| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,155 |
| Shareholders' arrears receivable | 120 |
| Miscellaneous receivables | 47 |
| Prepaid expenses (Page 12) | 147 |
| Contract work in progress (Note 13) | 938 |
| Reserve fund (Page 12) | 4,314 |
| Total current assets | 6,721 |
| Land, Building and Equipment (Note 2) | |
| Land | 17,718 |
| Building | 53,153 |
| Building improvements | 16,143 |
| Fixed equipment | 181 |
| Oil burner | 178 |
| Total land, building and equipment | 87,374 |
| Less: accumulated depreciation | 59,865 |
| Net land, building, equipment | 27,508 |
| TOTAL ASSETS | 34,229 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,821 |
| Maintenance received in advance | 72 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 76 |
| Mortgage note payable- current (Note 3) | 1,242 |
| Total current liabilities | 3,211 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,146 |
| Total long term liabilities | 12,146 |
| Total liabilities | 15,357 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 535 |
| Paid in capital | 56,373 |
| Accumulated deficit | (38,037) |
| Total stockholders equity | 18,872 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 34,229 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,617 |
| Shareholder operating assessment (Note 9) | 1,172 |
| Laundry income | 76 |
| Interest and dividend income | 43 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 14,917 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,170 |
| Operating expenses (Page 13) | 4,436 |
| Maintenance expenses (Page 14) | 1,925 |
| Taxes (Page 14) | 6,930 |
| Financial expenses (Page 14) | 538 |
| Total Expenses | 14,999 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (82) |
| Add: Insurance proceeds (Page 14) | 154 |
| Less: Depreciation (Page 14) | (562) |
| Less: Realized loss on securities (Page 14) | (61) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (551) |
| Beginning accumulated deficit | (37,485) |
| Ending accumulated deficit | (38,037) |