| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,373 |
| Shareholders' arrears receivable | 142 |
| Miscellaneous receivables | 56 |
| Prepaid expenses (Page 12) | 174 |
| Contract work in progress (Note 13) | 1,115 |
| Reserve fund (Page 12) | 5,128 |
| Total current assets | 7,990 |
| Land, Building and Equipment (Note 2) | |
| Land | 21,062 |
| Building | 63,187 |
| Building improvements | 19,191 |
| Fixed equipment | 216 |
| Oil burner | 212 |
| Total land, building and equipment | 103,869 |
| Less: accumulated depreciation | 71,167 |
| Net land, building, equipment | 32,702 |
| TOTAL ASSETS | 40,691 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,165 |
| Maintenance received in advance | 86 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 90 |
| Mortgage note payable- current (Note 3) | 1,477 |
| Total current liabilities | 3,817 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 14,439 |
| Total long term liabilities | 14,439 |
| Total liabilities | 18,257 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 636 |
| Paid in capital | 67,016 |
| Accumulated deficit | (45,217) |
| Total stockholders equity | 22,435 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 40,691 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 16,188 |
| Shareholder operating assessment (Note 9) | 1,393 |
| Laundry income | 91 |
| Interest and dividend income | 51 |
| Late charges and miscellaneous income | 10 |
| Total Revenue | 17,733 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,391 |
| Operating expenses (Page 13) | 5,273 |
| Maintenance expenses (Page 14) | 2,288 |
| Taxes (Page 14) | 8,238 |
| Financial expenses (Page 14) | 640 |
| Total Expenses | 17,831 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (98) |
| Add: Insurance proceeds (Page 14) | 183 |
| Less: Depreciation (Page 14) | (668) |
| Less: Realized loss on securities (Page 14) | (73) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (655) |
| Beginning accumulated deficit | (44,562) |
| Ending accumulated deficit | (45,217) |