| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 4,059 |
| Shareholders' arrears receivable | 421 |
| Miscellaneous receivables | 167 |
| Prepaid expenses (Page 12) | 515 |
| Contract work in progress (Note 13) | 3,297 |
| Reserve fund (Page 12) | 15,158 |
| Total current assets | 23,617 |
| Land, Building and Equipment (Note 2) | |
| Land | 62,260 |
| Building | 186,780 |
| Building improvements | 56,728 |
| Fixed equipment | 638 |
| Oil burner | 627 |
| Total land, building and equipment | 307,033 |
| Less: accumulated depreciation | 210,368 |
| Net land, building, equipment | 96,665 |
| TOTAL ASSETS | 120,282 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 6,400 |
| Maintenance received in advance | 254 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 266 |
| Mortgage note payable- current (Note 3) | 4,365 |
| Total current liabilities | 11,284 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 42,682 |
| Total long term liabilities | 42,682 |
| Total liabilities | 53,966 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,880 |
| Paid in capital | 198,097 |
| Accumulated deficit | (133,661) |
| Total stockholders equity | 66,316 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 120,282 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 47,851 |
| Shareholder operating assessment (Note 9) | 4,117 |
| Laundry income | 269 |
| Interest and dividend income | 150 |
| Late charges and miscellaneous income | 31 |
| Total Revenue | 52,418 |
| EXPENSES | |
| Administrative expenses (Page 13) | 4,112 |
| Operating expenses (Page 13) | 15,587 |
| Maintenance expenses (Page 14) | 6,765 |
| Taxes (Page 14) | 24,352 |
| Financial expenses (Page 14) | 1,892 |
| Total Expenses | 52,708 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (290) |
| Add: Insurance proceeds (Page 14) | 542 |
| Less: Depreciation (Page 14) | (1,975) |
| Less: Realized loss on securities (Page 14) | (215) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,937) |
| Beginning accumulated deficit | (131,724) |
| Ending accumulated deficit | (133,661) |