| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 836 |
| Shareholders' arrears receivable | 36 |
| Miscellaneous receivables | 33 |
| Prepaid expenses (Page 12) | 1,801 |
| Contract work in progress (Note 13) | 97 |
| Reserve fund (Page 12) | 5,980 |
| Total current assets | 8,783 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,466 |
| Building | 61,399 |
| Building improvements | 18,232 |
| Fixed equipment | 210 |
| Oil burner | 206 |
| Total land, building and equipment | 100,513 |
| Less: accumulated depreciation | 68,504 |
| Net land, building, equipment | 32,010 |
| TOTAL ASSETS | 40,792 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,429 |
| Maintenance received in advance | 87 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 60 |
| Mortgage note payable- current (Note 3) | 1,389 |
| Total current liabilities | 2,965 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,390 |
| Total long term liabilities | 15,390 |
| Total liabilities | 18,356 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 618 |
| Paid in capital | 65,119 |
| Accumulated deficit | (43,301) |
| Total stockholders equity | 22,436 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,792 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,316 |
| Shareholder operating assessment (Note 9) | 1,298 |
| Laundry income | 88 |
| Interest and dividend income | 41 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,750 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,237 |
| Operating expenses (Page 13) | 4,728 |
| Maintenance expenses (Page 14) | 1,343 |
| Taxes (Page 14) | 7,683 |
| Financial expenses (Page 14) | 666 |
| Total Expenses | 15,657 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,093 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (702) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 391 |
| Beginning accumulated deficit | (43,692) |
| Ending accumulated deficit | (43,301) |