| ASSETS | |
| Current Assets | |
| Cash in bank- operating accounts | 145,009 |
| Shareholders' arrears receivable | 15,038 |
| Miscellaneous receivables | 5,953 |
| Prepaid expenses (Page 12) | 18,407 |
| Contract work in progress (Note 13) | 117,771 |
| Reserve fund (Page 12) | 541,544 |
| Total current assets | 843,722 |
| Land, Building and Equipment (Note 2) | |
| Land | 2,224,271 |
| Building | 6,672,815 |
| Building improvements | 2,026,649 |
| Fixed equipment | 22,784 |
| Oil burner | 22,400 |
| Total land, building and equipment | 10,968,919 |
| Less: accumulated depreciation | 7,515,498 |
| Net land, building, equipment | 3,453,421 |
| TOTAL ASSETS | 4,297,143 |
| LIABILITIES | |
| Current Liabilities | |
| Accounts payable and accrued expenses (Page 12) | 228,641 |
| Maintenance received in advance | 9,061 |
| New York State Franchise tax payable (Note 5) | -0- |
| Shareholders' deposits payable | 9,500 |
| Mortgage note payable- current (Note 3) | 155,927 |
| Total current liabilities | 403,129 |
| Long Term Liabilities | |
| Mortgage note payable. (Notes 3 & 12) | 1,524,841 |
| Total long term liabilities | 1,524,841 |
| Total liabilities | 1,927,970 |
| 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 | (4,775,125) |
| Total stockholders equity | 2,369,173 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 4,297,143 |
| REVENUE | |
| Tenant-Stockholder maintenance charges (Note 2) | 1,709,512 |
| Shareholder operating assessment (Note 9) | 147,089 |
| Laundry income | 9,600 |
| Interest and dividend income | 5,370 |
| Late charges and miscellaneous income | 1,090 |
| Total Revenue | 1,872,661 |
| EXPENSES | |
| Administrative expenses (Page 13) | 146,912 |
| Operating expenses (Page 13) | 556,852 |
| Maintenance expenses (Page 14) | 241,674 |
| Taxes (Page 14) | 869,983 |
| Financial expenses (Page 14) | 67,588 |
| Total Expenses | 1,883,009 |
| Net (loss) income before insurance proceeds, depreciation, and loss on securities | (10,348) |
| Add: Insurance proceeds (Page 14) | 19,373 |
| Less: Depreciation (Page 14) | (70,547) |
| Less: Realized loss on securities (Page 14) | (7,694) |
| Net (loss) gain after insurance proceeds, depreciation, and loss on securities | (69,216) |
| Beginning accumulated deficit | (4,705,909) |
| Ending accumulated deficit | (4,775,125) |