| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,425 |
| Shareholders' arrears receivable | 148 |
| Miscellaneous receivables | 58 |
| Prepaid expenses (Page 12) | 181 |
| Contract work in progress (Note 13) | 1,157 |
| Reserve fund (Page 12) | 5,322 |
| Total current assets | 8,291 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,857 |
| Building | 65,572 |
| Building improvements | 19,915 |
| Fixed equipment | 224 |
| Oil burner | 220 |
| Total land, building and equipment | 107,788 |
| Less: accumulated depreciation | 73,852 |
| Net land, building, equipment | 33,936 |
| TOTAL ASSETS | 42,227 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,247 |
| Maintenance received in advance | 89 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 93 |
| Mortgage note payable- current (Note 3) | 1,532 |
| Total current liabilities | 3,961 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,984 |
| Total long term liabilities | 14,984 |
| Total liabilities | 18,946 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 660 |
| Paid in capital | 69,545 |
| Accumulated deficit | (46,924) |
| Total stockholders equity | 23,281 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 42,227 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,799 |
| Shareholder operating assessment (Note 9) | 1,445 |
| Laundry income | 94 |
| Interest and dividend income | 53 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 18,402 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,444 |
| Operating expenses (Page 13) | 5,472 |
| Maintenance expenses (Page 14) | 2,375 |
| Taxes (Page 14) | 8,549 |
| Financial expenses (Page 14) | 664 |
| Total Expenses | 18,504 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (102) |
| Add: Insurance proceeds (Page 14) | 190 |
| Less: Depreciation (Page 14) | (693) |
| Less: Realized loss on securities (Page 14) | (76) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (680) |
| Beginning accumulated deficit | (46,244) |
| Ending accumulated deficit | (46,924) |