| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 837 |
| Shareholders' arrears receivable | 36 |
| Miscellaneous receivables | 33 |
| Prepaid expenses (Page 12) | 1,804 |
| Contract work in progress (Note 13) | 97 |
| Reserve fund (Page 12) | 5,989 |
| Total current assets | 8,797 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,499 |
| Building | 61,498 |
| Building improvements | 18,262 |
| Fixed equipment | 210 |
| Oil burner | 206 |
| Total land, building and equipment | 100,676 |
| Less: accumulated depreciation | 68,615 |
| Net land, building, equipment | 32,061 |
| TOTAL ASSETS | 40,858 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,431 |
| Maintenance received in advance | 87 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 60 |
| Mortgage note payable- current (Note 3) | 1,391 |
| Total current liabilities | 2,970 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,415 |
| Total long term liabilities | 15,415 |
| Total liabilities | 18,385 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 619 |
| Paid in capital | 65,225 |
| Accumulated deficit | (43,371) |
| Total stockholders equity | 22,473 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,858 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,341 |
| Shareholder operating assessment (Note 9) | 1,300 |
| Laundry income | 88 |
| Interest and dividend income | 41 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,777 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,239 |
| Operating expenses (Page 13) | 4,735 |
| Maintenance expenses (Page 14) | 1,345 |
| Taxes (Page 14) | 7,695 |
| Financial expenses (Page 14) | 667 |
| Total Expenses | 15,682 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,095 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (703) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 392 |
| Beginning accumulated deficit | (43,763) |
| Ending accumulated deficit | (43,371) |