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                                    BACAS, GATES & POTTER

                     LIABILITIES  
Current Liabilities 
Notes payable, due within one year     $14,491.36
Accounts Payable                        18,240.36
Interest accrued                            63.59
Taxed accrued                              670.18

Total Current Liabilities                        $33,465.49

Long Term Debt: 
Notes Payable (Secured by Chattel Mortgage on Aircraft
$18,988.43
Less: Amount included in Current Liabilities
14,491.36     4,497.07

Capital Stock:
Preferred Stock - par value $100.00,
outstanding 127 shares                   $12,700.00
Common stock - par value $1.00
outstanding 48,577 shares                 48,577.00
Common stock - Class A, no par value,
outstanding 500 shares                       500.00
Total Capital Stock                       61,777.00 

Surplus:
Deficit, January 1, 1947                    $72,082.51
Operating loss year ended December 31, 1947  31,786.44
                                           $103,868.95

Surplus:
Capital Surplus January 1, 1947      $95,546.48
Common stock issued at premium         1,400.00
Warrant issued                            26.00   96,972.00 

Excess of operating loss over capital surplus, December 31, 1947       6,896.47


Total Liabilities and Capital         $92,843.09