| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,835 |
| Shareholders' arrears receivable | 190 |
| Miscellaneous receivables | 75 |
| Prepaid expenses (Page 12) | 233 |
| Contract work in progress (Note 13) | 1,490 |
| Reserve fund (Page 12) | 6,854 |
| Total current assets | 10,678 |
| Land, Building and Equipment (Note 2) | |
| Land | 28,149 |
| Building | 84,448 |
| Building improvements | 25,648 |
| Fixed equipment | 288 |
| Oil burner | 283 |
| Total land, building and equipment | 138,818 |
| Less: accumulated depreciation | 95,113 |
| Net land, building, equipment | 43,705 |
| TOTAL ASSETS | 54,383 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,894 |
| Maintenance received in advance | 115 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 120 |
| Mortgage note payable- current (Note 3) | 1,973 |
| Total current liabilities | 5,102 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 19,298 |
| Total long term liabilities | 19,298 |
| Total liabilities | 24,400 |
| 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 | (60,432) |
| Total stockholders equity | 29,983 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 54,383 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 21,635 |
| Shareholder operating assessment (Note 9) | 1,861 |
| Laundry income | 121 |
| Interest and dividend income | 68 |
| Late charges and miscellaneous income | 14 |
| Total Revenue | 23,700 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,859 |
| Operating expenses (Page 13) | 7,047 |
| Maintenance expenses (Page 14) | 3,059 |
| Taxes (Page 14) | 11,010 |
| Financial expenses (Page 14) | 855 |
| Total Expenses | 23,831 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (131) |
| Add: Insurance proceeds (Page 14) | 245 |
| Less: Depreciation (Page 14) | (893) |
| Less: Realized loss on securities (Page 14) | (97) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (876) |
| Beginning accumulated deficit | (59,556) |
| Ending accumulated deficit | (60,432) |