BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
2,321 |
Shareholders' arrears receivable |
241 |
Miscellaneous receivables |
95 |
Prepaid expenses (Page 12) |
295 |
Contract work in progress (Note 13) |
1,885 |
Reserve fund (Page 12) |
8,668 |
Total current assets |
13,504 |
Land, Building and Equipment (Note 2) |
|
Land |
35,601 |
Building |
106,802 |
Building improvements |
32,438 |
Fixed equipment |
365 |
Oil burner |
359 |
Total land, building and equipment |
175,564 |
Less: accumulated depreciation |
120,290 |
Net land, building, equipment |
55,274 |
TOTAL ASSETS |
68,778 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
3,660 |
Maintenance received in advance |
145 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
152 |
Mortgage note payable- current (Note 3) |
2,496 |
Total current liabilities |
6,452 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
24,406 |
Total long term liabilities |
24,406 |
Total liabilities |
30,858 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,075 |
Paid in capital |
113,274 |
Accumulated deficit |
(76,429) |
Total stockholders equity |
37,920 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
68,778 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
27,362 |
Shareholder operating assessment (Note 9) |
2,354 |
Laundry income |
154 |
Interest and dividend income |
86 |
Late charges and miscellaneous income |
17 |
Total Revenue |
29,973 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,351 |
Operating expenses (Page 13) |
8,913 |
Maintenance expenses (Page 14) |
3,868 |
Taxes (Page 14) |
13,925 |
Financial expenses (Page 14) |
1,082 |
Total Expenses |
30,139 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(166) |
Add: Insurance proceeds (Page 14) |
310 |
Less: Depreciation (Page 14) |
(1,129) |
Less: Realized loss on securities (Page 14) |
(123) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(1,108) |
Beginning accumulated deficit |
(75,321) |
Ending accumulated deficit |
(76,429) |