| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,781 |
| Shareholders' arrears receivable | 185 |
| Miscellaneous receivables | 73 |
| Prepaid expenses (Page 12) | 226 |
| Contract work in progress (Note 13) | 1,447 |
| Reserve fund (Page 12) | 6,652 |
| Total current assets | 10,364 |
| Land, Building and Equipment (Note 2) | |
| Land | 27,322 |
| Building | 81,965 |
| Building improvements | 24,894 |
| Fixed equipment | 280 |
| Oil burner | 275 |
| Total land, building and equipment | 134,735 |
| Less: accumulated depreciation | 92,316 |
| Net land, building, equipment | 42,420 |
| TOTAL ASSETS | 52,783 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,808 |
| Maintenance received in advance | 111 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 117 |
| Mortgage note payable- current (Note 3) | 1,915 |
| Total current liabilities | 4,952 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 18,730 |
| Total long term liabilities | 18,730 |
| Total liabilities | 23,682 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 825 |
| Paid in capital | 86,931 |
| Accumulated deficit | (58,655) |
| Total stockholders equity | 29,101 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 52,783 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 20,999 |
| Shareholder operating assessment (Note 9) | 1,807 |
| Laundry income | 118 |
| Interest and dividend income | 66 |
| Late charges and miscellaneous income | 13 |
| Total Revenue | 23,003 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,805 |
| Operating expenses (Page 13) | 6,840 |
| Maintenance expenses (Page 14) | 2,969 |
| Taxes (Page 14) | 10,686 |
| Financial expenses (Page 14) | 830 |
| Total Expenses | 23,130 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (127) |
| Add: Insurance proceeds (Page 14) | 238 |
| Less: Depreciation (Page 14) | (867) |
| Less: Realized loss on securities (Page 14) | (95) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (850) |
| Beginning accumulated deficit | (57,804) |
| Ending accumulated deficit | (58,655) |