| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,040 |
| Shareholders' arrears receivable | 212 |
| Miscellaneous receivables | 84 |
| Prepaid expenses (Page 12) | 259 |
| Contract work in progress (Note 13) | 1,657 |
| Reserve fund (Page 12) | 7,620 |
| Total current assets | 11,871 |
| Land, Building and Equipment (Note 2) | |
| Land | 31,296 |
| Building | 93,887 |
| Building improvements | 28,515 |
| Fixed equipment | 321 |
| Oil burner | 315 |
| Total land, building and equipment | 154,333 |
| Less: accumulated depreciation | 105,743 |
| Net land, building, equipment | 48,590 |
| TOTAL ASSETS | 60,461 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,217 |
| Maintenance received in advance | 127 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 134 |
| Mortgage note payable- current (Note 3) | 2,194 |
| Total current liabilities | 5,672 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 21,455 |
| Total long term liabilities | 21,455 |
| Total liabilities | 27,127 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 945 |
| Paid in capital | 99,576 |
| Accumulated deficit | (67,186) |
| Total stockholders equity | 33,334 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 60,461 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 24,053 |
| Shareholder operating assessment (Note 9) | 2,070 |
| Laundry income | 135 |
| Interest and dividend income | 76 |
| Late charges and miscellaneous income | 15 |
| Total Revenue | 26,348 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,067 |
| Operating expenses (Page 13) | 7,835 |
| Maintenance expenses (Page 14) | 3,400 |
| Taxes (Page 14) | 12,241 |
| Financial expenses (Page 14) | 951 |
| Total Expenses | 26,494 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (146) |
| Add: Insurance proceeds (Page 14) | 273 |
| Less: Depreciation (Page 14) | (993) |
| Less: Realized loss on securities (Page 14) | (108) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (974) |
| Beginning accumulated deficit | (66,212) |
| Ending accumulated deficit | (67,186) |