| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,265 |
| Shareholders' arrears receivable | 131 |
| Miscellaneous receivables | 52 |
| Prepaid expenses (Page 12) | 161 |
| Contract work in progress (Note 13) | 1,028 |
| Reserve fund (Page 12) | 4,725 |
| Total current assets | 7,361 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,407 |
| Building | 58,220 |
| Building improvements | 17,682 |
| Fixed equipment | 199 |
| Oil burner | 195 |
| Total land, building and equipment | 95,703 |
| Less: accumulated depreciation | 65,572 |
| Net land, building, equipment | 30,131 |
| TOTAL ASSETS | 37,492 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,995 |
| Maintenance received in advance | 79 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 83 |
| Mortgage note payable- current (Note 3) | 1,360 |
| Total current liabilities | 3,517 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,304 |
| Total long term liabilities | 13,304 |
| Total liabilities | 16,821 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 586 |
| Paid in capital | 61,747 |
| Accumulated deficit | (41,663) |
| Total stockholders equity | 20,671 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,492 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,915 |
| Shareholder operating assessment (Note 9) | 1,283 |
| Laundry income | 84 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,339 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,282 |
| Operating expenses (Page 13) | 4,858 |
| Maintenance expenses (Page 14) | 2,109 |
| Taxes (Page 14) | 7,591 |
| Financial expenses (Page 14) | 590 |
| Total Expenses | 16,429 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (90) |
| Add: Insurance proceeds (Page 14) | 169 |
| Less: Depreciation (Page 14) | (616) |
| Less: Realized loss on securities (Page 14) | (67) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (604) |
| Beginning accumulated deficit | (41,059) |
| Ending accumulated deficit | (41,663) |