| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,136 |
| Shareholders' arrears receivable | 49 |
| Miscellaneous receivables | 45 |
| Prepaid expenses (Page 12) | 2,448 |
| Contract work in progress (Note 13) | 131 |
| Reserve fund (Page 12) | 8,128 |
| Total current assets | 11,938 |
| Land, Building and Equipment (Note 2) | |
| Land | 27,818 |
| Building | 83,455 |
| Building improvements | 24,782 |
| Fixed equipment | 285 |
| Oil burner | 280 |
| Total land, building and equipment | 136,620 |
| Less: accumulated depreciation | 93,112 |
| Net land, building, equipment | 43,508 |
| TOTAL ASSETS | 55,446 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 1,942 |
| Maintenance received in advance | 118 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 81 |
| Mortgage note payable- current (Note 3) | 1,888 |
| Total current liabilities | 4,031 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 20,919 |
| Total long term liabilities | 20,919 |
| Total liabilities | 24,950 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 840 |
| Paid in capital | 88,512 |
| Accumulated deficit | (58,855) |
| Total stockholders equity | 30,496 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 55,446 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 20,818 |
| Shareholder operating assessment (Note 9) | 1,764 |
| Laundry income | 120 |
| Interest and dividend income | 56 |
| Late charges and miscellaneous income | 9 |
| Total Revenue | 22,767 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,682 |
| Operating expenses (Page 13) | 6,426 |
| Maintenance expenses (Page 14) | 1,826 |
| Taxes (Page 14) | 10,442 |
| Financial expenses (Page 14) | 906 |
| Total Expenses | 21,281 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 1,486 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (954) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 532 |
| Beginning accumulated deficit | (59,387) |
| Ending accumulated deficit | (58,855) |