| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 886 |
| Shareholders' arrears receivable | 39 |
| Miscellaneous receivables | 35 |
| Prepaid expenses (Page 12) | 1,909 |
| Contract work in progress (Note 13) | 102 |
| Reserve fund (Page 12) | 6,338 |
| Total current assets | 9,308 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,692 |
| Building | 65,075 |
| Building improvements | 19,324 |
| Fixed equipment | 222 |
| Oil burner | 218 |
| Total land, building and equipment | 106,531 |
| Less: accumulated depreciation | 72,605 |
| Net land, building, equipment | 33,926 |
| TOTAL ASSETS | 43,234 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,515 |
| Maintenance received in advance | 92 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 63 |
| Mortgage note payable- current (Note 3) | 1,472 |
| Total current liabilities | 3,143 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 16,312 |
| Total long term liabilities | 16,312 |
| Total liabilities | 19,455 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 655 |
| Paid in capital | 69,018 |
| Accumulated deficit | (45,893) |
| Total stockholders equity | 23,780 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 43,234 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,233 |
| Shareholder operating assessment (Note 9) | 1,375 |
| Laundry income | 94 |
| Interest and dividend income | 43 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 17,753 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,311 |
| Operating expenses (Page 13) | 5,011 |
| Maintenance expenses (Page 14) | 1,424 |
| Taxes (Page 14) | 8,143 |
| Financial expenses (Page 14) | 706 |
| Total Expenses | 16,594 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,158 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (744) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 415 |
| Beginning accumulated deficit | (46,308) |
| Ending accumulated deficit | (45,893) |