| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 811 |
| Shareholders' arrears receivable | 35 |
| Miscellaneous receivables | 32 |
| Prepaid expenses (Page 12) | 1,748 |
| Contract work in progress (Note 13) | 94 |
| Reserve fund (Page 12) | 5,805 |
| Total current assets | 8,527 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,870 |
| Building | 59,611 |
| Building improvements | 17,701 |
| Fixed equipment | 204 |
| Oil burner | 200 |
| Total land, building and equipment | 97,586 |
| Less: accumulated depreciation | 66,508 |
| Net land, building, equipment | 31,077 |
| TOTAL ASSETS | 39,604 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,387 |
| Maintenance received in advance | 84 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 58 |
| Mortgage note payable- current (Note 3) | 1,348 |
| Total current liabilities | 2,879 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,942 |
| Total long term liabilities | 14,942 |
| Total liabilities | 17,821 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 600 |
| Paid in capital | 63,223 |
| Accumulated deficit | (42,040) |
| Total stockholders equity | 21,783 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 39,604 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,870 |
| Shareholder operating assessment (Note 9) | 1,260 |
| Laundry income | 86 |
| Interest and dividend income | 40 |
| Late charges and miscellaneous income | 6 |
| Total Revenue | 16,262 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,201 |
| Operating expenses (Page 13) | 4,590 |
| Maintenance expenses (Page 14) | 1,304 |
| Taxes (Page 14) | 7,459 |
| Financial expenses (Page 14) | 647 |
| Total Expenses | 15,201 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,061 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (681) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 380 |
| Beginning accumulated deficit | (42,420) |
| Ending accumulated deficit | (42,040) |