| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,814 |
| Shareholders' arrears receivable | 188 |
| Miscellaneous receivables | 74 |
| Prepaid expenses (Page 12) | 230 |
| Contract work in progress (Note 13) | 1,473 |
| Reserve fund (Page 12) | 6,773 |
| Total current assets | 10,552 |
| Land, Building and Equipment (Note 2) | |
| Land | 27,818 |
| Building | 83,455 |
| Building improvements | 25,347 |
| Fixed equipment | 285 |
| Oil burner | 280 |
| Total land, building and equipment | 137,185 |
| Less: accumulated depreciation | 93,994 |
| Net land, building, equipment | 43,191 |
| TOTAL ASSETS | 53,743 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,860 |
| Maintenance received in advance | 113 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 119 |
| Mortgage note payable- current (Note 3) | 1,950 |
| Total current liabilities | 5,042 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 19,071 |
| Total long term liabilities | 19,071 |
| Total liabilities | 24,113 |
| 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 | (59,721) |
| Total stockholders equity | 29,631 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 53,743 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 21,380 |
| Shareholder operating assessment (Note 9) | 1,840 |
| Laundry income | 120 |
| Interest and dividend income | 67 |
| Late charges and miscellaneous income | 14 |
| Total Revenue | 23,421 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,837 |
| Operating expenses (Page 13) | 6,964 |
| Maintenance expenses (Page 14) | 3,023 |
| Taxes (Page 14) | 10,881 |
| Financial expenses (Page 14) | 845 |
| Total Expenses | 23,550 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (129) |
| Add: Insurance proceeds (Page 14) | 242 |
| Less: Depreciation (Page 14) | (882) |
| Less: Realized loss on securities (Page 14) | (96) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (866) |
| Beginning accumulated deficit | (58,855) |
| Ending accumulated deficit | (59,721) |