| ASSETS | |
| CURRENT ASSETS | |
| Cash — Operating account | 493,312 |
| Tax and insurance escrow account | 180,335 |
| Mortgage escrow deposits | -0- |
| Violation escrow | 9,065 |
| Receivables: | |
| Shareholders’ arrears | 164,309 |
| Rental income apartments | 15,647 |
| Prepaid Expenses: | |
| Insurance | 53,956 |
| Corporate taxes | 10,129 |
| Real estate taxes | 153,272 |
| TOTAL CURRENT ASSETS | 1,080,025 |
| FUND | |
| Reserve Fund - Schedule 1 | 5,434,861 |
| PROPERTY AND EQUIPMENT | |
| Land | 2,000,345 |
| Buildings | 8,133,116 |
| Building improvements | 14,566,269 |
| Furniture and equipment | 83,355 |
| Less: Accumulated depreciation | (16,096,256) |
| NET PROPERTY AND EQUIPMENT | 8,686,829 |
| OTHER ASSETS | |
| Unamortized J—51 abatement costs | 52 |
| Utility deposits | 4,490 |
| Tenants’ security deposits | 17,255 |
| TOTAL OTHER ASSETS | 21,797 |
| TOTAL ASSETS | 15,223,512 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| CURRENT LIABILITIES | |
| Cash overdraft - Operating account | -0- |
| Accounts payable and accrued expenses | 105,915 |
| Real estate tax abatements and exemptions payable | 134,766 |
| Mortgage interest accrued | 43,014 |
| Prepaid occupancy income | 42,804 |
| Senior citizen subsidy | 935 |
| Mortgage payable - (current portion) | 225,732 |
| Second mortgage payable - (current portion) | -0- |
| TOTAL CURRENT LIABILITIES | 553,166 |
| LONG TERM AND OTHER LIABILITIES | |
| Mortgage payable - (Note 3) | 12,744,979 |
| Less: Current portion | (225,732) |
| Unamortized debt issuance costs — (Note 2) | (361,365) |
| Second mortgage payable — (Note 3) | -0- |
| Less: Current portion | -0- |
| Unamortized debt issuance costs — (Note 2) | -0- |
| Tenant security deposits payable | 17,255 |
| TOTAL LONG TERM AND OTHER LIABILITIES | 12,175,137 |
| TOTAL LIABILITIES | 12,728,303 |
| 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) | 3,709,125 |
| Accumulated Deficit | (7,595,391) |
| Less: Treasury Stock at cost - (Note 4) | (194,906) |
| TOTAL STOCKHOLDERS’ EQUITY | 2,495,209 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 15,223,512 |
| INCOME | |
| Income From Shareholders | |
| Maintenance charges - net of treasury held apartments | 2,723,437 |
| Special assessment - (Note 5) | 195,034 |
| Late charges | 4,275 |
| Sublet fees and violations | 875 |
| Tenant charges | 2,603 |
| Total Income from Shareholders | 2,926,224 |
| Other Income | |
| Rental - (Note 4) | 195,799 |
| Laundry | 20,480 |
| Storage bins | 17,599 |
| Miscellaneous | 6,400 |
| Total Other Income | 240,278 |
| Financial Income | |
| Interest | 18,746 |
| TOTAL INCOME | 3,185,248 |
| COST OF OPERATIONS | |
| Administrative expenses Schedule 2 | 407,071 |
| Operating expenses Schedule 3 | 1,048,656 |
| Maintenance expenses Schedule 4 | 245,205 |
| Taxes Schedule 5 | 777,669 |
| Financial expenses Schedule 6 | 822,729 |
| TOTAL COST OF OPERATIONS | 3,301,330 |
| INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND OTHER ITEM | (116,082) |
| Depreciation and amortization Schedule 7 | (461,441) |
| Beautification assessment - (Note 6) | 12,363 |
| NET LOSS | (565,160) |
| Beginning Accumulated Deficit | (7,030,231) |
| Ending Accumulated Deficit | (7,595,391) |