| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 839 |
| Shareholders' arrears receivable | 36 |
| Miscellaneous receivables | 34 |
| Prepaid expenses (Page 12) | 1,807 |
| Contract work in progress (Note 13) | 97 |
| Reserve fund (Page 12) | 5,999 |
| Total current assets | 8,811 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,533 |
| Building | 61,598 |
| Building improvements | 18,291 |
| Fixed equipment | 210 |
| Oil burner | 207 |
| Total land, building and equipment | 100,838 |
| Less: accumulated depreciation | 68,725 |
| Net land, building, equipment | 32,113 |
| TOTAL ASSETS | 40,924 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,434 |
| Maintenance received in advance | 87 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 60 |
| Mortgage note payable- current (Note 3) | 1,393 |
| Total current liabilities | 2,975 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,440 |
| Total long term liabilities | 15,440 |
| Total liabilities | 18,415 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 620 |
| Paid in capital | 65,330 |
| Accumulated deficit | (43,441) |
| Total stockholders equity | 22,509 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,924 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,366 |
| Shareholder operating assessment (Note 9) | 1,302 |
| Laundry income | 89 |
| Interest and dividend income | 41 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,804 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,241 |
| Operating expenses (Page 13) | 4,743 |
| Maintenance expenses (Page 14) | 1,347 |
| Taxes (Page 14) | 7,708 |
| Financial expenses (Page 14) | 669 |
| Total Expenses | 15,708 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,096 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (704) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 393 |
| Beginning accumulated deficit | (43,834) |
| Ending accumulated deficit | (43,441) |