| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,317 |
| Shareholders' arrears receivable | 137 |
| Miscellaneous receivables | 54 |
| Prepaid expenses (Page 12) | 167 |
| Contract work in progress (Note 13) | 1,070 |
| Reserve fund (Page 12) | 4,918 |
| Total current assets | 7,663 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,201 |
| Building | 60,604 |
| Building improvements | 18,407 |
| Fixed equipment | 207 |
| Oil burner | 203 |
| Total land, building and equipment | 99,622 |
| Less: accumulated depreciation | 68,258 |
| Net land, building, equipment | 31,365 |
| TOTAL ASSETS | 39,028 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,077 |
| Maintenance received in advance | 82 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 86 |
| Mortgage note payable- current (Note 3) | 1,416 |
| Total current liabilities | 3,661 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,849 |
| Total long term liabilities | 13,849 |
| Total liabilities | 17,510 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 610 |
| Paid in capital | 64,276 |
| Accumulated deficit | (43,369) |
| Total stockholders equity | 21,517 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 39,028 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,526 |
| Shareholder operating assessment (Note 9) | 1,336 |
| Laundry income | 87 |
| Interest and dividend income | 49 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,008 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,334 |
| Operating expenses (Page 13) | 5,057 |
| Maintenance expenses (Page 14) | 2,195 |
| Taxes (Page 14) | 7,901 |
| Financial expenses (Page 14) | 614 |
| Total Expenses | 17,102 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (94) |
| Add: Insurance proceeds (Page 14) | 176 |
| Less: Depreciation (Page 14) | (641) |
| Less: Realized loss on securities (Page 14) | (70) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (629) |
| Beginning accumulated deficit | (42,740) |
| Ending accumulated deficit | (43,369) |