| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,256 |
| Shareholders' arrears receivable | 234 |
| Miscellaneous receivables | 93 |
| Prepaid expenses (Page 12) | 286 |
| Contract work in progress (Note 13) | 1,832 |
| Reserve fund (Page 12) | 8,426 |
| Total current assets | 13,127 |
| Land, Building and Equipment (Note 2) | |
| Land | 34,607 |
| Building | 103,822 |
| Building improvements | 31,532 |
| Fixed equipment | 354 |
| Oil burner | 349 |
| Total land, building and equipment | 170,665 |
| Less: accumulated depreciation | 116,933 |
| Net land, building, equipment | 53,732 |
| TOTAL ASSETS | 66,859 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,557 |
| Maintenance received in advance | 141 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 148 |
| Mortgage note payable- current (Note 3) | 2,426 |
| Total current liabilities | 6,272 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 23,725 |
| Total long term liabilities | 23,725 |
| Total liabilities | 29,997 |
| 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 | (74,296) |
| Total stockholders equity | 36,862 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 66,859 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 26,598 |
| Shareholder operating assessment (Note 9) | 2,289 |
| Laundry income | 149 |
| Interest and dividend income | 84 |
| Late charges and miscellaneous income | 17 |
| Total Revenue | 29,137 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,286 |
| Operating expenses (Page 13) | 8,664 |
| Maintenance expenses (Page 14) | 3,760 |
| Taxes (Page 14) | 13,536 |
| Financial expenses (Page 14) | 1,052 |
| Total Expenses | 29,298 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (161) |
| Add: Insurance proceeds (Page 14) | 301 |
| Less: Depreciation (Page 14) | (1,098) |
| Less: Realized loss on securities (Page 14) | (120) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,077) |
| Beginning accumulated deficit | (73,219) |
| Ending accumulated deficit | (74,296) |