| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,704 |
| Shareholders' arrears receivable | 74 |
| Miscellaneous receivables | 68 |
| Prepaid expenses (Page 12) | 3,671 |
| Contract work in progress (Note 13) | 197 |
| Reserve fund (Page 12) | 12,191 |
| Total current assets | 17,906 |
| Land, Building and Equipment (Note 2) | |
| Land | 41,727 |
| Building | 125,182 |
| Building improvements | 37,172 |
| Fixed equipment | 427 |
| Oil burner | 420 |
| Total land, building and equipment | 204,930 |
| Less: accumulated depreciation | 139,668 |
| Net land, building, equipment | 65,262 |
| TOTAL ASSETS | 83,169 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,914 |
| Maintenance received in advance | 177 |
| New York State Franchise tax payable (Note 5) | 1 |
| Shareholders' deposits payable | 122 |
| Mortgage note payable- current (Note 3) | 2,832 |
| Total current liabilities | 6,046 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 31,379 |
| Total long term liabilities | 31,379 |
| Total liabilities | 37,424 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,260 |
| Paid in capital | 132,767 |
| Accumulated deficit | (88,283) |
| Total stockholders equity | 45,744 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 83,169 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 31,227 |
| Shareholder operating assessment (Note 9) | 2,646 |
| Laundry income | 180 |
| Interest and dividend income | 84 |
| Late charges and miscellaneous income | 14 |
| Total Revenue | 34,150 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,522 |
| Operating expenses (Page 13) | 9,639 |
| Maintenance expenses (Page 14) | 2,738 |
| Taxes (Page 14) | 15,664 |
| Financial expenses (Page 14) | 1,359 |
| Total Expenses | 31,922 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 2,228 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,430) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 798 |
| Beginning accumulated deficit | (89,081) |
| Ending accumulated deficit | (88,283) |