| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,354 |
| Shareholders' arrears receivable | 140 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 172 |
| Contract work in progress (Note 13) | 1,099 |
| Reserve fund (Page 12) | 5,056 |
| Total current assets | 7,876 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,764 |
| Building | 62,293 |
| Building improvements | 18,919 |
| Fixed equipment | 213 |
| Oil burner | 209 |
| Total land, building and equipment | 102,399 |
| Less: accumulated depreciation | 70,160 |
| Net land, building, equipment | 32,239 |
| TOTAL ASSETS | 40,115 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,134 |
| Maintenance received in advance | 85 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 89 |
| Mortgage note payable- current (Note 3) | 1,456 |
| Total current liabilities | 3,763 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,235 |
| Total long term liabilities | 14,235 |
| Total liabilities | 17,998 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 627 |
| Paid in capital | 66,068 |
| Accumulated deficit | (44,578) |
| Total stockholders equity | 22,117 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,115 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,959 |
| Shareholder operating assessment (Note 9) | 1,373 |
| Laundry income | 90 |
| Interest and dividend income | 50 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,482 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,371 |
| Operating expenses (Page 13) | 5,198 |
| Maintenance expenses (Page 14) | 2,256 |
| Taxes (Page 14) | 8,122 |
| Financial expenses (Page 14) | 631 |
| Total Expenses | 17,579 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (97) |
| Add: Insurance proceeds (Page 14) | 181 |
| Less: Depreciation (Page 14) | (659) |
| Less: Realized loss on securities (Page 14) | (72) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (646) |
| Beginning accumulated deficit | (43,931) |
| Ending accumulated deficit | (44,578) |