| ASSETS | |
| CURRENT ASSETS | |
| Cash and Cash Equivalents: | |
| Operating account | 1,396 |
| Money Market accounts | 196,928 |
| 198,324 | |
| Shareholders’ arrears | 7,612 |
| Prepaid Expenses: | |
| Insurance | 17,848 |
| Real estate taxes | 62,093 |
| New York State and City Corporate taxes | 943 |
| TOTAL CURRENT ASSETS | 286,820 |
| RESERVE FUNDS | |
| Charles Schwab | |
| Cash | -0- |
| Merrill Lynch | |
| Cash | 2,724 |
| Certificates of Deposit | 401,481 |
| TOTAL RESERVE FUNDS | 404,205 |
| PROPERTY AND EQUIPMENT | |
| Land | 550,000 |
| Building | 987,237 |
| Building improvements | 1,036,288 |
| 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 | (2,191,656) |
| NET PROPERTY AND EQUIPMENT | 1,248,093 |
| OTHER ASSET | |
| Security deposit | 2,300 |
| TOTAL ASSETS | 1,941,418 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| CURRENT LIABILITIES | |
| Accounts payable and accrued expenses - Schedule 1 | 76,985 |
| Accrued mortgage interest | 3,585 |
| Prepaid maintenance charges | 18,373 |
| Real estate tax abatements and exemptions payable | 104,494 |
| Move in/out deposits payable | 1,500 |
| TOTAL CURRENT LIABILITIES | 204,937 |
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - (Note 4) | 1,230,916 |
| Less: Unamortized debt issuance costs - (Note 2) | (20,018) |
| Security deposit payable | 2,300 |
| TOTAL LONG TERM AND OTHER LIABILITIES | 1,213,198 |
| TOTAL LIABILITIES | 1,418,135 |
| 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 | (547,881) |
| Less: Treasury Stock at cost | (10,995) |
| TOTAL STOCKHOLDERS’ EQUITY | 523,283 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,941,418 |
| INCOME | |
| Income from Shareholders | |
| Maintenance charges - Apartments | 1,543,803 |
| Less: Vacancy loss - (Note 5) | (17,323) |
| Operating assessment - (Note 7) | 125,714 |
| Transfer fees - (Note 8) | 21,727 |
| Late charges | 500 |
| Sublet fees | 8,719 |
| Storage | 7,190 |
| Miscellaneous | 10 |
| Total Income from Shareholders | 1,690,340 |
| Other Income | |
| Rental - (Note 5) | 27,600 |
| Laundry | 3,600 |
| Interest | 4,492 |
| Real estate tax refund | -0- |
| Total Other Income | 35,692 |
| TOTAL INCOME | 1,726,032 |
| COST OF OPERATIONS | |
| Administrative expenses Schedule 2 | 118,956 |
| Operating expenses Schedule 3 | 705,389 |
| Maintenance expenses Schedule 4 | 109,281 |
| Taxes Schedule 5 | 747,335 |
| Financial expenses Schedule 6 | 46,287 |
| TOTAL COST OF OPERATIONS | 1,727,248 |
| INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION | (1,216) |
| Depreciation Schedule 7 | (62,629) |
| NET LOSS | (63,845) |
| Beginning Accumulated Deficit | (484,036) |
| Ending Accumulated Deficit | (547,881) |