| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,393 |
| Shareholders' arrears receivable | 61 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 3,001 |
| Contract work in progress (Note 13) | 161 |
| Reserve fund (Page 12) | 9,966 |
| Total current assets | 14,638 |
| Land, Building and Equipment (Note 2) | |
| Land | 34,111 |
| Building | 102,332 |
| Building improvements | 30,387 |
| Fixed equipment | 349 |
| Oil burner | 344 |
| Total land, building and equipment | 167,522 |
| Less: accumulated depreciation | 114,173 |
| Net land, building, equipment | 53,349 |
| TOTAL ASSETS | 67,987 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,382 |
| Maintenance received in advance | 145 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 100 |
| Mortgage note payable- current (Note 3) | 2,315 |
| Total current liabilities | 4,942 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 25,651 |
| Total long term liabilities | 25,651 |
| Total liabilities | 30,593 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,030 |
| Paid in capital | 108,532 |
| Accumulated deficit | (72,168) |
| Total stockholders equity | 37,394 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 67,987 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 25,527 |
| Shareholder operating assessment (Note 9) | 2,163 |
| Laundry income | 147 |
| Interest and dividend income | 68 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 27,917 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,062 |
| Operating expenses (Page 13) | 7,880 |
| Maintenance expenses (Page 14) | 2,239 |
| Taxes (Page 14) | 12,804 |
| Financial expenses (Page 14) | 1,111 |
| Total Expenses | 26,095 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,822 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,169) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 652 |
| Beginning accumulated deficit | (72,820) |
| Ending accumulated deficit | (72,168) |