| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,300 |
| Shareholders' arrears receivable | 135 |
| Miscellaneous receivables | 53 |
| Prepaid expenses (Page 12) | 165 |
| Contract work in progress (Note 13) | 1,056 |
| Reserve fund (Page 12) | 4,854 |
| Total current assets | 7,562 |
| Land, Building and Equipment (Note 2) | |
| Land | 19,936 |
| Building | 59,809 |
| Building improvements | 18,165 |
| Fixed equipment | 204 |
| Oil burner | 201 |
| Total land, building and equipment | 98,316 |
| Less: accumulated depreciation | 67,362 |
| Net land, building, equipment | 30,953 |
| TOTAL ASSETS | 38,516 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,049 |
| Maintenance received in advance | 81 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 85 |
| Mortgage note payable- current (Note 3) | 1,398 |
| Total current liabilities | 3,613 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 13,667 |
| Total long term liabilities | 13,667 |
| Total liabilities | 17,281 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 602 |
| Paid in capital | 63,433 |
| Accumulated deficit | (42,800) |
| Total stockholders equity | 21,235 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 38,516 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 15,323 |
| Shareholder operating assessment (Note 9) | 1,318 |
| Laundry income | 86 |
| Interest and dividend income | 48 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 16,785 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,317 |
| Operating expenses (Page 13) | 4,991 |
| Maintenance expenses (Page 14) | 2,166 |
| Taxes (Page 14) | 7,798 |
| Financial expenses (Page 14) | 606 |
| Total Expenses | 16,878 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (93) |
| Add: Insurance proceeds (Page 14) | 174 |
| Less: Depreciation (Page 14) | (632) |
| Less: Realized loss on securities (Page 14) | (69) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (620) |
| Beginning accumulated deficit | (42,180) |
| Ending accumulated deficit | (42,800) |