| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 1,758 |
| Shareholders' arrears receivable | 76 |
| Miscellaneous receivables | 70 |
| Prepaid expenses (Page 12) | 3,788 |
| Contract work in progress (Note 13) | 203 |
| Reserve fund (Page 12) | 12,579 |
| Total current assets | 18,475 |
| Land, Building and Equipment (Note 2) | |
| Land | 43,052 |
| Building | 129,156 |
| Building improvements | 38,352 |
| Fixed equipment | 441 |
| Oil burner | 434 |
| Total land, building and equipment | 211,436 |
| Less: accumulated depreciation | 144,102 |
| Net land, building, equipment | 67,334 |
| TOTAL ASSETS | 85,809 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 3,006 |
| Maintenance received in advance | 183 |
| New York State Franchise tax payable (Note 5) | 1 |
| Shareholders' deposits payable | 126 |
| Mortgage note payable- current (Note 3) | 2,922 |
| Total current liabilities | 6,238 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 32,375 |
| Total long term liabilities | 32,375 |
| Total liabilities | 38,612 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 1,300 |
| Paid in capital | 136,982 |
| Accumulated deficit | (91,086) |
| Total stockholders equity | 47,196 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 85,809 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 32,219 |
| Shareholder operating assessment (Note 9) | 2,730 |
| Laundry income | 186 |
| Interest and dividend income | 86 |
| Late charges and miscellaneous income | 14 |
| Total Revenue | 35,235 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,602 |
| Operating expenses (Page 13) | 9,945 |
| Maintenance expenses (Page 14) | 2,825 |
| Taxes (Page 14) | 16,161 |
| Financial expenses (Page 14) | 1,402 |
| Total Expenses | 32,936 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 2,299 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (1,476) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 823 |
| Beginning accumulated deficit | (91,909) |
| Ending accumulated deficit | (91,086) |