BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,403 |
Shareholders' arrears receivable |
146 |
Miscellaneous receivables |
58 |
Prepaid expenses (Page 12) |
178 |
Contract work in progress (Note 13) |
1,140 |
Reserve fund (Page 12) |
5,241 |
Total current assets |
8,165 |
Land, Building and Equipment (Note 2) |
|
Land |
21,526 |
Building |
64,578 |
Building improvements |
19,614 |
Fixed equipment |
220 |
Oil burner |
217 |
Total land, building and equipment |
106,155 |
Less: accumulated depreciation |
72,734 |
Net land, building, equipment |
33,422 |
TOTAL ASSETS |
41,587 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,213 |
Maintenance received in advance |
88 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
92 |
Mortgage note payable- current (Note 3) |
1,509 |
Total current liabilities |
3,901 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,757 |
Total long term liabilities |
14,757 |
Total liabilities |
18,659 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
650 |
Paid in capital |
68,491 |
Accumulated deficit |
(46,213) |
Total stockholders equity |
22,928 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
41,587 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
16,544 |
Shareholder operating assessment (Note 9) |
1,423 |
Laundry income |
93 |
Interest and dividend income |
52 |
Late charges and miscellaneous income |
11 |
Total Revenue |
18,123 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,422 |
Operating expenses (Page 13) |
5,389 |
Maintenance expenses (Page 14) |
2,339 |
Taxes (Page 14) |
8,420 |
Financial expenses (Page 14) |
654 |
Total Expenses |
18,223 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(100) |
Add: Insurance proceeds (Page 14) |
187 |
Less: Depreciation (Page 14) |
(683) |
Less: Realized loss on securities (Page 14) |
(74) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(670) |
Beginning accumulated deficit |
(45,543) |
Ending accumulated deficit |
(46,213) |