| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 725 |
| Shareholders' arrears receivable | 32 |
| Miscellaneous receivables | 29 |
| Prepaid expenses (Page 12) | 1,562 |
| Contract work in progress (Note 13) | 84 |
| Reserve fund (Page 12) | 5,186 |
| Total current assets | 7,617 |
| Land, Building and Equipment (Note 2) | |
| Land | 17,751 |
| Building | 53,252 |
| Building improvements | 15,813 |
| Fixed equipment | 182 |
| Oil burner | 179 |
| Total land, building and equipment | 87,177 |
| Less: accumulated depreciation | 59,414 |
| Net land, building, equipment | 27,762 |
| TOTAL ASSETS | 35,380 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,239 |
| Maintenance received in advance | 75 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 52 |
| Mortgage note payable- current (Note 3) | 1,205 |
| Total current liabilities | 2,572 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,348 |
| Total long term liabilities | 13,348 |
| Total liabilities | 15,920 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 536 |
| Paid in capital | 56,479 |
| Accumulated deficit | (37,555) |
| Total stockholders equity | 19,459 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 35,380 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,284 |
| Shareholder operating assessment (Note 9) | 1,126 |
| Laundry income | 77 |
| Interest and dividend income | 36 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 14,528 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,073 |
| Operating expenses (Page 13) | 4,100 |
| Maintenance expenses (Page 14) | 1,165 |
| Taxes (Page 14) | 6,663 |
| Financial expenses (Page 14) | 578 |
| Total Expenses | 13,580 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 948 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (608) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 339 |
| Beginning accumulated deficit | (37,895) |
| Ending accumulated deficit | (37,555) |