| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,282 |
| Shareholders' arrears receivable | 133 |
| Miscellaneous receivables | 53 |
| Prepaid expenses (Page 12) | 163 |
| Contract work in progress (Note 13) | 1,042 |
| Reserve fund (Page 12) | 4,789 |
| Total current assets | 7,462 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,672 |
| Building | 59,015 |
| Building improvements | 17,924 |
| Fixed equipment | 202 |
| Oil burner | 198 |
| Total land, building and equipment | 97,009 |
| Less: accumulated depreciation | 66,467 |
| Net land, building, equipment | 30,542 |
| TOTAL ASSETS | 38,004 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,022 |
| Maintenance received in advance | 80 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 84 |
| Mortgage note payable- current (Note 3) | 1,379 |
| Total current liabilities | 3,565 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,486 |
| Total long term liabilities | 13,486 |
| Total liabilities | 17,051 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 594 |
| Paid in capital | 62,590 |
| Accumulated deficit | (42,231) |
| Total stockholders equity | 20,953 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 38,004 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,119 |
| Shareholder operating assessment (Note 9) | 1,301 |
| Laundry income | 85 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,562 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,299 |
| Operating expenses (Page 13) | 4,925 |
| Maintenance expenses (Page 14) | 2,137 |
| Taxes (Page 14) | 7,694 |
| Financial expenses (Page 14) | 598 |
| Total Expenses | 16,653 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (92) |
| Add: Insurance proceeds (Page 14) | 171 |
| Less: Depreciation (Page 14) | (624) |
| Less: Realized loss on securities (Page 14) | (68) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (612) |
| Beginning accumulated deficit | (41,619) |
| Ending accumulated deficit | (42,231) |