| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,352 |
| Shareholders' arrears receivable | 59 |
| Miscellaneous receivables | 54 |
| Prepaid expenses (Page 12) | 2,914 |
| Contract work in progress (Note 13) | 156 |
| Reserve fund (Page 12) | 9,676 |
| Total current assets | 14,211 |
| Land, Building and Equipment (Note 2) | |
| Land | 33,117 |
| Building | 99,351 |
| Building improvements | 29,502 |
| Fixed equipment | 339 |
| Oil burner | 334 |
| Total land, building and equipment | 162,643 |
| Less: accumulated depreciation | 110,847 |
| Net land, building, equipment | 51,795 |
| TOTAL ASSETS | 66,007 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,312 |
| Maintenance received in advance | 141 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 97 |
| Mortgage note payable- current (Note 3) | 2,247 |
| Total current liabilities | 4,798 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 24,904 |
| Total long term liabilities | 24,904 |
| Total liabilities | 29,702 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,000 |
| Paid in capital | 105,371 |
| Accumulated deficit | (70,066) |
| Total stockholders equity | 36,305 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 66,007 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 24,784 |
| Shareholder operating assessment (Note 9) | 2,100 |
| Laundry income | 143 |
| Interest and dividend income | 66 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 27,104 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,002 |
| Operating expenses (Page 13) | 7,650 |
| Maintenance expenses (Page 14) | 2,173 |
| Taxes (Page 14) | 12,431 |
| Financial expenses (Page 14) | 1,078 |
| Total Expenses | 25,335 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,769 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,135) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 633 |
| Beginning accumulated deficit | (70,699) |
| Ending accumulated deficit | (70,066) |