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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|