| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 760 |
| Shareholders' arrears receivable | 33 |
| Miscellaneous receivables | 30 |
| Prepaid expenses (Page 12) | 1,638 |
| Contract work in progress (Note 13) | 88 |
| Reserve fund (Page 12) | 5,438 |
| Total current assets | 7,987 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,612 |
| Building | 55,835 |
| Building improvements | 16,580 |
| Fixed equipment | 191 |
| Oil burner | 187 |
| Total land, building and equipment | 91,405 |
| Less: accumulated depreciation | 62,296 |
| Net land, building, equipment | 29,109 |
| TOTAL ASSETS | 37,096 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,300 |
| Maintenance received in advance | 79 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 54 |
| Mortgage note payable- current (Note 3) | 1,263 |
| Total current liabilities | 2,697 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,996 |
| Total long term liabilities | 13,996 |
| Total liabilities | 16,692 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 562 |
| Paid in capital | 59,218 |
| Accumulated deficit | (39,377) |
| Total stockholders equity | 20,403 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,096 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,928 |
| Shareholder operating assessment (Note 9) | 1,180 |
| Laundry income | 80 |
| Interest and dividend income | 37 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 15,232 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,125 |
| Operating expenses (Page 13) | 4,299 |
| Maintenance expenses (Page 14) | 1,221 |
| Taxes (Page 14) | 6,987 |
| Financial expenses (Page 14) | 606 |
| Total Expenses | 14,238 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 994 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (638) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 356 |
| Beginning accumulated deficit | (39,733) |
| Ending accumulated deficit | (39,377) |