| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,062 |
| Shareholders' arrears receivable | 214 |
| Miscellaneous receivables | 85 |
| Prepaid expenses (Page 12) | 262 |
| Contract work in progress (Note 13) | 1,675 |
| Reserve fund (Page 12) | 7,700 |
| Total current assets | 11,997 |
| Land, Building and Equipment (Note 2) | |
| Land | 31,627 |
| Building | 94,880 |
| Building improvements | 28,817 |
| Fixed equipment | 324 |
| Oil burner | 319 |
| Total land, building and equipment | 155,966 |
| Less: accumulated depreciation | 106,862 |
| Net land, building, equipment | 49,104 |
| TOTAL ASSETS | 61,101 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,251 |
| Maintenance received in advance | 129 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 135 |
| Mortgage note payable- current (Note 3) | 2,217 |
| Total current liabilities | 5,732 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 21,682 |
| Total long term liabilities | 21,682 |
| Total liabilities | 27,414 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 955 |
| Paid in capital | 100,629 |
| Accumulated deficit | (67,897) |
| Total stockholders equity | 33,687 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 61,101 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 24,307 |
| Shareholder operating assessment (Note 9) | 2,091 |
| Laundry income | 137 |
| Interest and dividend income | 76 |
| Late charges and miscellaneous income | 15 |
| Total Revenue | 26,627 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,089 |
| Operating expenses (Page 13) | 7,918 |
| Maintenance expenses (Page 14) | 3,436 |
| Taxes (Page 14) | 12,370 |
| Financial expenses (Page 14) | 961 |
| Total Expenses | 26,774 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (147) |
| Add: Insurance proceeds (Page 14) | 275 |
| Less: Depreciation (Page 14) | (1,003) |
| Less: Realized loss on securities (Page 14) | (109) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (984) |
| Beginning accumulated deficit | (66,913) |
| Ending accumulated deficit | (67,897) |