| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 799 |
| Shareholders' arrears receivable | 35 |
| Miscellaneous receivables | 32 |
| Prepaid expenses (Page 12) | 1,722 |
| Contract work in progress (Note 13) | 92 |
| Reserve fund (Page 12) | 5,718 |
| Total current assets | 8,399 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,572 |
| Building | 58,716 |
| Building improvements | 17,436 |
| Fixed equipment | 200 |
| Oil burner | 197 |
| Total land, building and equipment | 96,122 |
| Less: accumulated depreciation | 65,511 |
| Net land, building, equipment | 30,611 |
| TOTAL ASSETS | 39,010 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,367 |
| Maintenance received in advance | 83 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 57 |
| Mortgage note payable- current (Note 3) | 1,328 |
| Total current liabilities | 2,836 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,718 |
| Total long term liabilities | 14,718 |
| Total liabilities | 17,554 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 591 |
| Paid in capital | 62,274 |
| Accumulated deficit | (41,409) |
| Total stockholders equity | 21,456 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 39,010 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,647 |
| Shareholder operating assessment (Note 9) | 1,241 |
| Laundry income | 84 |
| Interest and dividend income | 39 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 16,018 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,183 |
| Operating expenses (Page 13) | 4,521 |
| Maintenance expenses (Page 14) | 1,284 |
| Taxes (Page 14) | 7,347 |
| Financial expenses (Page 14) | 637 |
| Total Expenses | 14,973 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,045 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (671) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 374 |
| Beginning accumulated deficit | (41,783) |
| Ending accumulated deficit | (41,409) |