| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,490 |
| Shareholders' arrears receivable | 154 |
| Miscellaneous receivables | 61 |
| Prepaid expenses (Page 12) | 189 |
| Contract work in progress (Note 13) | 1,210 |
| Reserve fund (Page 12) | 5,563 |
| Total current assets | 8,668 |
| Land, Building and Equipment (Note 2) | |
| Land | 22,851 |
| Building | 68,552 |
| Building improvements | 20,820 |
| Fixed equipment | 234 |
| Oil burner | 230 |
| Total land, building and equipment | 112,688 |
| Less: accumulated depreciation | 77,209 |
| Net land, building, equipment | 35,478 |
| TOTAL ASSETS | 44,146 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,349 |
| Maintenance received in advance | 93 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 98 |
| Mortgage note payable- current (Note 3) | 1,602 |
| Total current liabilities | 4,141 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,665 |
| Total long term liabilities | 15,665 |
| Total liabilities | 19,807 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 690 |
| Paid in capital | 72,706 |
| Accumulated deficit | (49,057) |
| Total stockholders equity | 24,339 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 44,146 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 17,562 |
| Shareholder operating assessment (Note 9) | 1,511 |
| Laundry income | 99 |
| Interest and dividend income | 55 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 19,239 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,509 |
| Operating expenses (Page 13) | 5,721 |
| Maintenance expenses (Page 14) | 2,483 |
| Taxes (Page 14) | 8,938 |
| Financial expenses (Page 14) | 694 |
| Total Expenses | 19,345 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (106) |
| Add: Insurance proceeds (Page 14) | 199 |
| Less: Depreciation (Page 14) | (725) |
| Less: Realized loss on securities (Page 14) | (79) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (711) |
| Beginning accumulated deficit | (48,346) |
| Ending accumulated deficit | (49,057) |