| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,382 |
| Shareholders' arrears receivable | 143 |
| Miscellaneous receivables | 57 |
| Prepaid expenses (Page 12) | 175 |
| Contract work in progress (Note 13) | 1,122 |
| Reserve fund (Page 12) | 5,160 |
| Total current assets | 8,040 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,195 |
| Building | 63,585 |
| Building improvements | 19,312 |
| Fixed equipment | 217 |
| Oil burner | 213 |
| Total land, building and equipment | 104,522 |
| Less: accumulated depreciation | 71,615 |
| Net land, building, equipment | 32,907 |
| TOTAL ASSETS | 40,947 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,179 |
| Maintenance received in advance | 86 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 91 |
| Mortgage note payable- current (Note 3) | 1,486 |
| Total current liabilities | 3,841 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,530 |
| Total long term liabilities | 14,530 |
| Total liabilities | 18,371 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 640 |
| Paid in capital | 67,437 |
| Accumulated deficit | (45,502) |
| Total stockholders equity | 22,576 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,947 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,290 |
| Shareholder operating assessment (Note 9) | 1,402 |
| Laundry income | 91 |
| Interest and dividend income | 51 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,844 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,400 |
| Operating expenses (Page 13) | 5,306 |
| Maintenance expenses (Page 14) | 2,303 |
| Taxes (Page 14) | 8,290 |
| Financial expenses (Page 14) | 644 |
| Total Expenses | 17,943 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (99) |
| Add: Insurance proceeds (Page 14) | 185 |
| Less: Depreciation (Page 14) | (672) |
| Less: Realized loss on securities (Page 14) | (73) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (660) |
| Beginning accumulated deficit | (44,842) |
| Ending accumulated deficit | (45,502) |