| ASSETS | |
| CURRENT ASSETS | |
| Cash in Merrill Lynch | 48,789 |
| Cash in Operating Account | 50,922 |
| Shareholders' Accounts Receivable | 5,965 |
| Commercial Tenant's Accounts Receivable | 37,065 |
| Prepaid Expenses | 12,022 |
| Total Current Assets | 154,762 |
| PROPERTY AND EQUIPMENT Net Book Value | 398,255 |
| OTHER ASSETS | |
| Deferred Mortgage Financing Expenses - net of Accumulated Amortization | 11,882 |
| TOTAL ASSETS | 564,899 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| CURRENT LIABILITIES | |
| Accounts Payable | 55,954 |
| Accrued Interest on Mortgage | 2,678 |
| Rents Received in Advance | 8,120 |
| Abatements Due to Stockholders | 33,131 |
| Mortgage Payable - portion due within one year | 24,265 |
| Total Current Liabilities | 124,148 |
| LONG-TERM LIABILITIES | |
| Mortgage Payable (due after one year) | 402,448 |
| 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) | (912,973) |
| Total Stockholders' Equity | 38,304 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 564,899 |
| INCOME | |
| Carrying Charges - Shareholders | 378,688 |
| Operating Assessment - Shareholders | 54,122 |
| Special Assessment - Shareholders | 61,468 |
| Commercial Rental Income | 99,103 |
| Transfer Fee Income | 1,350 |
| Storage Room Income | 2,250 |
| Interest and Miscellaneous Income | 1,951 |
| Total Income | 598,932 |
| EXPENSES | |
| Administrative Expenses | 37,147 |
| Utilities Expenses | 65,447 |
| Maintenance Expenses | 109,478 |
| Taxes and Insurance Expenses | 358,208 |
| Financial Expenses | 32,919 |
| Total Expenses Before Depreciation and Amortization | 603,199 |
| NET INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION | (4,267) |
| Less: Depreciation and Amortization of Mortgage Financing Expenses | (10,463) |
| NET INCOME (LOSS) FOR THE YEAR | (14,730) |