| ASSETS | |
| CURRENT ASSETS | |
| Cash — Operating account | -0- |
| Tax and insurance escrow account | -0- |
| Mortgage escrow deposits | 379,514 |
| Violation escrow | -0- |
| Receivables: | |
| Shareholders’ arrears | 145,263 |
| Rental income apartments | 34,218 |
| Prepaid Expenses: | |
| Insurance | 60,262 |
| Corporate taxes | 9,710 |
| Real estate taxes | 135,994 |
| TOTAL CURRENT ASSETS | 764,961 |
| FUND | |
| Reserve Fund - Schedule 1 | 1,120,329 |
| PROPERTY AND EQUIPMENT | |
| Land | 2,000,345 |
| Buildings | 8,133,116 |
| Building improvements | 14,491,774 |
| Furniture and equipment | 79,762 |
| Less: Accumulated depreciation | (15,634,977) |
| NET PROPERTY AND EQUIPMENT | 9,070,020 |
| OTHER ASSETS | |
| Unamortized J—51 abatement costs | 214 |
| Utility deposits | 4,490 |
| Tenants’ security deposits | 17,963 |
| TOTAL OTHER ASSETS | 22,667 |
| TOTAL ASSETS | 10,977,977 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| CURRENT LIABILITIES | |
| Cash overdraft - Operating account | 45,356 |
| Accounts payable and accrued expenses | 195,220 |
| Real estate tax abatements and exemptions payable | 111,385 |
| Mortgage interest accrued | 43,617 |
| Prepaid occupancy income | 30,396 |
| Senior citizen subsidy | 1,028 |
| Mortgage payable - (current portion) | 170,473 |
| Second mortgage payable - (current portion) | 96,158 |
| TOTAL CURRENT LIABILITIES | 693,633 |
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - (Note 3) | 4,963,791 |
| Less: Current portion | (170,473) |
| Unamortized debt issuance costs — (Note 2) | -0- |
| Second mortgage payable — (Note 3) | 3,262,506 |
| Less: Current portion | (96,158) |
| Unamortized debt issuance costs — (Note 2) | (103,446) |
| Tenant security deposits payable | 17,963 |
| TOTAL LONG TERM AND OTHER LIABILITIES | 7,874,183 |
| TOTAL LIABILITIES | 8,567,816 |
| STOCKHOLDERS’ EQUITY | |
| Capital Stock - Common - Authorized and Issued 111,455 shares at $1 par value of which 6,495 and 7,235 shares were held as Treasury Stock as of December 31, 2018 and 2017, respectively | 111,455 |
| Paid-in Capital in excess of par value | 6,464,926 |
| Paid-in Capital - Treasury Stock - (Note 4) | 3,159,191 |
| Accumulated Deficit | (7,030,231) |
| Less: Treasury Stock at cost - (Note 4) | (295,180) |
| TOTAL STOCKHOLDERS’ EQUITY | 2,410,161 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 10,977,977 |
| INCOME | |
| Income From Shareholders | |
| Maintenance charges - net of treasury held apartments | 2,662,553 |
| Special assessment - (Note 5) | 184,298 |
| Late charges | 4,650 |
| Sublet fees and violations | 1,780 |
| Tenant charges | 2,077 |
| Total Income from Shareholders | 2,855,358 |
| Other Income | |
| Rental - (Note 4) | 226,830 |
| Laundry | 19,200 |
| Storage bins | 16,286 |
| Miscellaneous | 6,633 |
| Total Other Income | 268,949 |
| Financial Income | |
| Interest | 8,596 |
| TOTAL INCOME | 3,132,903 |
| COST OF OPERATIONS | |
| Administrative expenses Schedule 2 | 395,322 |
| Operating expenses Schedule 3 | 995,841 |
| Maintenance expenses Schedule 4 | 296,277 |
| Taxes Schedule 5 | 722,341 |
| Financial expenses Schedule 6 | 555,256 |
| TOTAL COST OF OPERATIONS | 2,965,037 |
| INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND OTHER ITEM | 167,866 |
| Depreciation and amortization Schedule 7 | (466,999) |
| Beautification assessment - (Note 6) | 12,454 |
| NET LOSS | (286,679) |
| Beginning Accumulated Deficit | (6,743,552) |
| Ending Accumulated Deficit | (7,030,231) |