| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,336 |
| Shareholders' arrears receivable | 139 |
| Miscellaneous receivables | 55 |
| Prepaid expenses (Page 12) | 170 |
| Contract work in progress (Note 13) | 1,085 |
| Reserve fund (Page 12) | 4,991 |
| Total current assets | 7,776 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,499 |
| Building | 61,498 |
| Building improvements | 18,678 |
| Fixed equipment | 210 |
| Oil burner | 206 |
| Total land, building and equipment | 101,092 |
| Less: accumulated depreciation | 69,265 |
| Net land, building, equipment | 31,828 |
| TOTAL ASSETS | 39,604 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,107 |
| Maintenance received in advance | 84 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 88 |
| Mortgage note payable- current (Note 3) | 1,437 |
| Total current liabilities | 3,715 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,053 |
| Total long term liabilities | 14,053 |
| Total liabilities | 17,769 |
| 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 | (44,009) |
| Total stockholders equity | 21,835 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 39,604 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,755 |
| Shareholder operating assessment (Note 9) | 1,356 |
| Laundry income | 88 |
| Interest and dividend income | 49 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,259 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,354 |
| Operating expenses (Page 13) | 5,132 |
| Maintenance expenses (Page 14) | 2,227 |
| Taxes (Page 14) | 8,018 |
| Financial expenses (Page 14) | 623 |
| Total Expenses | 17,354 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (95) |
| Add: Insurance proceeds (Page 14) | 179 |
| Less: Depreciation (Page 14) | (650) |
| Less: Realized loss on securities (Page 14) | (71) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (638) |
| Beginning accumulated deficit | (43,371) |
| Ending accumulated deficit | (44,009) |