| ASSETS | |
| CURRENT ASSETS | |
| Cash in Merrill Lynch | 48,853 |
| Cash in Operating Account | 56,160 |
| Shareholders' Accounts Receivable | 5,845 |
| Commercial Tenant's Accounts Receivable | 35,928 |
| Prepaid Expenses | 10,660 |
| Total Current Assets | 157,445 |
| PROPERTY AND EQUIPMENT Net Book Value | 407,686 |
| OTHER ASSETS | |
| Deferred Mortgage Financing Expenses - net of Accumulated Amortization | 12,914 |
| TOTAL ASSETS | 578,045 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| CURRENT LIABILITIES | |
| Accounts Payable | 35,153 |
| Accrued Interest on Mortgage | 2,819 |
| Rents Received in Advance | 5,593 |
| Abatements Due to Stockholders | 32,223 |
| Mortgage Payable - portion due within one year | 22,511 |
| Total Current Liabilities | 98,299 |
| LONG-TERM LIABILITIES | |
| Mortgage Payable (due after one year) | 426,713 |
| STOCKHOLDERS' EQUITY | |
| Common Stock $1.00 par value; 13,500 shares Authorized; 12,160 shares Issued and Outstanding | 12,160 |
| Paid-in Capital | 939,117 |
| Retained Earnings (Deficit) | (898,243) |
| Total Stockholders' Equity | 53,034 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 578,045 |
| INCOME | |
| Carrying Charges - Shareholders | 372,481 |
| Operating Assessment - Shareholders | 52,576 |
| Special Assessment - Shareholders | 46,905 |
| Commercial Rental Income | 97,917 |
| Transfer Fee Income | 1,530 |
| Storage Room Income | -0- |
| Interest and Miscellaneous Income | 6,527 |
| Total Income | 577,936 |
| EXPENSES | |
| Administrative Expenses | 38,799 |
| Utilities Expenses | 70,556 |
| Maintenance Expenses | 65,380 |
| Taxes and Insurance Expenses | 346,077 |
| Financial Expenses | 34,557 |
| Total Expenses Before Depreciation and Amortization | 555,370 |
| NET INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION | 22,566 |
| Less: Depreciation and Amortization of Mortgage Financing Expenses | (10,463) |
| NET INCOME (LOSS) FOR THE YEAR | 12,103 |