| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 849 |
| Shareholders' arrears receivable | 37 |
| Miscellaneous receivables | 34 |
| Prepaid expenses (Page 12) | 1,830 |
| Contract work in progress (Note 13) | 98 |
| Reserve fund (Page 12) | 6,076 |
| Total current assets | 8,925 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,797 |
| Building | 62,392 |
| Building improvements | 18,527 |
| Fixed equipment | 213 |
| Oil burner | 209 |
| Total land, building and equipment | 102,140 |
| Less: accumulated depreciation | 69,612 |
| Net land, building, equipment | 32,527 |
| TOTAL ASSETS | 41,452 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,452 |
| Maintenance received in advance | 88 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 61 |
| Mortgage note payable- current (Note 3) | 1,411 |
| Total current liabilities | 3,013 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,639 |
| Total long term liabilities | 15,639 |
| Total liabilities | 18,653 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 628 |
| Paid in capital | 66,173 |
| Accumulated deficit | (44,001) |
| Total stockholders equity | 22,800 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,452 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,564 |
| Shareholder operating assessment (Note 9) | 1,319 |
| Laundry income | 90 |
| Interest and dividend income | 42 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 17,021 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,257 |
| Operating expenses (Page 13) | 4,804 |
| Maintenance expenses (Page 14) | 1,365 |
| Taxes (Page 14) | 7,807 |
| Financial expenses (Page 14) | 677 |
| Total Expenses | 15,910 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,111 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (713) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 398 |
| Beginning accumulated deficit | (44,399) |
| Ending accumulated deficit | (44,001) |