| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,454 |
| Shareholders' arrears receivable | 63 |
| Miscellaneous receivables | 58 |
| Prepaid expenses (Page 12) | 3,132 |
| Contract work in progress (Note 13) | 168 |
| Reserve fund (Page 12) | 10,401 |
| Total current assets | 15,277 |
| Land, Building and Equipment (Note 2) | |
| Land | 35,601 |
| Building | 106,802 |
| Building improvements | 31,715 |
| Fixed equipment | 365 |
| Oil burner | 359 |
| Total land, building and equipment | 174,841 |
| Less: accumulated depreciation | 119,161 |
| Net land, building, equipment | 55,680 |
| TOTAL ASSETS | 70,957 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,486 |
| Maintenance received in advance | 151 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 104 |
| Mortgage note payable- current (Note 3) | 2,416 |
| Total current liabilities | 5,158 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 26,771 |
| Total long term liabilities | 26,771 |
| Total liabilities | 31,929 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,075 |
| Paid in capital | 113,274 |
| Accumulated deficit | (75,321) |
| Total stockholders equity | 39,028 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 70,957 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 26,642 |
| Shareholder operating assessment (Note 9) | 2,257 |
| Laundry income | 154 |
| Interest and dividend income | 71 |
| Late charges and miscellaneous income | 12 |
| Total Revenue | 29,136 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,152 |
| Operating expenses (Page 13) | 8,224 |
| Maintenance expenses (Page 14) | 2,336 |
| Taxes (Page 14) | 13,364 |
| Financial expenses (Page 14) | 1,159 |
| Total Expenses | 27,235 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,901 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,220) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 681 |
| Beginning accumulated deficit | (76,002) |
| Ending accumulated deficit | (75,321) |