| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,127 |
| Shareholders' arrears receivable | 221 |
| Miscellaneous receivables | 87 |
| Prepaid expenses (Page 12) | 270 |
| Contract work in progress (Note 13) | 1,727 |
| Reserve fund (Page 12) | 7,942 |
| Total current assets | 12,374 |
| Land, Building and Equipment (Note 2) | |
| Land | 32,620 |
| Building | 97,861 |
| Building improvements | 29,722 |
| Fixed equipment | 334 |
| Oil burner | 329 |
| Total land, building and equipment | 160,866 |
| Less: accumulated depreciation | 110,219 |
| Net land, building, equipment | 50,646 |
| TOTAL ASSETS | 63,020 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,353 |
| Maintenance received in advance | 133 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 139 |
| Mortgage note payable- current (Note 3) | 2,287 |
| Total current liabilities | 5,912 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 22,363 |
| Total long term liabilities | 22,363 |
| Total liabilities | 28,275 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 985 |
| Paid in capital | 103,790 |
| Accumulated deficit | (70,030) |
| Total stockholders equity | 34,745 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 63,020 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 25,071 |
| Shareholder operating assessment (Note 9) | 2,157 |
| Laundry income | 141 |
| Interest and dividend income | 79 |
| Late charges and miscellaneous income | 16 |
| Total Revenue | 27,464 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,155 |
| Operating expenses (Page 13) | 8,167 |
| Maintenance expenses (Page 14) | 3,544 |
| Taxes (Page 14) | 12,759 |
| Financial expenses (Page 14) | 991 |
| Total Expenses | 27,615 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (152) |
| Add: Insurance proceeds (Page 14) | 284 |
| Less: Depreciation (Page 14) | (1,035) |
| Less: Realized loss on securities (Page 14) | (113) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,015) |
| Beginning accumulated deficit | (69,015) |
| Ending accumulated deficit | (70,030) |