| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 960 |
| Shareholders' arrears receivable | 42 |
| Miscellaneous receivables | 38 |
| Prepaid expenses (Page 12) | 2,069 |
| Contract work in progress (Note 13) | 111 |
| Reserve fund (Page 12) | 6,870 |
| Total current assets | 10,090 |
| Land, Building and Equipment (Note 2) | |
| Land | 23,513 |
| Building | 70,539 |
| Building improvements | 20,946 |
| Fixed equipment | 241 |
| Oil burner | 237 |
| Total land, building and equipment | 115,476 |
| Less: accumulated depreciation | 78,702 |
| Net land, building, equipment | 36,775 |
| TOTAL ASSETS | 46,865 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,642 |
| Maintenance received in advance | 100 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 69 |
| Mortgage note payable- current (Note 3) | 1,596 |
| Total current liabilities | 3,407 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 17,682 |
| Total long term liabilities | 17,682 |
| Total liabilities | 21,088 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 710 |
| Paid in capital | 74,813 |
| Accumulated deficit | (49,747) |
| Total stockholders equity | 25,777 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 46,865 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 17,596 |
| Shareholder operating assessment (Note 9) | 1,491 |
| Laundry income | 101 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 8 |
| Total Revenue | 19,244 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,421 |
| Operating expenses (Page 13) | 5,432 |
| Maintenance expenses (Page 14) | 1,543 |
| Taxes (Page 14) | 8,826 |
| Financial expenses (Page 14) | 766 |
| Total Expenses | 17,988 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,256 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (806) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 450 |
| Beginning accumulated deficit | (50,196) |
| Ending accumulated deficit | (49,747) |