| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 747 |
| Shareholders' arrears receivable | 32 |
| Miscellaneous receivables | 30 |
| Prepaid expenses (Page 12) | 1,608 |
| Contract work in progress (Note 13) | 86 |
| Reserve fund (Page 12) | 5,341 |
| Total current assets | 7,845 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,281 |
| Building | 54,842 |
| Building improvements | 16,285 |
| Fixed equipment | 187 |
| Oil burner | 184 |
| Total land, building and equipment | 89,779 |
| Less: accumulated depreciation | 61,188 |
| Net land, building, equipment | 28,591 |
| TOTAL ASSETS | 36,436 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,276 |
| Maintenance received in advance | 78 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 53 |
| Mortgage note payable- current (Note 3) | 1,241 |
| Total current liabilities | 2,649 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,747 |
| Total long term liabilities | 13,747 |
| Total liabilities | 16,395 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 552 |
| Paid in capital | 58,165 |
| Accumulated deficit | (38,676) |
| Total stockholders equity | 20,040 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 36,436 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 13,681 |
| Shareholder operating assessment (Note 9) | 1,159 |
| Laundry income | 79 |
| Interest and dividend income | 37 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 14,961 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,105 |
| Operating expenses (Page 13) | 4,223 |
| Maintenance expenses (Page 14) | 1,200 |
| Taxes (Page 14) | 6,862 |
| Financial expenses (Page 14) | 595 |
| Total Expenses | 13,985 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 976 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (627) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 350 |
| Beginning accumulated deficit | (39,026) |
| Ending accumulated deficit | (38,676) |