| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,289 |
| Shareholders' arrears receivable | 237 |
| Miscellaneous receivables | 94 |
| Prepaid expenses (Page 12) | 291 |
| Contract work in progress (Note 13) | 1,859 |
| Reserve fund (Page 12) | 8,547 |
| Total current assets | 13,316 |
| Land, Building and Equipment (Note 2) | |
| Land | 35,104 |
| Building | 105,312 |
| Building improvements | 31,985 |
| Fixed equipment | 360 |
| Oil burner | 354 |
| Total land, building and equipment | 173,114 |
| Less: accumulated depreciation | 118,612 |
| Net land, building, equipment | 54,503 |
| TOTAL ASSETS | 67,819 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,608 |
| Maintenance received in advance | 143 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 150 |
| Mortgage note payable- current (Note 3) | 2,461 |
| Total current liabilities | 6,362 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 24,065 |
| Total long term liabilities | 24,065 |
| Total liabilities | 30,428 |
| 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 | (75,362) |
| Total stockholders equity | 37,391 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 67,819 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 26,980 |
| Shareholder operating assessment (Note 9) | 2,321 |
| Laundry income | 152 |
| Interest and dividend income | 85 |
| Late charges and miscellaneous income | 17 |
| Total Revenue | 29,555 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,319 |
| Operating expenses (Page 13) | 8,788 |
| Maintenance expenses (Page 14) | 3,814 |
| Taxes (Page 14) | 13,730 |
| Financial expenses (Page 14) | 1,067 |
| Total Expenses | 29,718 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (163) |
| Add: Insurance proceeds (Page 14) | 306 |
| Less: Depreciation (Page 14) | (1,113) |
| Less: Realized loss on securities (Page 14) | (121) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,092) |
| Beginning accumulated deficit | (74,270) |
| Ending accumulated deficit | (75,362) |