| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 90,837 |
| Shareholders' arrears receivable | 3,949 |
| Miscellaneous receivables | 3,630 |
| Prepaid expenses (Page 12) | 195,707 |
| Contract work in progress (Note 13) | 10,509 |
| Reserve fund (Page 12) | 649,865 |
| Total current assets | 954,497 |
| Land, Building and Equipment (Note 2) | |
| Land | 2,224,271 |
| Building | 6,672,815 |
| Building improvements | 1,981,466 |
| Fixed equipment | 22,784 |
| Oil burner | 22,400 |
| Total land, building and equipment | 10,923,736 |
| Less: accumulated depreciation | 7,444,951 |
| Net land, building, equipment | 3,478,785 |
| TOTAL ASSETS | 4,433,282 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 155,307 |
| Maintenance received in advance | 9,458 |
| New York State Franchise tax payable (Note 5) | 56 |
| Shareholders' deposits payable | 6,500 |
| Mortgage note payable- current (Note 3) | 150,947 |
| Total current liabilities | 322,268 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 1,672,625 |
| Total long term liabilities | 1,672,625 |
| Total liabilities | 1,994,893 |
| STOCKHOLDERS' EQUITY | |
| Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares | 67,164 |
| Paid in capital | 7,077,134 |
| Accumulated deficit | (4,705,909) |
| Total stockholders equity | 2,438,389 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,433,282 |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 1,664,569 |
| Shareholder operating assessment (Note 9) | 141,044 |
| Laundry income | 9,600 |
| Interest and dividend income | 4,451 |
| Late charges and miscellaneous income | 720 |
| Total Revenue | 1,820,384 |
| EXPENSES | |
| Administrative expenses (Page 13) | 134,457 |
| Operating expenses (Page 13) | 513,806 |
| Maintenance expenses (Page 14) | 145,969 |
| Taxes (Page 14) | 834,949 |
| Financial expenses (Page 14) | 72,421 |
| Total Expenses | 1,701,602 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | 118,782 |
| Add: Insurance proceeds (Page 14) | -0- |
| Less: Depreciation (Page 14) | (76,248) |
| Less: Realized loss on securities (Page 14) | -0- |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | 42,534 |
| Beginning accumulated deficit | (4,748,443) |
| Ending accumulated deficit | (4,705,909) |