| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 825 |
| Shareholders' arrears receivable | 36 |
| Miscellaneous receivables | 33 |
| Prepaid expenses (Page 12) | 1,777 |
| Contract work in progress (Note 13) | 95 |
| Reserve fund (Page 12) | 5,902 |
| Total current assets | 8,669 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,201 |
| Building | 60,604 |
| Building improvements | 17,996 |
| Fixed equipment | 207 |
| Oil burner | 203 |
| Total land, building and equipment | 99,212 |
| Less: accumulated depreciation | 67,617 |
| Net land, building, equipment | 31,595 |
| TOTAL ASSETS | 40,264 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,411 |
| Maintenance received in advance | 86 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 59 |
| Mortgage note payable- current (Note 3) | 1,371 |
| Total current liabilities | 2,927 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,191 |
| Total long term liabilities | 15,191 |
| Total liabilities | 18,118 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 610 |
| Paid in capital | 64,276 |
| Accumulated deficit | (42,740) |
| Total stockholders equity | 22,146 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,264 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,118 |
| Shareholder operating assessment (Note 9) | 1,281 |
| Laundry income | 87 |
| Interest and dividend income | 40 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,533 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,221 |
| Operating expenses (Page 13) | 4,667 |
| Maintenance expenses (Page 14) | 1,326 |
| Taxes (Page 14) | 7,583 |
| Financial expenses (Page 14) | 658 |
| Total Expenses | 15,454 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,079 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (693) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 386 |
| Beginning accumulated deficit | (43,127) |
| Ending accumulated deficit | (42,740) |