| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,209 |
| Shareholders' arrears receivable | 125 |
| Miscellaneous receivables | 50 |
| Prepaid expenses (Page 12) | 153 |
| Contract work in progress (Note 13) | 982 |
| Reserve fund (Page 12) | 4,515 |
| Total current assets | 7,035 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,546 |
| Building | 55,637 |
| Building improvements | 16,898 |
| Fixed equipment | 190 |
| Oil burner | 187 |
| Total land, building and equipment | 91,457 |
| Less: accumulated depreciation | 62,663 |
| Net land, building, equipment | 28,794 |
| TOTAL ASSETS | 35,829 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,906 |
| Maintenance received in advance | 76 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 79 |
| Mortgage note payable- current (Note 3) | 1,300 |
| Total current liabilities | 3,361 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,714 |
| Total long term liabilities | 12,714 |
| Total liabilities | 16,075 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 560 |
| Paid in capital | 59,008 |
| Accumulated deficit | (39,814) |
| Total stockholders equity | 19,754 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 35,829 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,254 |
| Shareholder operating assessment (Note 9) | 1,226 |
| Laundry income | 80 |
| Interest and dividend income | 45 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 15,614 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,225 |
| Operating expenses (Page 13) | 4,643 |
| Maintenance expenses (Page 14) | 2,015 |
| Taxes (Page 14) | 7,254 |
| Financial expenses (Page 14) | 564 |
| Total Expenses | 15,700 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (86) |
| Add: Insurance proceeds (Page 14) | 162 |
| Less: Depreciation (Page 14) | (588) |
| Less: Realized loss on securities (Page 14) | (64) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (577) |
| Beginning accumulated deficit | (39,237) |
| Ending accumulated deficit | (39,814) |