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ISLAND AIR FERRIES, INC. EXHIBIT B STATEMENT OF INCOME AND SURPLUS For the Year Ended December 31, 1950 OPERATING REVENUE: Transportation: Non-scheduled transport service $ 435.48 Other revenues - net Service sales 26,475.13 Rental from operating equipment 1,010.00 Other incidental revenues 1,211.76 TOTAL OPERATING REVENUES $29,132.37 FLIGHT EXPENSES (Schedule B-1): $ 984.90 Direct maintenance-flight equipment 432.63 Depreciation-flight equipment 3,887.96 TOTAL FLIGHT EXPENSES $ 5,305.57 GROUND ADMINISTRATIVE EXPENSES: (Schedule B-2) Ground operations $5,149.20 Ground and indirect maintenance 5,176.14 Passenger service 65.47 Traffic and sales 193.31 Advertising and publicity 69.45 General and administrative 15,518.04 Depreciation-ground equipment 647.23 TOTAL GROUND AND ADMINISTRATIVE EXPENSES 26,818.84 TOTAL OPERATING EXPENSES 32,124.41 NET LOSS FROM OPERATIONS ($2,992.04) OTHER INCOME AND EXPENSES: $14,676.31 Net gain on retirement of equipment 16.13 Interest income $14,692.44 Less interest expense 468.40 14,223.04 NET INCOME BEFORE AMORTIZATION OF DEVELOPMENT EXPENSE $11,232.00 AMORTIZATION OF ROUTE EXTENSION AND DEVELOPMENT EXPENSE 53,080.53 NET LOSS FOR THE YEAR ENDED DECEMBER 31, 1950 ($41,848.53) EARNED SURPLUS (DEFICIT) JANUARY 1, 1950 ( 51,823.64) EARNED SURPLUS (DEFICIT) DECEMBER 31, 1950 - EXHIBIT A ($93.672.17)