| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,447 |
| Shareholders' arrears receivable | 150 |
| Miscellaneous receivables | 59 |
| Prepaid expenses (Page 12) | 184 |
| Contract work in progress (Note 13) | 1,175 |
| Reserve fund (Page 12) | 5,402 |
| Total current assets | 8,417 |
| Land, Building and Equipment (Note 2) | |
| Land | 22,188 |
| Building | 66,565 |
| Building improvements | 20,217 |
| Fixed equipment | 227 |
| Oil burner | 223 |
| Total land, building and equipment | 109,421 |
| Less: accumulated depreciation | 74,971 |
| Net land, building, equipment | 34,450 |
| TOTAL ASSETS | 42,867 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,281 |
| Maintenance received in advance | 90 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 95 |
| Mortgage note payable- current (Note 3) | 1,555 |
| Total current liabilities | 4,021 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,211 |
| Total long term liabilities | 15,211 |
| Total liabilities | 19,233 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 670 |
| Paid in capital | 70,599 |
| Accumulated deficit | (47,635) |
| Total stockholders equity | 23,634 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 42,867 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 17,053 |
| Shareholder operating assessment (Note 9) | 1,467 |
| Laundry income | 96 |
| Interest and dividend income | 54 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 18,681 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,466 |
| Operating expenses (Page 13) | 5,555 |
| Maintenance expenses (Page 14) | 2,411 |
| Taxes (Page 14) | 8,679 |
| Financial expenses (Page 14) | 674 |
| Total Expenses | 18,784 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (103) |
| Add: Insurance proceeds (Page 14) | 193 |
| Less: Depreciation (Page 14) | (704) |
| Less: Realized loss on securities (Page 14) | (77) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (690) |
| Beginning accumulated deficit | (46,944) |
| Ending accumulated deficit | (47,635) |