| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 771 |
| Shareholders' arrears receivable | 34 |
| Miscellaneous receivables | 31 |
| Prepaid expenses (Page 12) | 1,661 |
| Contract work in progress (Note 13) | 89 |
| Reserve fund (Page 12) | 5,515 |
| Total current assets | 8,101 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,877 |
| Building | 56,630 |
| Building improvements | 16,816 |
| Fixed equipment | 193 |
| Oil burner | 190 |
| Total land, building and equipment | 92,706 |
| Less: accumulated depreciation | 63,183 |
| Net land, building, equipment | 29,523 |
| TOTAL ASSETS | 37,624 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,318 |
| Maintenance received in advance | 80 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 55 |
| Mortgage note payable- current (Note 3) | 1,281 |
| Total current liabilities | 2,735 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,195 |
| Total long term liabilities | 14,195 |
| Total liabilities | 16,930 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 570 |
| Paid in capital | 60,061 |
| Accumulated deficit | (39,938) |
| Total stockholders equity | 20,694 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,624 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,127 |
| Shareholder operating assessment (Note 9) | 1,197 |
| Laundry income | 81 |
| Interest and dividend income | 38 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 15,449 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,141 |
| Operating expenses (Page 13) | 4,361 |
| Maintenance expenses (Page 14) | 1,239 |
| Taxes (Page 14) | 7,086 |
| Financial expenses (Page 14) | 615 |
| Total Expenses | 14,441 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,008 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (647) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 361 |
| Beginning accumulated deficit | (40,299) |
| Ending accumulated deficit | (39,938) |