| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,565 |
| Shareholders' arrears receivable | 162 |
| Miscellaneous receivables | 64 |
| Prepaid expenses (Page 12) | 199 |
| Contract work in progress (Note 13) | 1,271 |
| Reserve fund (Page 12) | 5,846 |
| Total current assets | 9,108 |
| Land, Building and Equipment (Note 2) | |
| Land | 24,010 |
| Building | 72,030 |
| Building improvements | 21,877 |
| Fixed equipment | 246 |
| Oil burner | 242 |
| Total land, building and equipment | 118,404 |
| Less: accumulated depreciation | 81,126 |
| Net land, building, equipment | 37,278 |
| TOTAL ASSETS | 46,385 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,468 |
| Maintenance received in advance | 98 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 103 |
| Mortgage note payable- current (Note 3) | 1,683 |
| Total current liabilities | 4,352 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 16,460 |
| Total long term liabilities | 16,460 |
| Total liabilities | 20,811 |
| 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 | (51,545) |
| Total stockholders equity | 25,574 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 46,385 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 18,453 |
| Shareholder operating assessment (Note 9) | 1,588 |
| Laundry income | 104 |
| Interest and dividend income | 58 |
| Late charges and miscellaneous income | 12 |
| Total Revenue | 20,214 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,586 |
| Operating expenses (Page 13) | 6,011 |
| Maintenance expenses (Page 14) | 2,609 |
| Taxes (Page 14) | 9,391 |
| Financial expenses (Page 14) | 730 |
| Total Expenses | 20,326 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (112) |
| Add: Insurance proceeds (Page 14) | 209 |
| Less: Depreciation (Page 14) | (762) |
| Less: Realized loss on securities (Page 14) | (83) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (747) |
| Beginning accumulated deficit | (50,798) |
| Ending accumulated deficit | (51,545) |