| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,187 |
| Shareholders' arrears receivable | 123 |
| Miscellaneous receivables | 49 |
| Prepaid expenses (Page 12) | 151 |
| Contract work in progress (Note 13) | 964 |
| Reserve fund (Page 12) | 4,435 |
| Total current assets | 6,909 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,214 |
| Building | 54,643 |
| Building improvements | 16,596 |
| Fixed equipment | 187 |
| Oil burner | 183 |
| Total land, building and equipment | 89,823 |
| Less: accumulated depreciation | 61,544 |
| Net land, building, equipment | 28,280 |
| TOTAL ASSETS | 35,189 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,872 |
| Maintenance received in advance | 74 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 78 |
| Mortgage note payable- current (Note 3) | 1,277 |
| Total current liabilities | 3,301 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,487 |
| Total long term liabilities | 12,487 |
| Total liabilities | 15,788 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 550 |
| Paid in capital | 57,954 |
| Accumulated deficit | (39,103) |
| Total stockholders equity | 19,401 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 35,189 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,999 |
| Shareholder operating assessment (Note 9) | 1,204 |
| Laundry income | 79 |
| Interest and dividend income | 44 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 15,335 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,203 |
| Operating expenses (Page 13) | 4,560 |
| Maintenance expenses (Page 14) | 1,979 |
| Taxes (Page 14) | 7,124 |
| Financial expenses (Page 14) | 553 |
| Total Expenses | 15,420 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (85) |
| Add: Insurance proceeds (Page 14) | 159 |
| Less: Depreciation (Page 14) | (578) |
| Less: Realized loss on securities (Page 14) | (63) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (567) |
| Beginning accumulated deficit | (38,536) |
| Ending accumulated deficit | (39,103) |