  
               Total                    10,331,861     9,495,280                      
               Net assets               (914,031)      (161,226)                      
               Capital stock                                                          
               Preferred                    --             --                         
               Common                        100            100                       
               Capital surplus                                                        
               Retained earnings        (914,131)      (161,326)                      
               IRA's records show the following assets (unconsolidated) for           
          the years 1983 through 1989:                                                

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