SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-K
(Mark One)
[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934 [FEE REQUIRED]
      For the fiscal year ended December 31, 1993

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
      For the transition period from

                      _______________ to _________________

                         Commission file number 2-80216

                            LEASERVICE INCOME FUND-I
             (Exact name of registrant as specified in its charter)

           California                                    06-1085385
  ----------------------------              ------------------------------------
  (State or other jurisdiction              (I.R.S. Employer Identification No.)
of incorporation or organization)

25 East Spring Valley Avenue, Maywood, New Jersey                     07607
-------------------------------------------------                  ----------
    (Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code: (201) 368-2515

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class: None

Name of each exchange on which registered: None

Securities registered pursuant to Section 12(g) of the Act: None

      Indicate by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes[X]  No[ ]

      As of December 31, 1993, 76,328 Units of Limited Partnership interest were
outstanding. No market exists for the Units of Limited Partnership interest and,
therefore, there exists no aggregate market value at December 31, 1993.

                    Documents Incorporated by Reference: None

                                       -1-

<PAGE>


                                     PART I

Item 1.         Business

GENERAL

                Leaservice Income Fund-I (the  "Partnership") was organized as a
limited  partnership  under the Uniform Limited  Partnership Law of the State of
California on April 22, 1983. During the period from June 23, 1983 to October 9,
1984, the Partnership  sold an aggregate of 76,328 units of limited  partnership
interests  ("Units")  in the  Partnership  at a purchase  price of $100 per Unit
pursuant to a  Registration  Statement on Form S-1 (File No.  2-80216)  declared
effective by the  Securities  and  Exchange  Commission  on June 23,  1983.  The
Partnership  actively engaged in the equipment  leasing business from 1983 until
June 1986 during  which it  purchased  equipment  subject to nineteen  operating
leases having an aggregate  purchase price of  approximately  $9,462,615.  Since
June 1986 the Partnership  has not purchased any equipment.  Since May 24, 1991,
when the  Partnership  was  dissolved by virtue of the  dissolution  of its sole
general  partner,  Leaservice  Partners,  a New York  general  partnership,  the
Partnership has been in the process of winding up its business.  By December 31,
1993, all operating leases to which the Partnership's equipment had been subject
had expired and all of its equipment,  which by then had been fully depreciated,
was written off. A Certificate of  Cancellation  was filed with the Secretary of
State of the State of California on December 17, 1997

DISSOLUTION OF THE PARNERSHIP

                The Partnership's sole general partner was Leaservice  Partners,
a New York general  partnership  which  initially  consisted of three  corporate
partners:  (i) National Industrial Services Corp., a New York corporation (which
changed its name to Capital  Market  Services  Corp and was merged with and into
Pittsburgh Annealing Box Company, a Pennsylvania  corporation  ("PAB")in October
1987),  and which served as the managing  partner of Leaservice  Partners;  (ii)
Mid-States  Resources,  Inc., a Missouri corporation which dissolved on March 1,
1996; and (iii) Mid-States  Leasing,  Inc., a Missouri  corporation which on May
24, 1991 withdrew from  Leaservice  Partners  causing the general  partnership's
dissolution; Mid-States Leasing, Inc. was formally dissolved on June 29, 1991.

                The dissolution of Leaservice  Partners on May 24, 1991,  caused
the  dissolution of the Partnership  pursuant to the terms of the  Partnership's
Amended and Restated Agreement of Limited Partnership (the "Limited  Partnership
Agreement") . The Partnership's limited partners were advised of the dissolution
of  Leaservice  Partners  and its effect on the  Partnership  and were given the
opportunity,  pursuant  to the terms of the  Limited  Partnership  Agreement  to
continue the Partnership and elect a new general partner at a meeting of limited
partners  scheduled for July 8, 1991. At this meeting,  the requisite  number of
limited partners failed to vote to continue the Partnership.

                 Accordingly,  since May 1991, the  Partnership  has been in the
process of winding up its affairs.  From May 1991 until January  1998,  PAB, (as
the successor to the sole managing partner of Leaservice  Partners,  the general
partnership that served as the sole general partner of the Partnership)  oversaw
the winding up of the business of Leaservice  Partners and the  Partnership.  On
January  7,  1998,  Capital  Resource  Group,  L.L.C.,  a  Pennsylvania  limited
liability  company  ("CRG") assumed all of the rights and all of the obligations
of PAB in the  Partnership  and in Leaservice  Partners.  CRG is overseeing  the
final stages of the winding up of the affairs of the Partnership.


                                       -2-


<PAGE>


Item 2.         Properties

                During the year ended  December  31,  1993 and  thereafter,  the
Partnership has not owned or leased any material property.

Item 3.         Legal Proceedings

                None.

Item 4.         Submission of Matters to a Vote of Security Holders

                No matters were submitted to a vote of security holders, through
the solicitation of proxies or otherwise,  during the fourth quarter of the year
covered by this report or at anytime thereafter.


                                     PART II

Item 5.         Market for the Partnership's Common
                Equity and Related Stockholder Matters

                (a) The  Partnership's  Units have never been  publicly  traded.
Pursuant to the terms of the Partnership's Limited Partnership Agreement, a Unit
could  be  transferred  only  after  certain  requirements  were  satisfied  and
transferees  could become limited  partners only with the consent of the general
partner,  which consent  could be granted or withheld at the sole  discretion of
the general partner.  There has never been a market for such Units and no public
trading market ever developed for the Units.

                (b) As of  December  31, 1993 and through the date of the filing
of this  Annual  Report on Form 10-K,  there were  approximately  800 holders of
record  of the  Partnership's  Units and one  holder  of a  general  partnership
interest in the Partnership.

Item 6.         Selected Financial Data

<TABLE>
<CAPTION>

                                                  Fiscal Year      Fiscal Year       Fiscal Year       Fiscal Year      Fiscal Year
                                                     Ended            Ended             Ended             Ended            Ended
                                                   12/31/93         12/31/92          12/31/91          12/31/90         12/31/89
                                                  -----------      -----------       -----------       -----------      -----------
<S>                                              <C>              <C>               <C>               <C>               <C>        
Total Income ..............................      $    81,637      $     5,620       $    46,490       $    71,814       $   311,275
Net Income (Loss) Allocable
to Limited Partners .......................           69,391          (20,904)          (34,274)         (106,601)          (23,109)
Net Income (Loss) Allocable to 
General Partner ...........................           12,246             (211)             (346)           (1,077)           (2,568)
Distributions to Limited Partners .........              -0-              -0-               -0-           381,640         1,526,560
Equipment Purchased for Rental ............              -0-              -0-               -0-               -0-               -0-


</TABLE>

                                                                -3-

<PAGE>
<TABLE>
<CAPTION>

                                                    December         December          December          December          December
                                                    31, 1993         31, 1992          31, 1991          31, 1990          31, 1989
                                                    --------         --------          --------          --------          --------
<S>                                                <C>              <C>               <C>               <C>               <C>      
Total Assets ..............................        $ 144,469        $ 173,479         $ 193,390         $ 208,762         $ 716,478
Total Liabilities .........................           70,970          181,617           180,413           161,165           179,563
Total Partners' Equity (Deficiency) .......           73,499           (8,138)           12,977            47,597           536,915


</TABLE>


Item 7.         Management's Discussion and Analysis of
                Financial Condition and Results of Operations

RESULTS OF OPERATIONS

                The  Partnership  was  dissolved in fiscal 1991 and continued to
wind up its affairs  during the fiscal year ended  December 31, 1993. See Item 1
"Business".

                The Partnership ceased purchasing equipment subject to operating
leases in June 1986,  because,  in the  opinion of the  general  partner,  total
prospective  returns  attainable  on  such  leases  (taking  into  consideration
residual  equipment value risks which the Partnership  would be subject to) were
not been favorable to the Partnership.

                During the fiscal year ended  December 31, 1993,  all  operating
leases to which the  Partnership's  equipment  had been subject  expired or were
otherwise  terminated and all equipment then owned by the Partnership (which had
an original cost of $104,197 and which had been fully  depreciated)  was written
off.

                During  the  fiscal  year  ended  December  31,  1993,  customer
deposits totaling $81,212 which were to be applied to the final months rent upon
termination of the applicable operating leases were recognized as income. During
the fiscal  year ended  December  31, 1993  operating  lease  rentals  were $300
compared to $0.00 and $34,884 for the years ended December 31, 1992 and December
31, 1991,  respectively.  The decreases in income from  operating  lease rentals
were due to the  maturity of certain  operating  lease  agreements,  the sale of
equipment  subject to leases,  and the inability of the  Partnership  to acquire
additional  leases.  Operating expenses declined from $81,110 in 1991 to $26,735
in 1992 and to $4,450 in 1993  primarily  as a result of  decreases in marketing
and management fees.

                Net income  (loss) for the years ended  December 31, 1993,  1992
and 1991 was $81,637, ($21,115) and ($34,620),  respectively. Net income in 1993
and was allocated $69,381 (85%) to the limited partners and $12,246 (15%) to the
general  partner.  Net  (loss)  for the  years  December  31,  1992 and 1991 was
allocated ($20,904) and ($34,274) (99%),  respectively,  to the limited partners
and ($211) (1%) and ($346) (1%), respectively, to the general partner.

                For the years ended  December  31, 1993,  1992 and 1991,  income
(loss)  per Unit on a  weighted  average  basis was  $.91,  ($.27)  and  ($.45),
respectively.


                                       -4-

<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

                The  Partnership  had sufficient  funds to cover its diminishing
expenses in 1994.

Item 8.         Financial Statements and Supplementary Data

                (Annexed hereto starting on page F-1)

Item 9.         Changes in and Disagreements on Accounting and
                Financial Disclosure

                As reported in the Company's  Annual Report on Form 10-K for the
year ended  December 31, 1992, on May 14, 1993 the Company  notified  Deloitte &
Touche,  which had previously  been the  independent  accountant of the Company,
that it had been  dismissed.  On  September  10, 1992 Capuano & Hartley CPAs was
selected to audit the Company's financial statements for the year ended December
31,  1991.  Capuano &  Hartley,  CPAs  served as the  Partnership's  independent
accountants  from  September  10,  1992 until they were  formally  dismissed  on
December 31, 1997. As reported in the Company's Current Report on Form 8-K dated
February 5, 1998,  on December  31, 1997,  the  Partnership  formally  dismissed
Capuano & Hartley, CPAs as its independent accountant because Capuano & Hartley,
CPAs had disbanded in 1996. On December 23, 1997, the Partnership engaged Wiss &
Co. to serve as its independent accountants to audit the Partnership's financial
statements for the years ended December 31, 1993,  1994,  1995, 1996 and 1997 as
part of the  Partnership's  effort to complete winding up its affairs  following
the  Partnership's  dissolution  on May 24, 1991.  As reported in the  Company's
Current  Report  on Form 8-K  dated  February  5,  1998,  while  serving  as the
Partnership's independent accountants from September 10, 1992 until December 31,
1997,  Capuano  &  Hartley,  CPAs  audited  the  Registrant's  annual  financial
statements  for the years ended  December 31, 1991 and 1992 and their reports on
these  financial  statements did not contain an adverse opinion or disclaimer of
opinion  and  were  not  qualified  or  modified  as to  uncertainty,  scope  or
accounting  principals.  Until  December  23,  1997,  the  Partnership  had  not
requested Capuano & Hartley,  CPAs or any other independent  accountant to audit
the  Partnership's  financial  statements for the years ended December 31, 1993,
1994,  1995,  1996 and 1997  because as more  particularly  described  in Item 1
above,  the  Partnership has been in the process of winding up its affairs since
its  dissolution  during fiscal 1991,  has engaged in no new business since June
1986 and  believed  that the cost of  annual  audits  exceeded  the  value to be
derived from same in light of the Partnership's small and diminishing assets and
the lack of a public market for its Units of limited partnership interest.


                                    PART III

Item 10.        Directors and Executive Officers of the Registrant

                The general partner of the Partnership was Leaservice  Partners,
a New York general  partnership  which has  dissolved on May 21, 1991.  From May
1991 until January 1998, PAB, (as the successor to the sole managing  partner of
Leaservice  Partners,  the general  partnership  that served as the sole general
partner of the Partnership) oversaw the winding up of the business of Leaservice
Partners and the Partnership.  On January 7, 1998, CRG assumed all of the rights
and all of the obligations of PAB in the Partnership and in Leaservice Partners.
CRG is overseeing the final stages of the winding up of the affairs


                                       -5-

<PAGE>


of the Partnership.  The executive officers and directors of PAB during the year
ended December 31, 1993 were Sam Michaels,  Chief Executive  Officer,  President
and Director,  Edward J. Landau,  Secretary and Director and John A. Kenna, Vice
President The executive officers and managers of CRG are Sam Michaels,  Chairman
of the Board and  Manager,  Edward J.  Landau,  Secretary  and  Manager and Gary
Hitechew, President and Manager.

Item 11.        Management Remuneration and Transactions

                (Certain  of the  capitalized  terms  used in this  section  are
defined at the end of the section.)

                The Partnership's  Limited  Partnership  Agreement provides that
the general  partner is compensated for services  performed in connection  with,
among other things, managing the operations of the Partnership.  As compensation
for  the  management  services  it  performs  the  general  partner  receives  a
management fee payable  quarterly in an amount equal to 3% of the  Partnership's
gross revenues derived from full payout leases,  6% of the  partnership's  gross
revenues  derived  from  operating  leases  and  3% of the  Partnership's  gross
revenues  derived  from  the  sale of  equipment.  If the  Partnership  does not
generate sufficient cash from operations to pay the management fee or even if it
does,  at the  discretion of the General  Partner,  such fees will be accrued as
debt of the Partnership payable out of cash available for distribution.

                In  addition  to the  management  fee,  the  general  partner is
allocated 1% of the  Partnership's  net losses and 15% of the  Partnership's net
income.  The general partner also is reimbursed for any direct expenses incurred
by it, its employees or agents in connection with the Partnership's business and
on behalf of the Partnership,  except that the general partner is not reimbursed
for any general and  administrative  expenses or other overhead  expenses of the
general  partner  and is not  reimbursed  for any  organizational  and  offering
expenses in excess of 3% of the gross proceeds of the offering of Units.

                During the fiscal year ended December 31, 1993, the  Partnership
did not pay or accrue a management  fee applicable to the general  partner;  the
general partner was allocated $12,246 (15%) of the net income of the Partnership
for such year.

Item 12.        Security Ownership of Certain Beneficial
                Owners and Management

                (a) No person owns of record,  or is known by the Partnership to
own  beneficially,  more than 5% of any class of the  voting  securities  of the
Partnership

                (b)The general  partner's  general  partnership  interest in the
Partnership represents a 15% interest in the Partnership's annual net income for
financial  reporting purposes and tax allocations of 1% of net losses and 15% of
net income.

Item 13.        Certain Relationships and Related Transactions

                None.


                                       -6-

<PAGE>


Item 14.        Exhibits, Financial Statement
                Schedules and Reports on Form 8-K

                (a)    Exhibits

                       (3)      Restated  and  Amended  Agreement  of  Limited
Partnership  of the  Partnership  dated as of June  23,  1983.  Incorporated  by
reference to Exhibit A to the  definitive  Prospectus  dated June 23, 1983 filed
with the  Securities and Exchange  Commission  pursuant to Rule 424(b) under the
Securities Act of 1933.

                (b)    Financial Statements and Schedules

                       Financial Statements                             Page No.
                       --------------------                             --------

                       Independent Auditors' Reports                        F-1

                       Balance Sheets as of December 31, 1993 and 1992      F-3

                       Statements of Operations for the years ended
                       December 31, 1993, 1992 and 1991                     F-4

                       Statements of Changes in Partners' Equity
                       (Deficiency) for the years ended 
                       December 31, 1993, 1992 and 1991                     F-5

                       Statements of Cash Flows for the years
                       ended December 31, 1993, 1992 and 1991               F-6

                       Notes to Financial Statements                        F-7

                       Financial Statement Schedules

                       Schedule V - Property, Plant and Equipment 
                       for the years ended 
                       December 31, 1993, 1992 and 1991                     F-10

                       Schedule VI - Accumulated Depreciation of
                       Property, Plant and Equipment for the years 
                       ended December 31, 1993, 1992 and 1991               F-12

                       All other  schedules  are omitted  because they are not
                required or because the required information is presented in the
                financial statements or related notes.

                (c)    Reports on Form 8-K

                       The Partnership did not file  any Current Reports on Form
8-K during the last quarter of the fiscal year ended  December 31, 1993.


                                       -7-

<PAGE>


                                   SIGNATURES


                Pursuant  to the  requirements  of  Section  13 or  15(d) of the
Securities  Exchange Act 1934,  the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                      LEASERVICE INCOME FUND - I (dissolved)

                                      By:  LEASERVICE PARTNERS (dissolved)

                                      By: CAPITAL RESOURCE GROUP LLC (successor
                                             to the managing partner of 
                                             Leaservice Partners)

Dated: September 29, 1998             By: /s/ Edward J. Landau
                                          --------------------
                                              Edward J. Landau
                                              Secretary

                Pursuant to the  requirements of the Securities  Exchange Act of
1934,  this report has been signed below by the  following  persons on behalf of
the Registrant and in the capacities and on the dates indicated:

Signature                   Title                             Date
---------                   -----                             ----

/s/ Sam Michaels            Chairman of the Board             September 29, 1998
----------------            and Manager
Sam Michaels                (Principal Executive Officer)


/s/ Patrick Costello        Consultant                        September 29, 1998
--------------------        Principal Accounting and
Patrick Costello            Financial Officer


/s/ Edward J. Landau        Secretary and Manager             September 29, 1998
--------------------
Edward J. Landau


                                       -8-

<PAGE>


                          INDEPENDENT AUDITORS' REPORT


General Partner and Limited Partners
Leaservice Income Fund - I


We have audited the accompanying  balance sheet of Leaservice Income Fund - I (A
California  Limited  Partnership)  as of  December  31,  1993  and  the  related
statements of operations, changes in partners' equity (deficiency),  cash flows,
and Schedules V and VI of Item 13(b) of annual report on Form 10-K to Securities
and Exchange  Commission for the year ended December 31, 1993.  These  financial
statements and schedules are the responsibility of the Partnership's management.
Our  responsibility  is to express an opinion on these financial  statements and
schedules based on our audit. The financial statements of Leaservice Income Fund
- I as of December  31, 1992 were audited by other  auditors  whose report dated
March 1, 1993 expressed an  unqualified  opinion on those  statements  including
Schedules V and VI of item 13(b) on annual report on Form 10-K to Securities and
Exchange Commission.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance  about  whether the  financial  statements  and  schedules are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the  amounts  and  disclosures  in  the  financial   statements  and
schedules.  An audit also includes assessing the accounting  principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  and  schedules  presentation.  We  believe  that our audit
provides a reasonable basis for our opinion.

In our opinion, the financial statements and schedules referred to above present
fairly, in all material  respects,  the financial  position of Leaservice Income
Fund - I (A  California  Limited  Partnership)  as of December  31, 1993 and the
results of its  operations  and its cash flows for the year ended  December  31,
1993 in conformity with generally accepted accounting principles.

As indicated in the Notes to the financial  statements,  the Partnership has not
purchased any new equipment for lease,  has not entered into any new  agreements
and does not have any equipment out on lease.


                                                             WISS & COMPANY, LLP

Livingston, New Jersey
January 3, 1998


                                       F-1


<PAGE>


                          INDEPENDENT AUDITOR'S REPORT


General Partner and Limited Partners
Leaservice Income Fund - I
White Plains, New York


We have audited the accompanying  balance sheet of Leaservice Income Fund - I (a
California limited partnership) as of December 31, 1992 and 1991 and the related
statements of operations, changes in partners' equity, cash flows, and Schedules
V and VI of Item 13(b) of annual report on Form 10-K to Securities  and Exchange
Commission  for the years  ended  December  31, 1992 and 1991.  These  financial
statements and schedules are the responsibility of the Partnership's management.
Our  responsibility  is to express an opinion on these financial  statements and
schedules based on our audit. The financial statements of Leaservice Income Fund
- I as of December  31,1990  were audited by other  auditors  whose report dated
January 29, 1991 expressed an unqualified opinion on those statements  including
Schedules V and VI of item 13(b) on annual report on Form 10-K to Securities and
Exchange Commission.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance  about  whether the  financial  statements  and  schedules are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the  amounts  and  disclosures  in  the  financial   statements  and
schedules.  An audit also includes assessing the accounting  principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  and  schedules  presentation.  We  believe  that our audit
provides a reasonable basis for our opinion.

In our opinion,  such financial  statements and schedules present fairly, in all
material  respects,  the  financial  position of  Leaservice  Income Fund - I (a
California limited partnership) as of December 31, 1992 and 1991 and the results
of its  operations  and its cash flows for the years ended December 31, 1992 and
1991 in conformity with generally accepted accounting principles.

As indicated in Note B to the  financial  statements,  the  Partnership  has not
purchased  any  new  equipment  for  lease  and  has not  entered  into  any new
agreements.


                                                         CAPUANO & HARTLEY, CPAs
March 1,1993


                                       F-2


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                                                               December 31,
                                                               ------------
                                                            1993         1992
                                                         ----------   ----------

                                     ASSETS

CASH AND CASH EQUIVALENTS ............................   $ 144,469    $ 173,479

Computer  equipment  held for  rental  at cost,
  net of accumulated depreciation and provision
  for impairment in carrying value - $0 in 1993
  and $104,197 in 1992 ...............................         --           --
                                                         ----------   ----------
                                                         $ 144,469    $ 173,479

                  LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

LIABILITIES:
  Customer deposits ..................................   $    --      $  81,212
  Accrued expenses ...................................       3,239       22,674
  Sales tax payable ..................................      44,216       54,216
  Due to General Partner .............................      23,515       23,515
                                                         ---------    ---------
                                                            70,970      181,617
                                                         ---------    ---------

PARTNERS' EQUITY (DEFICIENCY):
     Limited Partners ................................      81,594       12,203
     General Partners ................................      (8,095)     (20,341)
                                                         ---------    ---------
                   Total Partners' Equity (Deficiency)      73,499       (8,138)
                                                         ---------    ---------
                                                         $ 144,469    $ 173,479

See the accompanying notes to financial statements.

                                       F-3


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS


                                                    Year Ended December 31,
                                                    -----------------------
                                                 1993        1992        1991
                                               --------    --------    --------

INCOME:
  Operating lease rentals ...................  $    296    $   --      $ 34,884
  Lease termination .........................    81,212        --          --
  Gain on sale of equipment .................      --          --         2,000
  Interest ..................................     4,579       5,620       9,606
                                               --------    --------    --------
                                                 86,087       5,620      46,490

OPERATING EXPENSES ..........................     4,450      26,735      81,110
                                               --------    --------    --------

NET INCOME (LOSS) ...........................  $ 81,637    $(21,115)   $(34,620)
                                               ========    ========    ========



ALLOCATION OF NET INCOME (LOSS):

  Net income (loss) allocable
   to General Partner .......................  $ 12,246    $   (211)   $   (346)
                                               ========    ========    ========

  Net income (loss) allocable
   to Limited Partners ......................  $ 69,391    $(20,904)   $(34,274)
                                               ========    ========    ========

  Net income (loss) per weighted average
   Limited Partnership Unit .................  $   0.91    $  (0.27)   $  (0.45)
                                               ========    ========    ========


See the accompanying notes to financial statements.


                                       F-4


<PAGE>


<TABLE>
<CAPTION>

                                                     LEASERVICE INCOME FUND - I

                                                 (A CALIFORNIA LIMITED PARTNERSHIP)

                                       STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)


                                                                                                                            Total
                                                                                          Limited Partners                Partners'
                                                                 General             --------------------------            Equity
                                                                 Partner             (Units)          (Amounts)         (Deficiency)
                                                                 -------             -------          ---------         ------------
<S>                                                             <C>                 <C>                <C>                 <C>     
BALANCE,  JANUARY 1, 1991 ...........................           $(19,784)           $ 76,328           $ 67,381            $ 47,597
  Year Ended December 31, 1991 -
      Net loss ......................................               (346)               --              (34,274)            (34,620)
                                                                --------            --------           --------            --------

BALANCE, DECEMBER 31, 1991 ..........................            (20,130)             76,328             33,107              12,977
  Year Ended December 31, 1992 -
     Net loss .......................................               (211)               --              (20,904)            (21,115)
                                                                --------            --------           --------            --------

BALANCE, DECEMBER 31, 1992 ..........................            (20,341)             76,328             12,203              (8,138)
  Year Ended December 31, 1993 -
     Net Income .....................................             12,246                --               69,391              81,637
                                                                --------            --------           --------            --------

BALANCE, DECEMBER 31, 1993 ..........................           $ (8,095)           $ 76,328           $ 81,594            $ 73,499
                                                                ========            ========           ========            ========

</TABLE>


See the accompanying notes to financial statements.


                                       F-5


<PAGE>


<TABLE>
<CAPTION>

                                                     LEASERVICE INCOME FUND - I
                                                 (A CALIFORNIA LIMITED PARTNERSHIP)

                                                      STATEMENTS OF CASH FLOWS


                                                                                                Year Ended December 31,
                                                                                  -------------------------------------------------
                                                                                     1993                1992                1991
                                                                                  ---------           ---------           ---------
<S>                                                                               <C>                 <C>                 <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income (loss) .................................................          $  81,637           $ (21,115)          $ (34,620)
     Adjustments to reconcile net income (loss)
     to net cash flows from operating activities:
        Gain on sale of equipment ......................................               --                  --                (2,000)
        Accounts receivable ............................................               --                  --                14,733
        Customer deposits ..............................................            (81,212)               --                  --
        Accrued expenses and sales tax payable .........................            (29,435)              1,204              19,248
                                                                                  ---------           ---------           ---------
          Net Cash Flows From Operating Activities .....................            (29,010)            (19,911)             (2,639)

CASH FLOWS FROM INVESTING ACTIVITIES -
     Proceeds from sales of equipment ..................................               --                  --                 2,000
                                                                                  ---------           ---------           ---------

NET CHANGE IN CASH AND CASH EQUIVALENTS ................................            (29,010)            (19,911)               (639)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ...........................          $ 173,479           $ 193,390           $ 194,029
                                                                                  ---------           ---------           ---------

CASH AND CASH EQUIVALENTS, END OF YEAR .................................          $ 144,469           $  73,479           $ 193,390
                                                                                  =========           =========           =========


See the accompanying notes to financial statements.


                                                                 F-6

</TABLE>


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

Note 1 -  Nature of the Business and Summary of Significant Accounting Policies:

          NATURE  OF  THE   BUSINESS  -   Leaservice   Income  Fund  -  I  ("the
          Partnership")  is a  California  Limited  Partnership  formed  for the
          purpose of acquiring  various  types of capital  equipment and leasing
          same to third parties  primarily on a short-term  basis. On August 18,
          1983, the first limited partners were admitted to the Partnership. The
          leasing of acquired equipment commenced on October 1, 1983.

          Leaservice Partners  ("Leaservice"),  a New York General  Partnership,
          was the sole General Partner of the Partnership until May 24, 1991.

          The   Partnership  was  informed  that  effective  as  of  such  date,
          Leaservice  had  been  dissolved  due  to  the  withdrawal  from  that
          partnership  of one of its  general  partners.  Section  14.1.1 of the
          Amended and Restated Partnership Agreement of the Partnership provides
          that the  Partnership is dissolved  upon the  dissolution of a general
          partner.

          A meeting  of limited  partners  was  scheduled  for the  purposes  of
          considering  whether the  Partnership  should be  continued  and a new
          general partner elected.  However, limited partners owning 50% or more
          of the  total  outstanding  Units of the Fund  voting  in person or by
          proxy did not vote to continue the existence of the  Partnership or to
          elect a new general partner.

          The sole remaining entity that once constituted  Leaservice is winding
          up the business of the Partnership.

          USE  OF  ESTIMATES  -  The  preparation  of  financial  statements  in
          conformity  with generally  accepted  accounting  principles  requires
          management to make estimates and assumptions  that affect the reported
          amounts of assets and liabilities and disclosures of contingent assets
          and  liabilities  at the  date  of the  financial  statements  and the
          reported amounts of revenues and expenses during the reporting period.
          Actual results could differ from those estimates.

          ALLOCATION  OF INCOME AND LOSSES - Net income is allocated  15% to the
          General Partner, and 85% to the Limited Partners.  Net losses incurred
          as a result of operations are allocated 1% to the General Partner, and
          99% to the Limited Partners.

          DISTRIBUTIONS  - To the extent that cash  available  for  distribution
          allows,  distributions  to limited  partners  will not be less than an
          amount equal to 50% of the limited  partners'  share of the net income
          of the Partnership.


                                       F-7


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

          FINANCIAL INSTRUMENTS - Financial instruments include cash and accrued
          expenses.   The  amounts   reported  for  financial   instruments  are
          considered to be reasonable approximations of their fair values, based
          on market information available to management.

          CASH  AND CASH  EQUIVALENTS  -  Includes  cash  and  interest  bearing
          deposits  with  original  maturity  dates of less  than 90  days.  The
          Partnership  maintains  its cash  balances in a financial  institution
          which is insured by the Federal Deposit  Insurance  Corporation for up
          to $100,000.  At December  31, 1993,  the  Partnership  had  uninsured
          balances totalling approximately $121,000.

          INCOME  TAXES  -  Leaservice  Income  Fund  - I  is  classified  as  a
          partnership for Federal income tax purposes. Net income and losses are
          allocated  between the General and Limited  Partners in the same ratio
          as for financial reporting purposes.

          RECLASSIFICATION  - Certain  amounts in the 1992 financial  statements
          have been reclassified for comparability.

Note 2 -  Operations:

          The Partnership  has not purchased any equipment  subject to operating
          leases  since June 1986 and no  equipment  was held for  rental  under
          operating leases at December 31, 1993.

          During 1993, fully  depreciated  equipment  previously held for rental
          under operating leases with a cost of $104,197 was written off as none
          of the  equipment was reclaimed  from the lessees.  Customer  deposits
          totalling  $81,212  which were to be applied to the final month's rent
          upon  termination  of the lease have been  recognized as income during
          the year ended December 31, 1993.

Note 3 -  Partners' Equity (Deficiency):

          From  August 8, 1983 to October 9, 1984,  the  expiration  date of the
          offering,  Limited Partners representing 76,328 units were admitted to
          the  Partnership.  As a result thereof,  the Partnership  realized net
          proceeds of $7,022,176 from the sale of such units.

          Pursuant to the limited  partnership  agreement,  Leaservice  receives
          from the Partnership as General  Partner,  a quarterly  management fee
          equal to 3% of the  Partnership's  gross  revenues  derived  from full
          payout leases,  6% of the  Partnership's  gross revenues  derived from
          operating  leases and 3% of the  Partnership's  gross revenues derived
          from the sale of equipment.

          For the years ended  December  31,1993,  1992 and 1991,  terms of such
          agreement amounted to $-0-, $-0- and $1,283, respectively.  Net income
          is  allocated  15% to  the  General  Partner  and  85% to the  Limited
          Partners.  In addition,  the General Partner is entitled to receive an
          annual cash  distribution an amount equal to 15% of the  Partnership's
          net income subject to certain limitations. Net losses are allocated 1%
          to the General Partner and 99% to the Limited Partners.


                                                    F-8


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS


          Organization and offering  expenses up to a maximum of 3% of the gross
          proceeds of the offering have been  reimbursed to the General  Partner
          by the Partnership from the proceeds of the public offering.

          Net income (loss) per weighted  average limited  partnership  unit has
          been  computed  based  on  the  weighted  average  number  of  limited
          partnership units outstanding as of the first day of each month during
          the years ended December 31, 1993, 1992 and 1991.


                                       F-9


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          PROPERTY, PLANT AND EQUIPMENT


COMPUTER EQUIPMENT HELD FOR RENTAL:

December 31, 1991:

        Balance,              Additions                               Balance,
  Beginning of Period          at Cost          Disposals          End of Period
  -------------------        -----------       -----------         -------------

     $ 1,275,132             $      --         $(1,170,935)        $   104,197
     -----------             -----------       -----------         -----------



December 31, 1992:

        Balance,              Additions                               Balance,
  Beginning of Period          at Cost          Disposals          End of Period
  -------------------        -----------       -----------         -------------

     $   104,197             $      --         $      --           $   104,197
     -----------             -----------       -----------         -----------



December 31, 1993:

        Balance,              Additions                               Balance,
  Beginning of Period          at Cost          Disposals          End of Period
  -------------------        -----------       -----------         -------------

     $   104,197             $      --         $   104,197         $      --  
     -----------             -----------       -----------         -----------


See the accompanying notes to financial statements.


                                      F-10


<PAGE>


                           LEASERVICE INCOME FUND - I
                       (A CALIFORNIA LIMITED PARTNERSHIP)

            ACCUMULATED DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT


COMPUTER EQUIPMENT HELD FOR RENTAL:

December 31, 1991:

                               Additions
                                Charged
        Balance,               to Costs                                Balance,
  Beginning of Period        and Expenses      Retirements         End of Period
  -------------------        ------------      -----------         -------------

     $ 1,275,132             $      --         $(1,170,935)        $   104,197
     -----------             -----------       -----------         -----------



December 31, 1992:

                               Additions
                                Charged
        Balance,               to Costs                                Balance,
  Beginning of Period        and Expenses      Retirements         End of Period
  -------------------        ------------      -----------         -------------

     $   104,197             $      --         $      --           $   104,197
     -----------             -----------       -----------         -----------



December 31, 1993:

                               Additions
                                Charged
        Balance,               to Costs                                Balance,
  Beginning of Period        and Expenses      Retirements         End of Period
  -------------------        ------------      -----------         -------------

     $   104,197             $      --         $   104,197         $      --
     -----------             -----------       -----------         -----------


                                      F-11