| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,276 |
| Shareholders' arrears receivable | 132 |
| Miscellaneous receivables | 52 |
| Prepaid expenses (Page 12) | 162 |
| Contract work in progress (Note 13) | 1,036 |
| Reserve fund (Page 12) | 4,765 |
| Total current assets | 7,424 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,572 |
| Building | 58,716 |
| Building improvements | 17,833 |
| Fixed equipment | 200 |
| Oil burner | 197 |
| Total land, building and equipment | 96,519 |
| Less: accumulated depreciation | 66,132 |
| Net land, building, equipment | 30,388 |
| TOTAL ASSETS | 37,812 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,012 |
| Maintenance received in advance | 80 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 84 |
| Mortgage note payable- current (Note 3) | 1,372 |
| Total current liabilities | 3,547 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,418 |
| Total long term liabilities | 13,418 |
| Total liabilities | 16,965 |
| 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 | (42,018) |
| Total stockholders equity | 20,847 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,812 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,043 |
| Shareholder operating assessment (Note 9) | 1,294 |
| Laundry income | 84 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,478 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,293 |
| Operating expenses (Page 13) | 4,900 |
| Maintenance expenses (Page 14) | 2,127 |
| Taxes (Page 14) | 7,655 |
| Financial expenses (Page 14) | 595 |
| Total Expenses | 16,569 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (91) |
| Add: Insurance proceeds (Page 14) | 170 |
| Less: Depreciation (Page 14) | (621) |
| Less: Realized loss on securities (Page 14) | (68) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (609) |
| Beginning accumulated deficit | (41,409) |
| Ending accumulated deficit | (42,018) |