| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,116 |
| Shareholders' arrears receivable | 49 |
| Miscellaneous receivables | 45 |
| Prepaid expenses (Page 12) | 2,404 |
| Contract work in progress (Note 13) | 129 |
| Reserve fund (Page 12) | 7,983 |
| Total current assets | 11,724 |
| Land, Building and Equipment (Note 2) | |
| Land | 27,322 |
| Building | 81,965 |
| Building improvements | 24,339 |
| Fixed equipment | 280 |
| Oil burner | 275 |
| Total land, building and equipment | 134,180 |
| Less: accumulated depreciation | 91,449 |
| Net land, building, equipment | 42,731 |
| TOTAL ASSETS | 54,456 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,908 |
| Maintenance received in advance | 116 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 80 |
| Mortgage note payable- current (Note 3) | 1,854 |
| Total current liabilities | 3,959 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 20,545 |
| Total long term liabilities | 20,545 |
| Total liabilities | 24,504 |
| 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 | (57,804) |
| Total stockholders equity | 29,952 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 54,456 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 20,447 |
| Shareholder operating assessment (Note 9) | 1,732 |
| Laundry income | 118 |
| Interest and dividend income | 55 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 22,360 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,652 |
| Operating expenses (Page 13) | 6,311 |
| Maintenance expenses (Page 14) | 1,793 |
| Taxes (Page 14) | 10,256 |
| Financial expenses (Page 14) | 890 |
| Total Expenses | 20,901 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,459 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (937) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 522 |
| Beginning accumulated deficit | (58,327) |
| Ending accumulated deficit | (57,804) |