| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,619 |
| Shareholders' arrears receivable | 168 |
| Miscellaneous receivables | 66 |
| Prepaid expenses (Page 12) | 206 |
| Contract work in progress (Note 13) | 1,315 |
| Reserve fund (Page 12) | 6,047 |
| Total current assets | 9,422 |
| Land, Building and Equipment (Note 2) | |
| Land | 24,838 |
| Building | 74,513 |
| Building improvements | 22,631 |
| Fixed equipment | 254 |
| Oil burner | 250 |
| Total land, building and equipment | 122,487 |
| Less: accumulated depreciation | 83,923 |
| Net land, building, equipment | 38,563 |
| TOTAL ASSETS | 47,985 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,553 |
| Maintenance received in advance | 101 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 106 |
| Mortgage note payable- current (Note 3) | 1,741 |
| Total current liabilities | 4,502 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 17,027 |
| Total long term liabilities | 17,027 |
| Total liabilities | 21,529 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 750 |
| Paid in capital | 79,028 |
| Accumulated deficit | (53,322) |
| Total stockholders equity | 26,456 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 47,985 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 19,090 |
| Shareholder operating assessment (Note 9) | 1,642 |
| Laundry income | 107 |
| Interest and dividend income | 60 |
| Late charges and miscellaneous income | 12 |
| Total Revenue | 20,911 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,641 |
| Operating expenses (Page 13) | 6,218 |
| Maintenance expenses (Page 14) | 2,699 |
| Taxes (Page 14) | 9,715 |
| Financial expenses (Page 14) | 755 |
| Total Expenses | 21,027 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (116) |
| Add: Insurance proceeds (Page 14) | 216 |
| Less: Depreciation (Page 14) | (788) |
| Less: Realized loss on securities (Page 14) | (86) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (773) |
| Beginning accumulated deficit | (52,549) |
| Ending accumulated deficit | (53,322) |