Investment Research Associates - Page 48





                                                    - 134 -                                                    
                         8/31/77    8/31/78        8/31/79      8/31/80      8/31/81                          
          Securities                                                                                           
          Marketable      $263,887   $2,177,889   $1,299,799   $2,076,472  $235,609                            
            Nonmarketable      34,956   99,888    207,139      511,042     455,828                             
          Invest. sub.   50,000      100,000        178,849      180,849   194,447                             
          Invest. pship.     70,890  82,406         350,033    42,755     263,305                              
          Deprec. assets       --    1,547,966    1,547,966    1,547,966    1,547,966                          
          Less acc. dep.      --     (442,276)    (758,187)    (983,838)  (1,145,017)                          
          Land                 --               --             --   5,000         5,000                        
          Other           9,899      3,039          2,999      4,103         3,170                             
          Total          2,989,331   9,267,041    15,056,770   18,794,624  5,198,123                           
          Liabilities                                                                                          
          Loans/notes                                                                                          
          Short-term     550,000     833,758      1,142,616    579,246     2,546,566                           
          Long-term      2,269,000   6,743,486    13,150,752   16,528,988   1,352,085                          
            Stockholder        45,000      138,000           --126,431      334,983                            
          Subscription        --               --   45,000       45,000       53,000                           
          Due broker           --    1,068,091    363,498        567,487      651,595                          
          Other          86,314       131,946      --          --            969                               
          Total          2,950,314   8,915,281    14,701,866    17,847,152      4,939,198                      
          Net assets     39,017      351,760      354,904      947,472        258,925                          
          Capital stock                                                                                        
          Preferred        275          50,778    50,778       50,778      1,550,778                           
          Common         2                23           23      23               23                             
          Capital surplus     49,723 407,086        407,086    407,086        407,086                          
          Retained earn.    (10,983) (106,127)    (102,983)     489,585     (1,698,962)                        
          HELO                                                                                                 
          Assets                                                                                               
          Cash                 --               --  231             4,294       (879,704)                      
          Pooled funds         --               --             --   718           --                           
          Loans receiv.        --               --             --             --             --                
          Others      --               --             --       2,871,082   4,691,912                           
          Other                --     500            151        120          348                               
          Total                      500               382     2,876,214   3,812,556                           
          Liabilities                                                                                          
          Payables             --               --             --             --             --                
          Short-term           --               --             --    322,987  849,680                          
          Long-term           --               --             --      1,327,100   3,127,200                    
          Shareholder         --               --             --   1,255,600      10,557                       
          Total              --               --             --     2,905,687   3,987,437                      
          Net assets            --        500          382       (29,473)     (174,881)                        







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Last modified: May 25, 2011