| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,720 |
| Shareholders' arrears receivable | 282 |
| Miscellaneous receivables | 112 |
| Prepaid expenses (Page 12) | 345 |
| Contract work in progress (Note 13) | 2,209 |
| Reserve fund (Page 12) | 10,159 |
| Total current assets | 15,828 |
| Land, Building and Equipment (Note 2) | |
| Land | 41,727 |
| Building | 125,182 |
| Building improvements | 38,020 |
| Fixed equipment | 427 |
| Oil burner | 420 |
| Total land, building and equipment | 205,777 |
| Less: accumulated depreciation | 140,991 |
| Net land, building, equipment | 64,786 |
| TOTAL ASSETS | 80,615 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 4,289 |
| Maintenance received in advance | 170 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 178 |
| Mortgage note payable- current (Note 3) | 2,925 |
| Total current liabilities | 7,563 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 28,606 |
| Total long term liabilities | 28,606 |
| Total liabilities | 36,169 |
| 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 | (89,582) |
| Total stockholders equity | 44,446 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 80,615 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 32,071 |
| Shareholder operating assessment (Note 9) | 2,759 |
| Laundry income | 180 |
| Interest and dividend income | 101 |
| Late charges and miscellaneous income | 20 |
| Total Revenue | 35,131 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,756 |
| Operating expenses (Page 13) | 10,447 |
| Maintenance expenses (Page 14) | 4,534 |
| Taxes (Page 14) | 16,321 |
| Financial expenses (Page 14) | 1,268 |
| Total Expenses | 35,325 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (194) |
| Add: Insurance proceeds (Page 14) | 363 |
| Less: Depreciation (Page 14) | (1,323) |
| Less: Realized loss on securities (Page 14) | (144) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,298) |
| Beginning accumulated deficit | (88,283) |
| Ending accumulated deficit | (89,582) |