| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,434 |
| Shareholders' arrears receivable | 62 |
| Miscellaneous receivables | 57 |
| Prepaid expenses (Page 12) | 3,089 |
| Contract work in progress (Note 13) | 166 |
| Reserve fund (Page 12) | 10,256 |
| Total current assets | 15,064 |
| Land, Building and Equipment (Note 2) | |
| Land | 35,104 |
| Building | 105,312 |
| Building improvements | 31,272 |
| Fixed equipment | 360 |
| Oil burner | 354 |
| Total land, building and equipment | 172,401 |
| Less: accumulated depreciation | 117,498 |
| Net land, building, equipment | 54,903 |
| TOTAL ASSETS | 69,967 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,451 |
| Maintenance received in advance | 149 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 103 |
| Mortgage note payable- current (Note 3) | 2,382 |
| Total current liabilities | 5,086 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 26,398 |
| Total long term liabilities | 26,398 |
| Total liabilities | 31,484 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,060 |
| Paid in capital | 111,693 |
| Accumulated deficit | (74,270) |
| Total stockholders equity | 38,483 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 69,967 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 26,271 |
| Shareholder operating assessment (Note 9) | 2,226 |
| Laundry income | 152 |
| Interest and dividend income | 70 |
| Late charges and miscellaneous income | 11 |
| Total Revenue | 28,730 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,122 |
| Operating expenses (Page 13) | 8,109 |
| Maintenance expenses (Page 14) | 2,304 |
| Taxes (Page 14) | 13,177 |
| Financial expenses (Page 14) | 1,143 |
| Total Expenses | 26,855 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,875 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,203) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 671 |
| Beginning accumulated deficit | (74,941) |
| Ending accumulated deficit | (74,270) |