| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,034 |
| Shareholders' arrears receivable | 211 |
| Miscellaneous receivables | 83 |
| Prepaid expenses (Page 12) | 258 |
| Contract work in progress (Note 13) | 1,652 |
| Reserve fund (Page 12) | 7,595 |
| Total current assets | 11,834 |
| Land, Building and Equipment (Note 2) | |
| Land | 31,196 |
| Building | 93,589 |
| Building improvements | 28,425 |
| Fixed equipment | 320 |
| Oil burner | 314 |
| Total land, building and equipment | 153,843 |
| Less: accumulated depreciation | 105,408 |
| Net land, building, equipment | 48,436 |
| TOTAL ASSETS | 60,269 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,207 |
| Maintenance received in advance | 127 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 133 |
| Mortgage note payable- current (Note 3) | 2,187 |
| Total current liabilities | 5,654 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 21,386 |
| Total long term liabilities | 21,386 |
| Total liabilities | 27,040 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 942 |
| Paid in capital | 99,259 |
| Accumulated deficit | (66,973) |
| Total stockholders equity | 33,229 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 60,269 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 23,977 |
| Shareholder operating assessment (Note 9) | 2,063 |
| Laundry income | 135 |
| Interest and dividend income | 75 |
| Late charges and miscellaneous income | 15 |
| Total Revenue | 26,265 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,060 |
| Operating expenses (Page 13) | 7,810 |
| Maintenance expenses (Page 14) | 3,390 |
| Taxes (Page 14) | 12,202 |
| Financial expenses (Page 14) | 948 |
| Total Expenses | 26,410 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (145) |
| Add: Insurance proceeds (Page 14) | 272 |
| Less: Depreciation (Page 14) | (989) |
| Less: Realized loss on securities (Page 14) | (108) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (971) |
| Beginning accumulated deficit | (66,002) |
| Ending accumulated deficit | (66,973) |