| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,150 |
| Shareholders' arrears receivable | 50 |
| Miscellaneous receivables | 46 |
| Prepaid expenses (Page 12) | 2,477 |
| Contract work in progress (Note 13) | 133 |
| Reserve fund (Page 12) | 8,224 |
| Total current assets | 12,080 |
| Land, Building and Equipment (Note 2) | |
| Land | 28,149 |
| Building | 84,448 |
| Building improvements | 25,077 |
| Fixed equipment | 288 |
| Oil burner | 283 |
| Total land, building and equipment | 138,246 |
| Less: accumulated depreciation | 94,220 |
| Net land, building, equipment | 44,026 |
| TOTAL ASSETS | 56,106 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,966 |
| Maintenance received in advance | 120 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 82 |
| Mortgage note payable- current (Note 3) | 1,910 |
| Total current liabilities | 4,078 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 21,168 |
| Total long term liabilities | 21,168 |
| Total liabilities | 25,247 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 850 |
| Paid in capital | 89,565 |
| Accumulated deficit | (59,556) |
| Total stockholders equity | 30,859 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 56,106 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 21,066 |
| Shareholder operating assessment (Note 9) | 1,785 |
| Laundry income | 121 |
| Interest and dividend income | 56 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 23,038 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,702 |
| Operating expenses (Page 13) | 6,503 |
| Maintenance expenses (Page 14) | 1,847 |
| Taxes (Page 14) | 10,567 |
| Financial expenses (Page 14) | 917 |
| Total Expenses | 21,535 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,503 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (965) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 538 |
| Beginning accumulated deficit | (60,094) |
| Ending accumulated deficit | (59,556) |