| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,403 |
| Shareholders' arrears receivable | 146 |
| Miscellaneous receivables | 58 |
| Prepaid expenses (Page 12) | 178 |
| Contract work in progress (Note 13) | 1,140 |
| Reserve fund (Page 12) | 5,241 |
| Total current assets | 8,165 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,526 |
| Building | 64,578 |
| Building improvements | 19,614 |
| Fixed equipment | 220 |
| Oil burner | 217 |
| Total land, building and equipment | 106,155 |
| Less: accumulated depreciation | 72,734 |
| Net land, building, equipment | 33,422 |
| TOTAL ASSETS | 41,587 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,213 |
| Maintenance received in advance | 88 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 92 |
| Mortgage note payable- current (Note 3) | 1,509 |
| Total current liabilities | 3,901 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,757 |
| Total long term liabilities | 14,757 |
| Total liabilities | 18,659 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 650 |
| Paid in capital | 68,491 |
| Accumulated deficit | (46,213) |
| Total stockholders equity | 22,928 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,587 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,544 |
| Shareholder operating assessment (Note 9) | 1,423 |
| Laundry income | 93 |
| Interest and dividend income | 52 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 18,123 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,422 |
| Operating expenses (Page 13) | 5,389 |
| Maintenance expenses (Page 14) | 2,339 |
| Taxes (Page 14) | 8,420 |
| Financial expenses (Page 14) | 654 |
| Total Expenses | 18,223 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (100) |
| Add: Insurance proceeds (Page 14) | 187 |
| Less: Depreciation (Page 14) | (683) |
| Less: Realized loss on securities (Page 14) | (74) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (670) |
| Beginning accumulated deficit | (45,543) |
| Ending accumulated deficit | (46,213) |