| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,261 |
| Shareholders' arrears receivable | 131 |
| Miscellaneous receivables | 52 |
| Prepaid expenses (Page 12) | 160 |
| Contract work in progress (Note 13) | 1,024 |
| Reserve fund (Page 12) | 4,709 |
| Total current assets | 7,336 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,340 |
| Building | 58,021 |
| Building improvements | 17,622 |
| Fixed equipment | 198 |
| Oil burner | 195 |
| Total land, building and equipment | 95,376 |
| Less: accumulated depreciation | 65,348 |
| Net land, building, equipment | 30,028 |
| TOTAL ASSETS | 37,364 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,988 |
| Maintenance received in advance | 79 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 83 |
| Mortgage note payable- current (Note 3) | 1,356 |
| Total current liabilities | 3,505 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,259 |
| Total long term liabilities | 13,259 |
| Total liabilities | 16,764 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 584 |
| Paid in capital | 61,537 |
| Accumulated deficit | (41,520) |
| Total stockholders equity | 20,600 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 37,364 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 14,864 |
| Shareholder operating assessment (Note 9) | 1,279 |
| Laundry income | 83 |
| Interest and dividend income | 47 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 16,283 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,277 |
| Operating expenses (Page 13) | 4,842 |
| Maintenance expenses (Page 14) | 2,101 |
| Taxes (Page 14) | 7,565 |
| Financial expenses (Page 14) | 588 |
| Total Expenses | 16,373 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (90) |
| Add: Insurance proceeds (Page 14) | 168 |
| Less: Depreciation (Page 14) | (613) |
| Less: Realized loss on securities (Page 14) | (67) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (602) |
| Beginning accumulated deficit | (40,919) |
| Ending accumulated deficit | (41,520) |