| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,224 |
| Shareholders' arrears receivable | 231 |
| Miscellaneous receivables | 91 |
| Prepaid expenses (Page 12) | 282 |
| Contract work in progress (Note 13) | 1,806 |
| Reserve fund (Page 12) | 8,305 |
| Total current assets | 12,939 |
| Land, Building and Equipment (Note 2) | |
| Land | 34,111 |
| Building | 102,332 |
| Building improvements | 31,080 |
| Fixed equipment | 349 |
| Oil burner | 344 |
| Total land, building and equipment | 168,215 |
| Less: accumulated depreciation | 115,255 |
| Net land, building, equipment | 52,960 |
| TOTAL ASSETS | 65,899 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,506 |
| Maintenance received in advance | 139 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 146 |
| Mortgage note payable- current (Note 3) | 2,391 |
| Total current liabilities | 6,182 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 23,384 |
| Total long term liabilities | 23,384 |
| Total liabilities | 29,567 |
| 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 | (73,229) |
| Total stockholders equity | 36,333 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 65,899 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 26,216 |
| Shareholder operating assessment (Note 9) | 2,256 |
| Laundry income | 147 |
| Interest and dividend income | 82 |
| Late charges and miscellaneous income | 17 |
| Total Revenue | 28,718 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,253 |
| Operating expenses (Page 13) | 8,540 |
| Maintenance expenses (Page 14) | 3,706 |
| Taxes (Page 14) | 13,342 |
| Financial expenses (Page 14) | 1,037 |
| Total Expenses | 28,877 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (159) |
| Add: Insurance proceeds (Page 14) | 297 |
| Less: Depreciation (Page 14) | (1,082) |
| Less: Realized loss on securities (Page 14) | (118) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,061) |
| Beginning accumulated deficit | (72,168) |
| Ending accumulated deficit | (73,229) |