| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,414 |
| Shareholders' arrears receivable | 147 |
| Miscellaneous receivables | 58 |
| Prepaid expenses (Page 12) | 180 |
| Contract work in progress (Note 13) | 1,149 |
| Reserve fund (Page 12) | 5,281 |
| Total current assets | 8,228 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,692 |
| Building | 65,075 |
| Building improvements | 19,764 |
| Fixed equipment | 222 |
| Oil burner | 218 |
| Total land, building and equipment | 106,972 |
| Less: accumulated depreciation | 73,293 |
| Net land, building, equipment | 33,679 |
| TOTAL ASSETS | 41,907 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,230 |
| Maintenance received in advance | 88 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 93 |
| Mortgage note payable- current (Note 3) | 1,521 |
| Total current liabilities | 3,931 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,871 |
| Total long term liabilities | 14,871 |
| Total liabilities | 18,802 |
| 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 | (46,568) |
| Total stockholders equity | 23,105 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,907 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,672 |
| Shareholder operating assessment (Note 9) | 1,434 |
| Laundry income | 94 |
| Interest and dividend income | 52 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 18,263 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,433 |
| Operating expenses (Page 13) | 5,431 |
| Maintenance expenses (Page 14) | 2,357 |
| Taxes (Page 14) | 8,484 |
| Financial expenses (Page 14) | 659 |
| Total Expenses | 18,364 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (101) |
| Add: Insurance proceeds (Page 14) | 189 |
| Less: Depreciation (Page 14) | (688) |
| Less: Realized loss on securities (Page 14) | (75) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (675) |
| Beginning accumulated deficit | (45,893) |
| Ending accumulated deficit | (46,568) |