| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 813 |
| Shareholders' arrears receivable | 35 |
| Miscellaneous receivables | 32 |
| Prepaid expenses (Page 12) | 1,751 |
| Contract work in progress (Note 13) | 94 |
| Reserve fund (Page 12) | 5,815 |
| Total current assets | 8,541 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,903 |
| Building | 59,710 |
| Building improvements | 17,731 |
| Fixed equipment | 204 |
| Oil burner | 200 |
| Total land, building and equipment | 97,748 |
| Less: accumulated depreciation | 66,619 |
| Net land, building, equipment | 31,129 |
| TOTAL ASSETS | 39,670 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,390 |
| Maintenance received in advance | 85 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 58 |
| Mortgage note payable- current (Note 3) | 1,351 |
| Total current liabilities | 2,884 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,967 |
| Total long term liabilities | 14,967 |
| Total liabilities | 17,851 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 601 |
| Paid in capital | 63,328 |
| Accumulated deficit | (42,110) |
| Total stockholders equity | 21,819 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 39,670 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,895 |
| Shareholder operating assessment (Note 9) | 1,262 |
| Laundry income | 86 |
| Interest and dividend income | 40 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 16,289 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,203 |
| Operating expenses (Page 13) | 4,598 |
| Maintenance expenses (Page 14) | 1,306 |
| Taxes (Page 14) | 7,471 |
| Financial expenses (Page 14) | 648 |
| Total Expenses | 15,226 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,063 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (682) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 381 |
| Beginning accumulated deficit | (42,490) |
| Ending accumulated deficit | (42,110) |