| BALANCE SHEET | |
| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 2,807 |
| Shareholders' arrears receivable | 291 |
| Miscellaneous receivables | 115 |
| Prepaid expenses (Page 12) | 356 |
| Contract work in progress (Note 13) | 2,280 |
| Reserve fund (Page 12) | 10,482 |
| Total current assets | 16,331 |
| Land, Building and Equipment (Note 2) | |
| Land | 43,052 |
| Building | 129,156 |
| Building improvements | 39,227 |
| Fixed equipment | 441 |
| Oil burner | 434 |
| Total land, building and equipment | 212,310 |
| Less: accumulated depreciation | 145,467 |
| Net land, building, equipment | 66,843 |
| TOTAL ASSETS | 83,174 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 4,425 |
| Maintenance received in advance | 175 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 184 |
| Mortgage note payable- current (Note 3) | 3,018 |
| Total current liabilities | 7,803 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 29,514 |
| Total long term liabilities | 29,514 |
| Total liabilities | 37,317 |
| 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 | (92,425) |
| Total stockholders equity | 45,857 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 83,174 |
| STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT | |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 33,089 |
| Shareholder operating assessment (Note 9) | 2,847 |
| Laundry income | 186 |
| Interest and dividend income | 104 |
| Late charges and miscellaneous income | 21 |
| Total Revenue | 36,246 |
| EXPENSES | |
| Administrative expenses (Page 13) | 2,844 |
| Operating expenses (Page 13) | 10,778 |
| Maintenance expenses (Page 14) | 4,678 |
| Taxes (Page 14) | 16,839 |
| Financial expenses (Page 14) | 1,308 |
| Total Expenses | 36,447 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (200) |
| Add: Insurance proceeds (Page 14) | 375 |
| Less: Depreciation (Page 14) | (1,365) |
| Less: Realized loss on securities (Page 14) | (149) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (1,340) |
| Beginning accumulated deficit | (91,086) |
| Ending accumulated deficit | (92,425) |