| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,191 |
| Shareholders' arrears receivable | 227 |
| Miscellaneous receivables | 90 |
| Prepaid expenses (Page 12) | 278 |
| Contract work in progress (Note 13) | 1,780 |
| Reserve fund (Page 12) | 8,184 |
| Total current assets | 12,751 |
| Land, Building and Equipment (Note 2) | |
| Land | 33,614 |
| Building | 100,841 |
| Building improvements | 30,627 |
| Fixed equipment | 344 |
| Oil burner | 339 |
| Total land, building and equipment | 165,765 |
| Less: accumulated depreciation | 113,576 |
| Net land, building, equipment | 52,189 |
| TOTAL ASSETS | 64,940 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,455 |
| Maintenance received in advance | 137 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 144 |
| Mortgage note payable- current (Note 3) | 2,356 |
| Total current liabilities | 6,092 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 23,044 |
| Total long term liabilities | 23,044 |
| Total liabilities | 29,136 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,015 |
| Paid in capital | 106,952 |
| Accumulated deficit | (72,163) |
| Total stockholders equity | 35,804 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 64,940 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 25,835 |
| Shareholder operating assessment (Note 9) | 2,223 |
| Laundry income | 145 |
| Interest and dividend income | 81 |
| Late charges and miscellaneous income | 16 |
| Total Revenue | 28,300 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,220 |
| Operating expenses (Page 13) | 8,415 |
| Maintenance expenses (Page 14) | 3,652 |
| Taxes (Page 14) | 13,147 |
| Financial expenses (Page 14) | 1,021 |
| Total Expenses | 28,457 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (156) |
| Add: Insurance proceeds (Page 14) | 293 |
| Less: Depreciation (Page 14) | (1,066) |
| Less: Realized loss on securities (Page 14) | (116) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,046) |
| Beginning accumulated deficit | (71,117) |
| Ending accumulated deficit | (72,163) |