| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,175 |
| Shareholders' arrears receivable | 122 |
| Miscellaneous receivables | 48 |
| Prepaid expenses (Page 12) | 149 |
| Contract work in progress (Note 13) | 954 |
| Reserve fund (Page 12) | 4,386 |
| Total current assets | 6,834 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,016 |
| Building | 54,047 |
| Building improvements | 16,415 |
| Fixed equipment | 185 |
| Oil burner | 181 |
| Total land, building and equipment | 88,844 |
| Less: accumulated depreciation | 60,872 |
| Net land, building, equipment | 27,971 |
| TOTAL ASSETS | 34,805 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,852 |
| Maintenance received in advance | 73 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 77 |
| Mortgage note payable- current (Note 3) | 1,263 |
| Total current liabilities | 3,265 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,351 |
| Total long term liabilities | 12,351 |
| Total liabilities | 15,616 |
| 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 | (38,676) |
| Total stockholders equity | 19,189 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 34,805 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,846 |
| Shareholder operating assessment (Note 9) | 1,191 |
| Laundry income | 78 |
| Interest and dividend income | 43 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 15,168 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,190 |
| Operating expenses (Page 13) | 4,510 |
| Maintenance expenses (Page 14) | 1,957 |
| Taxes (Page 14) | 7,046 |
| Financial expenses (Page 14) | 547 |
| Total Expenses | 15,252 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (84) |
| Add: Insurance proceeds (Page 14) | 157 |
| Less: Depreciation (Page 14) | (571) |
| Less: Realized loss on securities (Page 14) | (62) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (561) |
| Beginning accumulated deficit | (38,116) |
| Ending accumulated deficit | (38,676) |