| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,360 |
| Shareholders' arrears receivable | 141 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 173 |
| Contract work in progress (Note 13) | 1,105 |
| Reserve fund (Page 12) | 5,080 |
| Total current assets | 7,914 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,864 |
| Building | 62,591 |
| Building improvements | 19,010 |
| Fixed equipment | 214 |
| Oil burner | 210 |
| Total land, building and equipment | 102,889 |
| Less: accumulated depreciation | 70,496 |
| Net land, building, equipment | 32,393 |
| TOTAL ASSETS | 40,307 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,145 |
| Maintenance received in advance | 85 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 89 |
| Mortgage note payable- current (Note 3) | 1,463 |
| Total current liabilities | 3,781 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,303 |
| Total long term liabilities | 14,303 |
| Total liabilities | 18,084 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 630 |
| Paid in capital | 66,384 |
| Accumulated deficit | (44,791) |
| Total stockholders equity | 22,223 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,307 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,035 |
| Shareholder operating assessment (Note 9) | 1,380 |
| Laundry income | 90 |
| Interest and dividend income | 50 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,566 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,378 |
| Operating expenses (Page 13) | 5,223 |
| Maintenance expenses (Page 14) | 2,267 |
| Taxes (Page 14) | 8,160 |
| Financial expenses (Page 14) | 634 |
| Total Expenses | 17,663 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (97) |
| Add: Insurance proceeds (Page 14) | 182 |
| Less: Depreciation (Page 14) | (662) |
| Less: Realized loss on securities (Page 14) | (72) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (649) |
| Beginning accumulated deficit | (44,142) |
| Ending accumulated deficit | (44,791) |