| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,259 |
| Shareholders' arrears receivable | 131 |
| Miscellaneous receivables | 52 |
| Prepaid expenses (Page 12) | 160 |
| Contract work in progress (Note 13) | 1,022 |
| Reserve fund (Page 12) | 4,701 |
| Total current assets | 7,324 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,307 |
| Building | 57,922 |
| Building improvements | 17,592 |
| Fixed equipment | 198 |
| Oil burner | 194 |
| Total land, building and equipment | 95,213 |
| Less: accumulated depreciation | 65,236 |
| Net land, building, equipment | 29,977 |
| TOTAL ASSETS | 37,300 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,985 |
| Maintenance received in advance | 79 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 82 |
| Mortgage note payable- current (Note 3) | 1,353 |
| Total current liabilities | 3,499 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,236 |
| Total long term liabilities | 13,236 |
| Total liabilities | 16,735 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 583 |
| Paid in capital | 61,431 |
| Accumulated deficit | (41,449) |
| Total stockholders equity | 20,565 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,300 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,839 |
| Shareholder operating assessment (Note 9) | 1,277 |
| Laundry income | 83 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 16,255 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,275 |
| Operating expenses (Page 13) | 4,834 |
| Maintenance expenses (Page 14) | 2,098 |
| Taxes (Page 14) | 7,552 |
| Financial expenses (Page 14) | 587 |
| Total Expenses | 16,345 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (90) |
| Add: Insurance proceeds (Page 14) | 168 |
| Less: Depreciation (Page 14) | (612) |
| Less: Realized loss on securities (Page 14) | (67) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (601) |
| Beginning accumulated deficit | (40,848) |
| Ending accumulated deficit | (41,449) |