| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,598 |
| Shareholders' arrears receivable | 166 |
| Miscellaneous receivables | 66 |
| Prepaid expenses (Page 12) | 203 |
| Contract work in progress (Note 13) | 1,298 |
| Reserve fund (Page 12) | 5,967 |
| Total current assets | 9,296 |
| Land, Building and Equipment (Note 2) | |
| Land | 24,507 |
| Building | 73,520 |
| Building improvements | 22,329 |
| Fixed equipment | 251 |
| Oil burner | 247 |
| Total land, building and equipment | 120,853 |
| Less: accumulated depreciation | 82,804 |
| Net land, building, equipment | 38,049 |
| TOTAL ASSETS | 47,345 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,519 |
| Maintenance received in advance | 100 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 105 |
| Mortgage note payable- current (Note 3) | 1,718 |
| Total current liabilities | 4,442 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 16,800 |
| Total long term liabilities | 16,800 |
| Total liabilities | 21,242 |
| 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 | (52,611) |
| Total stockholders equity | 26,103 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 47,345 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 18,835 |
| Shareholder operating assessment (Note 9) | 1,621 |
| Laundry income | 106 |
| Interest and dividend income | 59 |
| Late charges and miscellaneous income | 12 |
| Total Revenue | 20,633 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,619 |
| Operating expenses (Page 13) | 6,135 |
| Maintenance expenses (Page 14) | 2,663 |
| Taxes (Page 14) | 9,585 |
| Financial expenses (Page 14) | 745 |
| Total Expenses | 20,747 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (114) |
| Add: Insurance proceeds (Page 14) | 213 |
| Less: Depreciation (Page 14) | (777) |
| Less: Realized loss on securities (Page 14) | (85) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (763) |
| Beginning accumulated deficit | (51,849) |
| Ending accumulated deficit | (52,611) |