| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 920 |
| Shareholders' arrears receivable | 40 |
| Miscellaneous receivables | 37 |
| Prepaid expenses (Page 12) | 1,981 |
| Contract work in progress (Note 13) | 106 |
| Reserve fund (Page 12) | 6,580 |
| Total current assets | 9,664 |
| Land, Building and Equipment (Note 2) | |
| Land | 22,520 |
| Building | 67,559 |
| Building improvements | 20,061 |
| Fixed equipment | 231 |
| Oil burner | 227 |
| Total land, building and equipment | 110,597 |
| Less: accumulated depreciation | 75,376 |
| Net land, building, equipment | 35,221 |
| TOTAL ASSETS | 44,885 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,572 |
| Maintenance received in advance | 96 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 66 |
| Mortgage note payable- current (Note 3) | 1,528 |
| Total current liabilities | 3,263 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 16,934 |
| Total long term liabilities | 16,934 |
| Total liabilities | 20,197 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 680 |
| Paid in capital | 71,652 |
| Accumulated deficit | (47,645) |
| Total stockholders equity | 24,687 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 44,885 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,853 |
| Shareholder operating assessment (Note 9) | 1,428 |
| Laundry income | 97 |
| Interest and dividend income | 45 |
| Late charges and miscellaneous income | 7 |
| Total Revenue | 18,430 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,361 |
| Operating expenses (Page 13) | 5,202 |
| Maintenance expenses (Page 14) | 1,478 |
| Taxes (Page 14) | 8,453 |
| Financial expenses (Page 14) | 733 |
| Total Expenses | 17,228 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,203 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (772) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 431 |
| Beginning accumulated deficit | (48,075) |
| Ending accumulated deficit | (47,645) |