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NEW YORK AIRWAYS, INC. P.O BOX 426 LaGuardia Airport Station Flushing, N.Y. 11371 Balance Sheet as at AUGUST 31, 1966 Liabilities and Capital |Current liabilities:| | --- | |Current notes payable |$ 1,180,188| | --- | --- | |Accounts payable:| | --- | |General |$ 571,431| |Traffic | 134,636| |Collection as agent | 13,335| 719,402| | --- | --- | --- | |Accrued salaries and wages | 187,062| |Accrued taxes | 22,248| |Other current and accrued liabilities | $2,351,799| | --- | --- | |Non-current liabilities:| |Notes Payable| 1,058,277| |Convertible subordinated debentures| 842,300| 1,900,577| |-----|----| |Deferred credits:| |Fedieral income tax| 34,800| |----|----| |Stockholders equity:| |Capital stock par value 1.00 per share:| |authorized 600,000 shares;| |Authorized shares reserved:| |Note holders| 220,326| |Debenture conversion| 105,288| |Employee's stock option| 13,750| |Total reserved:| 339,364| |----|----| |Issued and outstanding 260,636 shares| 260,636| |----|----| |Capital paid in| 2,061,571| |----|----| |Deficit| (679,821)| |----|----| |Profit or (Loss) Year to Date| (21,959)| (701,780)| 1,620,427| |5,907,603|