| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,001 |
| Shareholders' arrears receivable | 44 |
| Miscellaneous receivables | 40 |
| Prepaid expenses (Page 12) | 2,156 |
| Contract work in progress (Note 13) | 116 |
| Reserve fund (Page 12) | 7,160 |
| Total current assets | 10,516 |
| Land, Building and Equipment (Note 2) | |
| Land | 24,507 |
| Building | 73,520 |
| Building improvements | 21,831 |
| Fixed equipment | 251 |
| Oil burner | 247 |
| Total land, building and equipment | 120,356 |
| Less: accumulated depreciation | 82,027 |
| Net land, building, equipment | 38,329 |
| TOTAL ASSETS | 48,845 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,711 |
| Maintenance received in advance | 104 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 72 |
| Mortgage note payable- current (Note 3) | 1,663 |
| Total current liabilities | 3,551 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 18,429 |
| Total long term liabilities | 18,429 |
| Total liabilities | 21,979 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 740 |
| Paid in capital | 77,974 |
| Accumulated deficit | (51,849) |
| Total stockholders equity | 26,866 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 48,845 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 18,340 |
| Shareholder operating assessment (Note 9) | 1,554 |
| Laundry income | 106 |
| Interest and dividend income | 49 |
| Late charges and miscellaneous income | 8 |
| Total Revenue | 20,057 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,481 |
| Operating expenses (Page 13) | 5,661 |
| Maintenance expenses (Page 14) | 1,608 |
| Taxes (Page 14) | 9,199 |
| Financial expenses (Page 14) | 798 |
| Total Expenses | 18,748 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,309 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (840) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 469 |
| Beginning accumulated deficit | (52,317) |
| Ending accumulated deficit | (51,849) |