Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown's ownership interest is between 43.2% and 57%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage is $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage is $89,733,000 at December 31, 2011. In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates ("HBC"). The term of the loan is four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice. On August 17, 2010, HBC gave six months written notice to the Partnership requesting a principal pay down of $2,500,000. During the fourth quarter of 2010, the Partnership paid HBC $2,500,000 as requested. During 2011, the Partnership elected to make principal payments of $1,000,000 on August 1, 2011, $1,000,000 on October 3, 2011, and an additional $1,000,000 on December 15, 2011 reducing the loan balance to $1,668,600. This loan will remain subject to the original terms of the Note, including HBC's right to demand payment of the balance of the loan in whole or in part upon six months notice. The interest paid during the year ended December 31, 2011 and 2010 was $238,673 and $414,740, respectively. This loan is collateralized by the Partnership's 99% ownership interest in 62 Boylston Street. A majority of the apartments were leased at the time of the acquisition. As a result, the Partnership amortized the intangible assets associated with the "in place" leases over a 12 month period which began in November 2009. The total monthly amortization was approximately $407,000 which at 40% reduced the Partnership's income by approximately $163,000 per month. For the year ended December 31, 2010 the total amortization in connection with these leases was approximately $4,073,000, of which the Partnership's share was approximately $1,629,000. The intangible asset was fully amortized effective November 2010. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park. See Note 18 for subsequent principle payment to HBC.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership plans to sell the majority of units as condominium and retain 48 units for long-term investment. Gains from the sales of units will be taxed at ordinary income rates (approximately $47,000 per unit). In February 2007, the Partnership refinanced the 48 units which will be retained with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. This investment is referred to as Hamilton Bay Apartments, LLC. The loan will be amortized over 30 years thereafter and matures in March 2017. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matures in 2013. As of February 1, 2012, 105 units have been sold, the proceeds of which went to pay down the mortgage on the property. The balance on the new mortgage is approximately $1,668,000 at December 31, 2011. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 49 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Partnership plans to operate the building and initiate development of the parking lot. In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. The mortgage on Hamilton Essex 81, LLC is $8,600,000 with interest only at 5.79% due in August 2015. The mortgage on Essex Development, LLC, or the parking lot is approximately $2,145,000 with a variable interest rate of 2.25% over the daily Libor rate (0.24% at September 30, 2011). This loan was extended to August 2012 with the same conditions except for the addition of fixed principal payments in the amount of $4,301 per month. The cost associated with the extension was approximately $10,000. Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. The Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan is 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. As of May 2008, the Partnership sold 137 units as condominiums. Gains from these sales were taxed as ordinary income (approximately $50,000 per unit). The majority of the sales proceeds were applied to reduce the mortgage with the final payment made during the second quarter of 2007. With the sale of the units and the payments of the liabilities, the assets were combined with Hamilton on Main Apartments, LLC. An entity partially owned by the majority shareholder of the General Partner and the President of the management company, 31% and 5%, respectively, was the sales agent and received a variable commission on each sale of 3% to 5%. Hamilton on Main, LLC is known as Hamilton Place.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage is $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. Hamilton on Main LLC paid a fee of approximately $400,000 in connection with this early extinguishment of debt. At December 31, 2011, the remaining balance on the mortgage is approximately $15,887,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. This property has a 12-year mortgage, with a remaining balance at December 31, 2011 of approximately $7,019,000 at 6.9% which is amortized on a 30-year schedule, with a final payment of approximately $6,000,000 in 2014. This investment is referred to as 345 Franklin, LLC.

As required by the lender, the Treasurer of the General Partner has provided a limited repayment guaranty equal to fifty percent (50%) of the outstanding balance for the loan on the for sale units at Hamilton Bay and a limited guaranty of $1,000,000 for the loan on Hamilton Essex Development. In the event that he is obligated to make payments to the lenders as a result of these guaranties, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments.



ASSETS
Rental Properties	9,454,959	2,613,064	8,229,651	5,863,176	1,916,445	7,257,981	7,256,528	21,939,796	112,921,940	177,453,541
Cash & Cash Equivalents	47,526	1,529	17,027	1,848	19,416	5,026	31,125	90,940	836,347	1,050,783
Rent Receivable	73,459	—	—	15,682	—	2,512	7,457	8,593	86,722	194,425
Real Estate Tax Escrow	98,610	—	18,360	64,464	—	89,760	43,864	104,505	582,028	1,001,592
Prepaid Expenses & Other Assets	59,508	493	54,276	88,524	167,811	95,190	54,023	180,899	1,216,214	1,916,937
Financing & Leasing Fees	71,108	6,987	16,330	24,672	6,570	32,605	19,918	21,442	458,995	658,626

Total Assets	9,805,169	2,622,073	8,335,644	6,058,364	2,110,241	7,483,074	7,412,916	22,346,175	116,102,247	182,275,903

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,462,041	2,144,796	7,019,119	4,995,487	1,668,000	4,750,000	5,500,000	15,887,203	89,733,192	140,159,839
Accounts Payable & Accrued Expense	32,238	6,309	15,323	48,236	12,682	28,690	58,596	212,224	820,603	1,234,900
Advance Rental Pmts & Security Dep	152,940	—	114,179	69,970	20,027	85,575	69,592	257,780	1,800,113	2,570,176

Total Liabilities	8,647,219	2,151,105	7,148,621	5,113,694	1,700,709	4,864,265	5,628,188	16,357,207	92,353,908	143,964,915

Partners' Capital	1,157,950	470,968	1,187,023	944,670	409,532	2,618,809	1,784,728	5,988,968	23,748,339	38,310,988

Total Liabilities & Capital	9,805,169	2,622,073	8,335,644	6,058,364	2,110,241	7,483,074	7,412,916	22,346,175	116,102,247	182,275,903

Partners' Capital—NERA 50%	578,975	235,484	593,512	472,335	204,766	1,309,404	892,364	2,994,484		7,281,325

NERA 40%									9,499,335	9,499,335

										16,780,660

Total units/ condominiums
Apartments	48	—	40	175	120	48	42	148	409	1,030
Commercial	1	1	—	1	—	—	—	—	—	3

Total	49	1	40	176	120	48	42	148	409	1,033
Units to be retained	49	1	40	49	—	48	42	148	409	786

Units to be sold	—	—	—	127	120	—	—	—	—	247

Units sold through January 25, 2012	—	—	—	127	105	—	—	—	—	232

Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of February 1, 2012	—	—	—	—	—	—	—	—	—	—



Revenues
Rental Income	1,244,322		255,050		1,136,831		816,015		232,938		863,657		789,897		2,491,957		11,559,414		19,390,080
Laundry and Sundry Income	16,589		—		2,367		—		—		—		1,362		20,599		97,275		138,193

	1,260,911		255,050		1,139,198		816,015		232,938		863,657		791,258		2,512,556		11,656,690		19,528,273

Expenses
Administrative	20,839		1,339		24,424		11,258		5,396		18,625		10,249		36,155		163,511		291,796
Depreciation and Amortization	424,695		8,498		443,055		257,961		103,536		329,930		322,216		965,324		5,698,657		8,553,872
Management Fees	49,677		11,040		45,829		32,120		9,486		33,916		31,666		100,581		251,071		565,386
Operating	121,521		—		66,278		1,733		239		732		54,650		371,687		929,543		1,546,382
Renting	8,058		—		19,206		13,322		1,750		8,927		3,559		15,140		144,149		214,111
Repairs and Maintenance	127,528		3,050		71,479		300,534		78,167		316,782		98,904		371,109		935,839		2,303,393
Taxes and Insurance	184,119		47,709		97,028		143,002		45,303		155,681		92,300		325,868		1,300,995		2,392,005

	936,438		71,636		767,299		759,930		243,877		864,593		613,544		2,185,864		9,423,765		15,866,945

Income Before Other Income	324,473		183,414		371,899		56,085		(10,939	)	(936	)	177,714		326,693		2,232,924		3,661,328

Other Income (Loss)
Interest Expense	(503,102	)	(61,593	)	(494,468	)	(289,222	)	(98,010	)	(271,348	)	(317,927	)	(848,786	)	(5,113,523	)	(7,997,979	)
Interest Income	—		—		49		88		457		—		—		—		3,219		3,814
Interest Income from Note	—		—		—		—		8,904		—		—		—		—		8,904
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	(2,331	)	—		(5,375	)	(3,621	)	—		(2,271	)	(61,589	)	(1,152	)	(3,500	)	(79,839	)

	(505,433	)	(61,593	)	(499,793	)	(292,756	)	(88,649	)	(273,619	)	(379,515	)	(849,938	)	(5,113,804	)	(8,065,100	)

Net Income (loss)	(180,960	)	121,821		(127,894	)	(236,671	)	(99,588	)	(274,555	)	(201,801	)	(523,245	)	(2,880,880	)	(4,403,772	)

Net Income (loss)—NERA 50%	(90,480	)	60,911		(63,947	)	(118,335	)	(49,794	)	(137,277	)	(100,900	)	(261,622	)			(761,446	)

NERA 40%																	(1,152,352	)	(1,152,352	)

																			(1,913,798	)

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay		Hamilton Minuteman		Hamilton on Main		Dexter Park

Period End	March 2005		March 2005		November 2001		March 2005		October 2005		October 2005		August 2004		August 2004		October 2009		Total
December 31, 2012		125,729		2,144,796		168,941		60,747				52,396		66,528		275,988		1,220,766		4,115,889
December 31, 2013		125,660				6,850,179		65,157		1,668,000		66,163		71,363		293,392		1,275,835		10,415,749
December 31, 2014		133,132						69,003				69,944		75,575		309,178		1,348,741		2,005,573
December 31, 2015		141,048						73,077				73,941		80,036		15,008,646		1,425,814		16,802,562
December 31, 2016		7,936,472						4,727,503				78,166		5,206,498				1,507,291		18,455,930
Thereafter												4,409,390						82,954,745		87,364,135

		8,462,041		2,144,796		7,019,119		4,995,487		1,668,000		4,750,000		5,500,000		15,887,203		89,733,192		140,159,839



ASSETS
Rental Properties	9,827,917	2,595,266	8,648,591	6,078,526	2,006,989	7,569,060	7,582,687	22,822,785	118,468,247	185,600,068
Cash & Cash Equivalents	2,833	29,596	25,617	736	48,053	57,956	51,637	19,325	754,066	989,818
Rent Receivable	24,062	—	8,887	10,088	2,224	2,295	683	10,686	125,475	184,400
Real Estate Tax Escrow	85,348	—	18,649	58,089	—	82,370	34,331	98,036	484,566	861,390
Prepaid Expenses & Other Assets	49,518	480	50,720	76,810	209,610	94,181	43,655	418,289	1,089,897	2,033,161
Financing & Leasing Fees	96,105	4,175	24,496	29,698	11,634	38,966	23,887	28,304	518,395	775,660

Total Assets	10,085,783	2,629,517	8,776,960	6,253,948	2,278,510	7,844,829	7,736,879	23,397,425	121,440,647	190,444,498

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,566,871	2,162,000	7,176,827	5,000,000	1,668,000	4,750,000	5,500,000	16,151,526	89,914,000	140,889,224
Accounts Payable & Accrued Expense	33,190	6,239	36,027	43,541	6,346	5,693	65,588	206,997	787,584	1,191,205
Advance Rental Pmts & Security Dep	132,044	—	129,188	63,965	20,044	80,772	61,762	226,689	1,684,843	2,399,308

Total Liabilities	8,732,105	2,168,239	7,342,042	5,107,506	1,694,390	4,836,465	5,627,350	16,585,212	92,386,428	144,479,737

Partners' Capital	1,353,679	461,278	1,434,918	1,146,442	584,119	3,008,364	2,109,529	6,812,213	29,054,219	45,964,761

Total Liabilities & Capital	10,085,783	2,629,517	8,776,960	6,253,948	2,278,510	7,844,829	7,736,879	23,397,425	121,440,647	190,444,498

Partners' Capital—NERA 50%	676,839	230,639	717,459	573,221	292,060	1,504,182	1,054,765	3,406,107		8,455,271

NERA 40%									11,621,688	11,621,688

										20,076,959

Total units/ condominiums
Apartments	48	—	40	175	120	48	42	148	409	1,030
Commercial	1	1	—	1	—	—	—	—	—	3

Total	49	1	40	176	120	48	42	148	409	1,033
Units to be retained	49	1	40	49	—	48	42	148	409	786

Units to be sold	—	—	—	127	120	—	—	—	—	247

Units sold through January 25, 2010	—	—	—	127	105	—	—	—	—	232

Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of February 1, 2011	—	—	—	—	0	—	—	—	—	—



Revenues
Rental Income	1,122,915		275,950		1,097,957		794,993		221,191		839,361		765,509		2,455,222		11,019,862		18,592,960
Laundry and Sundry Income	16,184		—		2,436		—		—		—		762		19,780		97,902		137,063

	1,139,099		275,950		1,100,393		794,993		221,191		839,361		766,271		2,475,002		11,117,764		18,730,023

Expenses
Administrative	13,709				30,904		13,038		7,073		17,324		10,288		39,289		148,097		279,724
Depreciation and Amortization	425,450		6,254		439,666		269,475		98,678		359,727		320,553		981,881		9,428,284		12,329,966
Management Fees	46,734		11,040		45,559		31,795		9,245		33,345		31,563		97,239		244,178		550,698
Operating	134,016				62,994		1,777				411		63,841		358,827		960,328		1,582,193
Renting	24,785		—		49,517		8,576		375		6,213		3,770		15,361		281,545		390,142
Repairs and Maintenance	134,941		—		80,190		376,560		76,510		344,852		99,553		342,310		859,088		2,314,005
Taxes and Insurance	179,939		46,658		98,151		127,637		42,465		132,188		96,213		318,150		1,451,017		2,492,417

	959,574		63,952		806,981		828,857		234,346		894,061		625,780		2,153,057		13,372,537		19,939,145

Income Before Other Income	179,525		211,998		293,412		(33,864	)	(13,155	)	(54,700	)	140,491		321,944		(2,254,773	)	(1,209,122	)

Other Income (Loss)
Interest Expense	(507,425	)	(62,694	)	(504,667	)	(289,042	)	(97,909	)	(271,389	)	(317,360	)	(860,500	)	(5,116,598	)	(8,027,583	)
Interest Income	3		2		47		90		569		2		1,780		8		5		2,505
Interest Income from Note	—		—		—		—		11,445		—		—		—		—		11,445
Gain on Sale of Real Estate	—		—		—		—						—		—		—
Other Income (Expenses)	—		—		—		—		11,021		9,478		—		2,168		(17,720	)	4,947

	(507,422	)	(62,692	)	(504,619	)	(288,952	)	(74,874	)	(261,909	)	(315,581	)	(858,323	)	(5,134,313	)	(8,008,686	)

Net Income (loss)	(327,897	)	149,305		(211,208	)	(322,816	)	(88,029	)	(316,608	)	(175,090	)	(536,379	)	(7,389,086	)	(9,217,808	)

Net Income (loss)—NERA 50%	(163,948	)	74,653		(105,604	)	(161,408	)	(44,015	)	(158,304	)	(87,545	)	(268,189	)			(914,361	)

NERA 40%																	(2,955,635	)	(2,955,635	)

																			(3,869,995	)



ASSETS
Rental Properties	10,212,642	2,576,552	9,040,679	6,332,291	2,093,861	7,919,853	7,855,176	23,769,324	123,702,389	193,502,767
Cash & Cash Equivalents	17,655	21,217	14,685	20,740	11,113	12,803	38,601	138,342	985,842	1,260,998
Rent Receivable	25,059	—		9,224	1,747	632	860	5,517	82,950	125,989
Real Estate Tax Escrow	62,514	—	18,454	35,288	—	70,180	44,939	97,584	338,390	667,349
Prepaid Expenses & Other Assets	73,086	498	79,872	80,528	270,224	62,699	66,049	329,472	5,081,245	6,043,672
Financing & Leasing Fees	119,298	10,429	32,661	34,724	16,699	45,328	27,856	35,165	572,795	894,955

Total Assets	10,510,254	2,608,696	9,186,351	6,512,795	2,393,644	8,111,495	8,033,480	24,375,403	130,763,610	202,495,730

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,600,000	2,162,000	7,324,049	5,000,000	1,668,000	4,750,000	5,500,000	16,402,353	89,914,000	141,320,402
Accounts Payable & Accrued Expense	47,581	10,415	69,064	45,925	19,108	6,726	74,835	236,076	753,668	1,263,399
Advance Rental Pmts & Security Dep	132,405	—	127,113	64,612	17,386	79,797	54,026	226,381	1,577,637	2,279,358

Total Liabilities	8,779,986	2,172,415	7,520,226	5,110,537	1,704,494	4,836,523	5,628,861	16,864,810	92,245,305	144,863,159

Partners' Capital	1,730,268	436,281	1,666,125	1,402,258	689,150	3,274,972	2,404,619	7,510,593	38,518,305	57,632,571

Total Liabilities & Capital	10,510,254	2,608,696	9,186,351	6,512,795	2,393,644	8,111,495	8,033,480	24,375,403	130,763,610	202,495,730

Partners' Capital—NERA 50%	865,134	218,140	833,063	701,129	344,575	1,637,486	1,202,309	3,755,297	—	9,557,133

NERA 40%									15,407,322	15,407,322

										24,964,455

Total units/ condominiums
Apartments	48	—	40	175	120	48	42	148	409	1,030
Commercial	1	1	—	1	—	—	—	—	—	3

Total	49	1	40	176	120	48	42	148	409	1,033
Units to be retained	49	1	40	49	—	48	42	148	409	786

Units to be sold	—	—	—	127	120	—	—	—	—	247

Units sold through January 25, 2010	—	—	—	127	105	—	—	—	409	641

Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of January 25, 2010	—	—	—	—	—	—	—	—	—	—



Revenues
Rental Income	1,134,884		280,104		1,082,077		793,714		227,568		810,958		757,707		2,415,312		1,912,267		9,414,590
Laundry and Sundry Income	8,036		—		1,785		—		—		—		567		21,818		15,846		48,052

	1,142,920		280,104		1,083,862		793,714		227,568		810,958		758,275		2,437,130		1,928,113		9,462,642

Expenses
Administrative	16,822		15,445		26,372		23,363		10,182		15,722		8,889		37,605		122,516		276,917
Depreciation and Amortization	427,173		5,046		428,975		312,679		106,626		393,421		457,624		1,499,119		1,690,998		5,321,660
Management Fees	45,914		11,183		43,832		31,443		8,959		31,961		29,566		99,298		54,257		356,412
Operating	127,210		—		60,067		3,870		604		3,987		75,303		351,567		173,464		796,073
Renting	32,766		—		49,469		7,153		869		2,037		4,230		14,104		13,458		124,085
Repairs and Maintenance	106,835		4,430		97,170		264,235		57,586		255,744		78,526		309,454		81,615		1,255,595
Taxes and Insurance	142,235		66,638		81,055		131,072		44,410		138,582		102,373		302,142		192,386		1,200,893

	898,955		102,742		786,940		773,815		229,235		841,454		756,510		2,613,290		2,328,694		9,331,635

Income Before Other Income	243,965		177,362		296,922		19,899		(1,668	)	(30,496	)	1,764		(176,160	)	(400,582	)	131,007

Other Income (Loss)
Interest Expense	(508,100	)	(63,839	)	(514,585	)	(288,926	)	(100,188	)	(271,333	)	(317,266	)	(873,855	)	(904,260	)	(3,842,352	)
Interest Income	2		0		56		76		695		0		1		3		9,455		10,289
Interest Income from Note	—		—		—		—		13,720		—		—		—		—		13,720
Gain on Sale of Real Estate	—		—		—		—		53,989		—		—		—		—		53,989
Other Income (Expenses)	—		—		—		—		—		—		—		—		(309	)	(309	)

	(508,098	)	(63,839	)	(514,529	)	(288,850	)	(31,784	)	(271,333	)	(317,265	)	(873,852	)	(895,113	)	(3,764,663	))

Net Income (loss)	(264,132	)	113,523		(217,607	)	(268,951	)	(33,452	)	(301,829	)	(315,500	)	(1,050,012	)	(1,295,695	)	(3,633,656	)

Net Income (loss)—NERA 50%	(132,066	)	56,762		(108,803	)	(134,476	)	(16,726	)	(150,915	)	(157,750	)	(525,006	)	—		(1,168,980	)

NERA 40%																	(518,278	)	(518,278	)

																			(1,687,258	)