| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 736 |
| Shareholders' arrears receivable | 32 |
| Miscellaneous receivables | 29 |
| Prepaid expenses (Page 12) | 1,585 |
| Contract work in progress (Note 13) | 85 |
| Reserve fund (Page 12) | 5,264 |
| Total current assets | 7,731 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,016 |
| Building | 54,047 |
| Building improvements | 16,049 |
| Fixed equipment | 185 |
| Oil burner | 181 |
| Total land, building and equipment | 88,478 |
| Less: accumulated depreciation | 60,301 |
| Net land, building, equipment | 28,177 |
| TOTAL ASSETS | 35,908 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,258 |
| Maintenance received in advance | 77 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 53 |
| Mortgage note payable- current (Note 3) | 1,223 |
| Total current liabilities | 2,610 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,548 |
| Total long term liabilities | 13,548 |
| Total liabilities | 16,158 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 544 |
| Paid in capital | 57,322 |
| Accumulated deficit | (38,116) |
| Total stockholders equity | 19,750 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 35,908 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,482 |
| Shareholder operating assessment (Note 9) | 1,142 |
| Laundry income | 78 |
| Interest and dividend income | 36 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 14,744 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,089 |
| Operating expenses (Page 13) | 4,162 |
| Maintenance expenses (Page 14) | 1,182 |
| Taxes (Page 14) | 6,763 |
| Financial expenses (Page 14) | 587 |
| Total Expenses | 13,782 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 962 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (618) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 345 |
| Beginning accumulated deficit | (38,460) |
| Ending accumulated deficit | (38,116) |