| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 848 |
| Shareholders' arrears receivable | 37 |
| Miscellaneous receivables | 34 |
| Prepaid expenses (Page 12) | 1,827 |
| Contract work in progress (Note 13) | 98 |
| Reserve fund (Page 12) | 6,067 |
| Total current assets | 8,911 |
| Land, Building and Equipment (Note 2) | |
| Land | 20,764 |
| Building | 62,293 |
| Building improvements | 18,498 |
| Fixed equipment | 213 |
| Oil burner | 209 |
| Total land, building and equipment | 101,977 |
| Less: accumulated depreciation | 69,501 |
| Net land, building, equipment | 32,476 |
| TOTAL ASSETS | 41,386 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,450 |
| Maintenance received in advance | 88 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 61 |
| Mortgage note payable- current (Note 3) | 1,409 |
| Total current liabilities | 3,008 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,615 |
| Total long term liabilities | 15,615 |
| Total liabilities | 18,623 |
| 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 | (43,931) |
| Total stockholders equity | 22,763 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,386 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,539 |
| Shareholder operating assessment (Note 9) | 1,317 |
| Laundry income | 90 |
| Interest and dividend income | 42 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 16,994 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,255 |
| Operating expenses (Page 13) | 4,797 |
| Maintenance expenses (Page 14) | 1,363 |
| Taxes (Page 14) | 7,795 |
| Financial expenses (Page 14) | 676 |
| Total Expenses | 15,885 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,109 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (712) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 397 |
| Beginning accumulated deficit | (44,328) |
| Ending accumulated deficit | (43,931) |