| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,468 |
| Shareholders' arrears receivable | 152 |
| Miscellaneous receivables | 60 |
| Prepaid expenses (Page 12) | 186 |
| Contract work in progress (Note 13) | 1,192 |
| Reserve fund (Page 12) | 5,483 |
| Total current assets | 8,542 |
| Land, Building and Equipment (Note 2) | |
| Land | 22,520 |
| Building | 67,559 |
| Building improvements | 20,519 |
| Fixed equipment | 231 |
| Oil burner | 227 |
| Total land, building and equipment | 111,055 |
| Less: accumulated depreciation | 76,090 |
| Net land, building, equipment | 34,964 |
| TOTAL ASSETS | 43,506 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,315 |
| Maintenance received in advance | 92 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 96 |
| Mortgage note payable- current (Note 3) | 1,579 |
| Total current liabilities | 4,081 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 15,438 |
| Total long term liabilities | 15,438 |
| Total liabilities | 19,520 |
| 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 | (48,346) |
| Total stockholders equity | 23,987 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 43,506 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 17,308 |
| Shareholder operating assessment (Note 9) | 1,489 |
| Laundry income | 97 |
| Interest and dividend income | 54 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 18,960 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,487 |
| Operating expenses (Page 13) | 5,638 |
| Maintenance expenses (Page 14) | 2,447 |
| Taxes (Page 14) | 8,808 |
| Financial expenses (Page 14) | 684 |
| Total Expenses | 19,064 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (105) |
| Add: Insurance proceeds (Page 14) | 196 |
| Less: Depreciation (Page 14) | (714) |
| Less: Realized loss on securities (Page 14) | (78) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (701) |
| Beginning accumulated deficit | (47,645) |
| Ending accumulated deficit | (48,346) |