| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,413 |
| Shareholders' arrears receivable | 61 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 3,045 |
| Contract work in progress (Note 13) | 164 |
| Reserve fund (Page 12) | 10,111 |
| Total current assets | 14,851 |
| Land, Building and Equipment (Note 2) | |
| Land | 34,607 |
| Building | 103,822 |
| Building improvements | 30,829 |
| Fixed equipment | 354 |
| Oil burner | 349 |
| Total land, building and equipment | 169,962 |
| Less: accumulated depreciation | 115,835 |
| Net land, building, equipment | 54,126 |
| TOTAL ASSETS | 68,977 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,416 |
| Maintenance received in advance | 147 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 101 |
| Mortgage note payable- current (Note 3) | 2,349 |
| Total current liabilities | 5,014 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 26,024 |
| Total long term liabilities | 26,024 |
| Total liabilities | 31,038 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,045 |
| Paid in capital | 110,113 |
| Accumulated deficit | (73,219) |
| Total stockholders equity | 37,939 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 68,977 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 25,899 |
| Shareholder operating assessment (Note 9) | 2,194 |
| Laundry income | 149 |
| Interest and dividend income | 69 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 28,323 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,092 |
| Operating expenses (Page 13) | 7,994 |
| Maintenance expenses (Page 14) | 2,271 |
| Taxes (Page 14) | 12,991 |
| Financial expenses (Page 14) | 1,127 |
| Total Expenses | 26,475 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,848 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,186) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 662 |
| Beginning accumulated deficit | (73,881) |
| Ending accumulated deficit | (73,219) |