| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,159 |
| Shareholders' arrears receivable | 224 |
| Miscellaneous receivables | 89 |
| Prepaid expenses (Page 12) | 274 |
| Contract work in progress (Note 13) | 1,753 |
| Reserve fund (Page 12) | 8,063 |
| Total current assets | 12,562 |
| Land, Building and Equipment (Note 2) | |
| Land | 33,117 |
| Building | 99,351 |
| Building improvements | 30,175 |
| Fixed equipment | 339 |
| Oil burner | 334 |
| Total land, building and equipment | 163,315 |
| Less: accumulated depreciation | 111,898 |
| Net land, building, equipment | 51,418 |
| TOTAL ASSETS | 63,980 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,404 |
| Maintenance received in advance | 135 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 141 |
| Mortgage note payable- current (Note 3) | 2,322 |
| Total current liabilities | 6,002 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 22,703 |
| Total long term liabilities | 22,703 |
| Total liabilities | 28,705 |
| 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 | (71,096) |
| Total stockholders equity | 35,274 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 63,980 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 25,453 |
| Shareholder operating assessment (Note 9) | 2,190 |
| Laundry income | 143 |
| Interest and dividend income | 80 |
| Late charges and miscellaneous income | 16 |
| Total Revenue | 27,882 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,187 |
| Operating expenses (Page 13) | 8,291 |
| Maintenance expenses (Page 14) | 3,598 |
| Taxes (Page 14) | 12,953 |
| Financial expenses (Page 14) | 1,006 |
| Total Expenses | 28,036 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (154) |
| Add: Insurance proceeds (Page 14) | 288 |
| Less: Depreciation (Page 14) | (1,050) |
| Less: Realized loss on securities (Page 14) | (115) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,031) |
| Beginning accumulated deficit | (70,066) |
| Ending accumulated deficit | (71,096) |