| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,889 |
| Shareholders' arrears receivable | 196 |
| Miscellaneous receivables | 78 |
| Prepaid expenses (Page 12) | 240 |
| Contract work in progress (Note 13) | 1,534 |
| Reserve fund (Page 12) | 7,055 |
| Total current assets | 10,992 |
| Land, Building and Equipment (Note 2) | |
| Land | 28,977 |
| Building | 86,932 |
| Building improvements | 26,403 |
| Fixed equipment | 297 |
| Oil burner | 292 |
| Total land, building and equipment | 142,901 |
| Less: accumulated depreciation | 97,910 |
| Net land, building, equipment | 44,991 |
| TOTAL ASSETS | 55,982 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 2,979 |
| Maintenance received in advance | 118 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 124 |
| Mortgage note payable- current (Note 3) | 2,031 |
| Total current liabilities | 5,252 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 19,865 |
| Total long term liabilities | 19,865 |
| Total liabilities | 25,117 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 875 |
| Paid in capital | 92,200 |
| Accumulated deficit | (62,209) |
| Total stockholders equity | 30,865 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 55,982 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 22,271 |
| Shareholder operating assessment (Note 9) | 1,916 |
| Laundry income | 125 |
| Interest and dividend income | 70 |
| Late charges and miscellaneous income | 14 |
| Total Revenue | 24,397 |
| EXPENSES | |
| Administrative expenses (Page 13) | 1,914 |
| Operating expenses (Page 13) | 7,255 |
| Maintenance expenses (Page 14) | 3,148 |
| Taxes (Page 14) | 11,334 |
| Financial expenses (Page 14) | 881 |
| Total Expenses | 24,531 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (135) |
| Add: Insurance proceeds (Page 14) | 252 |
| Less: Depreciation (Page 14) | (919) |
| Less: Realized loss on securities (Page 14) | (100) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (902) |
| Beginning accumulated deficit | (61,308) |
| Ending accumulated deficit | (62,209) |