| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,315 |
| Shareholders' arrears receivable | 136 |
| Miscellaneous receivables | 54 |
| Prepaid expenses (Page 12) | 167 |
| Contract work in progress (Note 13) | 1,068 |
| Reserve fund (Page 12) | 4,910 |
| Total current assets | 7,650 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,168 |
| Building | 60,505 |
| Building improvements | 18,376 |
| Fixed equipment | 207 |
| Oil burner | 203 |
| Total land, building and equipment | 99,459 |
| Less: accumulated depreciation | 68,146 |
| Net land, building, equipment | 31,313 |
| TOTAL ASSETS | 38,964 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,073 |
| Maintenance received in advance | 82 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 86 |
| Mortgage note payable- current (Note 3) | 1,414 |
| Total current liabilities | 3,655 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,826 |
| Total long term liabilities | 13,826 |
| Total liabilities | 17,482 |
| 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 | (43,298) |
| Total stockholders equity | 21,482 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 38,964 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,501 |
| Shareholder operating assessment (Note 9) | 1,334 |
| Laundry income | 87 |
| Interest and dividend income | 49 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,980 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,332 |
| Operating expenses (Page 13) | 5,049 |
| Maintenance expenses (Page 14) | 2,191 |
| Taxes (Page 14) | 7,888 |
| Financial expenses (Page 14) | 613 |
| Total Expenses | 17,074 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (94) |
| Add: Insurance proceeds (Page 14) | 176 |
| Less: Depreciation (Page 14) | (640) |
| Less: Realized loss on securities (Page 14) | (70) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (628) |
| Beginning accumulated deficit | (42,670) |
| Ending accumulated deficit | (43,298) |