| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,278 |
| Shareholders' arrears receivable | 133 |
| Miscellaneous receivables | 52 |
| Prepaid expenses (Page 12) | 162 |
| Contract work in progress (Note 13) | 1,038 |
| Reserve fund (Page 12) | 4,773 |
| Total current assets | 7,437 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,605 |
| Building | 58,816 |
| Building improvements | 17,863 |
| Fixed equipment | 201 |
| Oil burner | 197 |
| Total land, building and equipment | 96,683 |
| Less: accumulated depreciation | 66,243 |
| Net land, building, equipment | 30,439 |
| TOTAL ASSETS | 37,876 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,015 |
| Maintenance received in advance | 80 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 84 |
| Mortgage note payable- current (Note 3) | 1,374 |
| Total current liabilities | 3,553 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,440 |
| Total long term liabilities | 13,440 |
| Total liabilities | 16,994 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 592 |
| Paid in capital | 62,380 |
| Accumulated deficit | (42,089) |
| Total stockholders equity | 20,882 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,876 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,068 |
| Shareholder operating assessment (Note 9) | 1,296 |
| Laundry income | 85 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,506 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,295 |
| Operating expenses (Page 13) | 4,908 |
| Maintenance expenses (Page 14) | 2,130 |
| Taxes (Page 14) | 7,668 |
| Financial expenses (Page 14) | 596 |
| Total Expenses | 16,597 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (91) |
| Add: Insurance proceeds (Page 14) | 171 |
| Less: Depreciation (Page 14) | (622) |
| Less: Realized loss on securities (Page 14) | (68) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (610) |
| Beginning accumulated deficit | (41,479) |
| Ending accumulated deficit | (42,089) |