| ASSETS | |
| CURRENT ASSETS | |
| Cash - Operating account | 485,303 |
| Mortgage escrow deposits | 178,907 |
| Merrill Lynch - Investments | 405,900 |
| Receivables: | |
| Shareholders’ arrears | 14,878 |
| Prepaid Expenses: | |
| Boiler contract | -0- |
| Real estate taxes | 10,156 |
| Corporate taxes | 11,210 |
| Insurance | 5,329 |
| TOTAL CURRENT ASSETS | 1,111,683 |
| FUNDS | |
| BankUnited - Money Market | 200,710 |
| Santander - Money Market | 201,023 |
| National Cooperative Bank - restricted funds - (Note 6) | 100,491 |
| TOTAL FUNDS | 502,224 |
| PROPERTY AND EQUIPMENT | |
| Land | 1,006,264 |
| Building | 9,056,380 |
| Improvements | 2,662,740 |
| Less: Accumulated depreciation | (10,820,741) |
| NET PROPERTY AND EQUIPMENT | 1,904,643 |
| OTHER ASSETS | |
| Security deposits | 54,290 |
| NCB BI Stock - (Note 5) | 1,250 |
| TOTAL OTHER ASSETS | 55,540 |
| TOTAL ASSETS | 3,574,090 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| CURRENT LIABILITIES | |
| Accounts payable and accrued expenses | 34,334 |
| Accrued mortgage interest | 23,422 |
| Prepaid maintenance charges | 30,833 |
| Mortgage payable - current portion | 120,539 |
| Real estate tax abatements and exemptions payable | 88,421 |
| TOTAL CURRENT LIABILITIES | 297,549 |
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - net of current portion - (Note 6) | 5,964,523 |
| Less: Unamortized debt issuance costs - (Note 2) | (70,232) |
| Security deposits payable | 78,638 |
| TOTAL LONG TERM AND OTHER LIABILITIES | 5,972,929 |
| TOTAL LIABILITIES | 6,270,478 |
| STOCKHOLDERS’ DEFICIT | |
| Capital Stock - Common - Authorized 120,000 shares Issued 109,063 shares at $1 par value of which 711 shares are held as Treasury Stock | 109,063 |
| Paid-in Capital in excess of par value | 3,382,582 |
| Paid-in Capital - Treasury Stock | 710,643 |
| Accumulated Deficit | (6,894,601) |
| Less: Treasury Stock at cost - (Note 8) | (4,075) |
| TOTAL STOCKHOLDERS’ DEFICIT | (2,696,388) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 3,574,090 |
| INCOME | |
| Income from Shareholders | |
| Maintenance charges | 2,286,076 |
| Assessment - operations - (Note 9) | 241,835 |
| Sublet fees | 19,569 |
| Late fees | 5,312 |
| Storage fees | 25,826 |
| Move in/out fees | 6,000 |
| Total Income from Shareholders | 2,584,618 |
| Other Income | |
| Commercial - (Note 10) | 176,026 |
| Antenna - (Note 11) | 28,474 |
| Rental - (Note 8) | 18,558 |
| Laundry | 20,900 |
| Interest | 3,023 |
| Miscellaneous | 1,326 |
| NCB Patronage refund - (Note 5) | 51 |
| Total Other Income | 248,358 |
| TOTAL INCOME | 2,832,976 |
| COST OF OPERATIONS | |
| Administrative expenses Schedule 1 | 155,565 |
| Operating expenses Schedule 2 | 797,639 |
| Maintenance expenses Schedule 3 | 120,056 |
| Taxes Schedule 4 | 1,442,295 |
| Financial expenses Schedule 5 | 289,719 |
| TOTAL COST OF OPERATIONS | 2,805,274 |
| INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT | 27,702 |
| Depreciation and amortization Schedule 6 | (104,228) |
| Capital assessment - (Note 9) | 20,831 |
| NET INCOME (LOSS) | (55,695) |
| Beginning Accumulated Deficit | (6,838,906) |
| Ending Accumulated Deficit | (6,894,601) |