| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,395 |
| Shareholders' arrears receivable | 145 |
| Miscellaneous receivables | 57 |
| Prepaid expenses (Page 12) | 177 |
| Contract work in progress (Note 13) | 1,133 |
| Reserve fund (Page 12) | 5,209 |
| Total current assets | 8,115 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,394 |
| Building | 64,181 |
| Building improvements | 19,493 |
| Fixed equipment | 219 |
| Oil burner | 215 |
| Total land, building and equipment | 105,502 |
| Less: accumulated depreciation | 72,286 |
| Net land, building, equipment | 33,216 |
| TOTAL ASSETS | 41,331 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,199 |
| Maintenance received in advance | 87 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 91 |
| Mortgage note payable- current (Note 3) | 1,500 |
| Total current liabilities | 3,877 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,666 |
| Total long term liabilities | 14,666 |
| Total liabilities | 18,544 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 646 |
| Paid in capital | 68,070 |
| Accumulated deficit | (45,928) |
| Total stockholders equity | 22,787 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 41,331 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,443 |
| Shareholder operating assessment (Note 9) | 1,415 |
| Laundry income | 92 |
| Interest and dividend income | 52 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 18,012 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,413 |
| Operating expenses (Page 13) | 5,356 |
| Maintenance expenses (Page 14) | 2,324 |
| Taxes (Page 14) | 8,368 |
| Financial expenses (Page 14) | 650 |
| Total Expenses | 18,111 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (100) |
| Add: Insurance proceeds (Page 14) | 186 |
| Less: Depreciation (Page 14) | (679) |
| Less: Realized loss on securities (Page 14) | (74) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (666) |
| Beginning accumulated deficit | (45,263) |
| Ending accumulated deficit | (45,928) |