| ASSETS | |
| CURRENT ASSETS | |
| Cash and Cash Equivalents: | |
| Operating account | 27,792 |
| Money Market accounts | 189,540 |
| 217,332 | |
| Shareholders’ arrears | 3,584 |
| Prepaid Expenses: | |
| Insurance | 18,835 |
| Real estate taxes | 61,830 |
| New York State and City Corporate taxes | -0- |
| TOTAL CURRENT ASSETS | 301,581 |
| RESERVE FUNDS | |
| Charles Schwab | |
| Cash | 7 |
| Merrill Lynch | |
| Cash | 400,000 |
| Certificates of Deposit | -0- |
| TOTAL RESERVE FUNDS | 400,007 |
| PROPERTY AND EQUIPMENT | |
| Land | 550,000 |
| Building | 987,237 |
| Building improvements | 1,014,745 |
| Exterior renovation | 667,762 |
| Maintenance equipment | 14,192 |
| Storage units | 3,826 |
| Boiler replacement | 125,030 |
| Courtyard restoration | 38,624 |
| Sidewalk | 16,790 |
| Less: Accumulated depreciation | (2,129,027) |
| NET PROPERTY AND EQUIPMENT | 1,289,179 |
| OTHER ASSET | |
| Security deposit | 2,300 |
| TOTAL ASSETS | 1,993,067 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| CURRENT LIABILITIES | |
| Accounts payable and accrued expenses - Schedule 1 | 63,012 |
| Accrued mortgage interest | 3,654 |
| Prepaid maintenance charges | 12,755 |
| Real estate tax abatements and exemptions payable | 107,610 |
| Move in/out deposits payable | 500 |
| TOTAL CURRENT LIABILITIES | 187,531 |
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - (Note 4) | 1,240,000 |
| Less: Unamortized debt issuance costs - (Note 2) | (23,892) |
| Security deposit payable | 2,300 |
| TOTAL LONG TERM AND OTHER LIABILITIES | 1,218,408 |
| TOTAL LIABILITIES | 1,405,939 |
| STOCKHOLDERS’ EQUITY | |
| Capital Stock - Common - Authorized and Issued 29,855 shares at $1 par value of which 335 shares are held as Treasury Stock - (Note 5) | 29,855 |
| Paid-in Capital in excess of par value | 626,391 |
| Paid-in Capital - Treasury Stock | 425,913 |
| Accumulated Deficit | (484,036) |
| Less: Treasury Stock at cost | (10,995) |
| TOTAL STOCKHOLDERS’ EQUITY | 587,128 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,993,067 |
| INCOME | |
| Income from Shareholders | |
| Maintenance charges - Apartments | 1,528,546 |
| Less: Vacancy loss - (Note 5) | (17,123) |
| Operating assessment - (Note 7) | 120,146 |
| Transfer fees - (Note 8) | 34,722 |
| Late charges | 1,350 |
| Sublet fees | 4,418 |
| Storage | 6,921 |
| Miscellaneous | -0- |
| Total Income from Shareholders | 1,678,980 |
| Other Income | |
| Rental - (Note 5) | 27,600 |
| Laundry | 3,600 |
| Interest | 1,287 |
| Real estate tax refund | 12,122 |
| Total Other Income | 44,609 |
| TOTAL INCOME | 1,723,589 |
| COST OF OPERATIONS | |
| Administrative expenses Schedule 2 | 123,992 |
| Operating expenses Schedule 3 | 666,132 |
| Maintenance expenses Schedule 4 | 103,022 |
| Taxes Schedule 5 | 722,176 |
| Financial expenses Schedule 6 | 48,235 |
| TOTAL COST OF OPERATIONS | 1,663,557 |
| INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION | 60,032 |
| Depreciation Schedule 7 | (62,107) |
| NET LOSS | (2,075) |
| Beginning Accumulated Deficit | (481,961) |
| Ending Accumulated Deficit | (484,036) |