| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,375 |
| Shareholders' arrears receivable | 143 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 175 |
| Contract work in progress (Note 13) | 1,117 |
| Reserve fund (Page 12) | 5,136 |
| Total current assets | 8,002 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,096 |
| Building | 63,287 |
| Building improvements | 19,221 |
| Fixed equipment | 216 |
| Oil burner | 212 |
| Total land, building and equipment | 104,032 |
| Less: accumulated depreciation | 71,279 |
| Net land, building, equipment | 32,753 |
| TOTAL ASSETS | 40,755 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,168 |
| Maintenance received in advance | 86 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 90 |
| Mortgage note payable- current (Note 3) | 1,479 |
| Total current liabilities | 3,823 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,462 |
| Total long term liabilities | 14,462 |
| Total liabilities | 18,285 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 637 |
| Paid in capital | 67,121 |
| Accumulated deficit | (45,288) |
| Total stockholders equity | 22,470 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,755 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,213 |
| Shareholder operating assessment (Note 9) | 1,395 |
| Laundry income | 91 |
| Interest and dividend income | 51 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,761 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,393 |
| Operating expenses (Page 13) | 5,281 |
| Maintenance expenses (Page 14) | 2,292 |
| Taxes (Page 14) | 8,251 |
| Financial expenses (Page 14) | 641 |
| Total Expenses | 17,859 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (98) |
| Add: Insurance proceeds (Page 14) | 184 |
| Less: Depreciation (Page 14) | (669) |
| Less: Realized loss on securities (Page 14) | (73) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (656) |
| Beginning accumulated deficit | (44,632) |
| Ending accumulated deficit | (45,288) |