| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,226 |
| Shareholders' arrears receivable | 127 |
| Miscellaneous receivables | 50 |
| Prepaid expenses (Page 12) | 156 |
| Contract work in progress (Note 13) | 996 |
| Reserve fund (Page 12) | 4,580 |
| Total current assets | 7,135 |
| Land, Building and Equipment (Note 2) | |
| Land | 18,810 |
| Building | 56,431 |
| Building improvements | 17,139 |
| Fixed equipment | 193 |
| Oil burner | 189 |
| Total land, building and equipment | 92,763 |
| Less: accumulated depreciation | 63,558 |
| Net land, building, equipment | 29,205 |
| TOTAL ASSETS | 36,341 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,934 |
| Maintenance received in advance | 77 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 80 |
| Mortgage note payable- current (Note 3) | 1,319 |
| Total current liabilities | 3,409 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 12,895 |
| Total long term liabilities | 12,895 |
| Total liabilities | 16,305 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 568 |
| Paid in capital | 59,851 |
| Accumulated deficit | (40,383) |
| Total stockholders equity | 20,036 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 36,341 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,457 |
| Shareholder operating assessment (Note 9) | 1,244 |
| Laundry income | 81 |
| Interest and dividend income | 45 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 15,837 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,242 |
| Operating expenses (Page 13) | 4,709 |
| Maintenance expenses (Page 14) | 2,044 |
| Taxes (Page 14) | 7,357 |
| Financial expenses (Page 14) | 572 |
| Total Expenses | 15,924 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (88) |
| Add: Insurance proceeds (Page 14) | 164 |
| Less: Depreciation (Page 14) | (597) |
| Less: Realized loss on securities (Page 14) | (65) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (585) |
| Beginning accumulated deficit | (39,797) |
| Ending accumulated deficit | (40,383) |