| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,533 |
| Shareholders' arrears receivable | 159 |
| Miscellaneous receivables | 63 |
| Prepaid expenses (Page 12) | 195 |
| Contract work in progress (Note 13) | 1,245 |
| Reserve fund (Page 12) | 5,725 |
| Total current assets | 8,919 |
| Land, Building and Equipment (Note 2) | |
| Land | 23,513 |
| Building | 70,539 |
| Building improvements | 21,424 |
| Fixed equipment | 241 |
| Oil burner | 237 |
| Total land, building and equipment | 115,954 |
| Less: accumulated depreciation | 79,447 |
| Net land, building, equipment | 36,507 |
| TOTAL ASSETS | 45,426 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,417 |
| Maintenance received in advance | 96 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 100 |
| Mortgage note payable- current (Note 3) | 1,648 |
| Total current liabilities | 4,262 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 16,119 |
| Total long term liabilities | 16,119 |
| Total liabilities | 20,381 |
| 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 | (50,479) |
| Total stockholders equity | 25,045 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 45,426 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 18,071 |
| Shareholder operating assessment (Note 9) | 1,555 |
| Laundry income | 101 |
| Interest and dividend income | 57 |
| Late charges and miscellaneous income | 12 |
| Total Revenue | 19,796 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,553 |
| Operating expenses (Page 13) | 5,887 |
| Maintenance expenses (Page 14) | 2,555 |
| Taxes (Page 14) | 9,197 |
| Financial expenses (Page 14) | 714 |
| Total Expenses | 19,906 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (109) |
| Add: Insurance proceeds (Page 14) | 205 |
| Less: Depreciation (Page 14) | (746) |
| Less: Realized loss on securities (Page 14) | (81) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (732) |
| Beginning accumulated deficit | (49,747) |
| Ending accumulated deficit | (50,479) |