| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,393 |
| Shareholders' arrears receivable | 144 |
| Miscellaneous receivables | 57 |
| Prepaid expenses (Page 12) | 177 |
| Contract work in progress (Note 13) | 1,131 |
| Reserve fund (Page 12) | 5,201 |
| Total current assets | 8,103 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,360 |
| Building | 64,081 |
| Building improvements | 19,463 |
| Fixed equipment | 219 |
| Oil burner | 215 |
| Total land, building and equipment | 105,338 |
| Less: accumulated depreciation | 72,174 |
| Net land, building, equipment | 33,164 |
| TOTAL ASSETS | 41,267 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,196 |
| Maintenance received in advance | 87 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 91 |
| Mortgage note payable- current (Note 3) | 1,497 |
| Total current liabilities | 3,871 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,644 |
| Total long term liabilities | 14,644 |
| Total liabilities | 18,515 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 645 |
| Paid in capital | 67,964 |
| Accumulated deficit | (45,857) |
| Total stockholders equity | 22,752 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,267 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,417 |
| Shareholder operating assessment (Note 9) | 1,413 |
| Laundry income | 92 |
| Interest and dividend income | 52 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,984 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,411 |
| Operating expenses (Page 13) | 5,348 |
| Maintenance expenses (Page 14) | 2,321 |
| Taxes (Page 14) | 8,355 |
| Financial expenses (Page 14) | 649 |
| Total Expenses | 18,083 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (99) |
| Add: Insurance proceeds (Page 14) | 186 |
| Less: Depreciation (Page 14) | (677) |
| Less: Realized loss on securities (Page 14) | (74) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (665) |
| Beginning accumulated deficit | (45,193) |
| Ending accumulated deficit | (45,857) |