| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 981 |
| Shareholders' arrears receivable | 43 |
| Miscellaneous receivables | 39 |
| Prepaid expenses (Page 12) | 2,113 |
| Contract work in progress (Note 13) | 113 |
| Reserve fund (Page 12) | 7,015 |
| Total current assets | 10,303 |
| Land, Building and Equipment (Note 2) | |
| Land | 24,010 |
| Building | 72,030 |
| Building improvements | 21,389 |
| Fixed equipment | 246 |
| Oil burner | 242 |
| Total land, building and equipment | 117,916 |
| Less: accumulated depreciation | 80,364 |
| Net land, building, equipment | 37,552 |
| TOTAL ASSETS | 47,855 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,676 |
| Maintenance received in advance | 102 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 70 |
| Mortgage note payable- current (Note 3) | 1,629 |
| Total current liabilities | 3,479 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 18,055 |
| Total long term liabilities | 18,055 |
| Total liabilities | 21,534 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 725 |
| Paid in capital | 76,394 |
| Accumulated deficit | (50,798) |
| Total stockholders equity | 26,321 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 47,855 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 17,968 |
| Shareholder operating assessment (Note 9) | 1,522 |
| Laundry income | 104 |
| Interest and dividend income | 48 |
| Late charges and miscellaneous income | 8 |
| Total Revenue | 19,650 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,451 |
| Operating expenses (Page 13) | 5,546 |
| Maintenance expenses (Page 14) | 1,576 |
| Taxes (Page 14) | 9,013 |
| Financial expenses (Page 14) | 782 |
| Total Expenses | 18,368 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,282 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (823) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 459 |
| Beginning accumulated deficit | (51,257) |
| Ending accumulated deficit | (50,798) |