| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,543 |
| Shareholders' arrears receivable | 111 |
| Miscellaneous receivables | 102 |
| Prepaid expenses (Page 12) | 5,478 |
| Contract work in progress (Note 13) | 294 |
| Reserve fund (Page 12) | 18,190 |
| Total current assets | 26,718 |
| Land, Building and Equipment (Note 2) | |
| Land | 62,260 |
| Building | 186,780 |
| Building improvements | 55,464 |
| Fixed equipment | 638 |
| Oil burner | 627 |
| Total land, building and equipment | 305,768 |
| Less: accumulated depreciation | 208,393 |
| Net land, building, equipment | 97,375 |
| TOTAL ASSETS | 124,093 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 4,347 |
| Maintenance received in advance | 265 |
| New York State Franchise tax payable (Note 5) | 2 |
| Shareholders' deposits payable | 182 |
| Mortgage note payable- current (Note 3) | 4,225 |
| Total current liabilities | 9,021 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 46,819 |
| Total long term liabilities | 46,819 |
| Total liabilities | 55,839 |
| 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 | (131,724) |
| Total stockholders equity | 68,253 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 124,093 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 46,593 |
| Shareholder operating assessment (Note 9) | 3,948 |
| Laundry income | 269 |
| Interest and dividend income | 125 |
| Late charges and miscellaneous income | 20 |
| Total Revenue | 50,955 |
| EXPENSES | |
| Administrative expenses (Page 13) | 3,764 |
| Operating expenses (Page 13) | 14,382 |
| Maintenance expenses (Page 14) | 4,086 |
| Taxes (Page 14) | 23,371 |
| Financial expenses (Page 14) | 2,027 |
| Total Expenses | 47,630 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 3,325 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (2,134) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 1,191 |
| Beginning accumulated deficit | (132,915) |
| Ending accumulated deficit | (131,724) |