| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 824 |
| Shareholders' arrears receivable | 36 |
| Miscellaneous receivables | 33 |
| Prepaid expenses (Page 12) | 1,775 |
| Contract work in progress (Note 13) | 95 |
| Reserve fund (Page 12) | 5,893 |
| Total current assets | 8,655 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,168 |
| Building | 60,505 |
| Building improvements | 17,967 |
| Fixed equipment | 207 |
| Oil burner | 203 |
| Total land, building and equipment | 99,049 |
| Less: accumulated depreciation | 67,506 |
| Net land, building, equipment | 31,543 |
| TOTAL ASSETS | 40,198 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,408 |
| Maintenance received in advance | 86 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 59 |
| Mortgage note payable- current (Note 3) | 1,369 |
| Total current liabilities | 2,922 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,166 |
| Total long term liabilities | 15,166 |
| Total liabilities | 18,088 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 609 |
| Paid in capital | 64,171 |
| Accumulated deficit | (42,670) |
| Total stockholders equity | 22,110 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,198 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,093 |
| Shareholder operating assessment (Note 9) | 1,279 |
| Laundry income | 87 |
| Interest and dividend income | 40 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,506 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,219 |
| Operating expenses (Page 13) | 4,659 |
| Maintenance expenses (Page 14) | 1,324 |
| Taxes (Page 14) | 7,571 |
| Financial expenses (Page 14) | 657 |
| Total Expenses | 15,429 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,077 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (691) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 386 |
| Beginning accumulated deficit | (43,056) |
| Ending accumulated deficit | (42,670) |