BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,393 |
Shareholders' arrears receivable |
144 |
Miscellaneous receivables |
57 |
Prepaid expenses (Page 12) |
177 |
Contract work in progress (Note 13) |
1,131 |
Reserve fund (Page 12) |
5,201 |
Total current assets |
8,103 |
Land, Building and Equipment (Note 2) |
|
Land |
21,360 |
Building |
64,081 |
Building improvements |
19,463 |
Fixed equipment |
219 |
Oil burner |
215 |
Total land, building and equipment |
105,338 |
Less: accumulated depreciation |
72,174 |
Net land, building, equipment |
33,164 |
TOTAL ASSETS |
41,267 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,196 |
Maintenance received in advance |
87 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
91 |
Mortgage note payable- current (Note 3) |
1,497 |
Total current liabilities |
3,871 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,644 |
Total long term liabilities |
14,644 |
Total liabilities |
18,515 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
645 |
Paid in capital |
67,964 |
Accumulated deficit |
(45,857) |
Total stockholders equity |
22,752 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
41,267 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
16,417 |
Shareholder operating assessment (Note 9) |
1,413 |
Laundry income |
92 |
Interest and dividend income |
52 |
Late charges and miscellaneous income |
10 |
Total Revenue |
17,984 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,411 |
Operating expenses (Page 13) |
5,348 |
Maintenance expenses (Page 14) |
2,321 |
Taxes (Page 14) |
8,355 |
Financial expenses (Page 14) |
649 |
Total Expenses |
18,083 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(99) |
Add: Insurance proceeds (Page 14) |
186 |
Less: Depreciation (Page 14) |
(677) |
Less: Realized loss on securities (Page 14) |
(74) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(665) |
Beginning accumulated deficit |
(45,193) |
Ending accumulated deficit |
(45,857) |