BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
960 |
Shareholders' arrears receivable |
42 |
Miscellaneous receivables |
38 |
Prepaid expenses (Page 12) |
2,069 |
Contract work in progress (Note 13) |
111 |
Reserve fund (Page 12) |
6,870 |
Total current assets |
10,090 |
Land, Building and Equipment (Note 2) |
|
Land |
23,513 |
Building |
70,539 |
Building improvements |
20,946 |
Fixed equipment |
241 |
Oil burner |
237 |
Total land, building and equipment |
115,476 |
Less: accumulated depreciation |
78,702 |
Net land, building, equipment |
36,775 |
TOTAL ASSETS |
46,865 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,642 |
Maintenance received in advance |
100 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
69 |
Mortgage note payable- current (Note 3) |
1,596 |
Total current liabilities |
3,407 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
17,682 |
Total long term liabilities |
17,682 |
Total liabilities |
21,088 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
710 |
Paid in capital |
74,813 |
Accumulated deficit |
(49,747) |
Total stockholders equity |
25,777 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
46,865 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
17,596 |
Shareholder operating assessment (Note 9) |
1,491 |
Laundry income |
101 |
Interest and dividend income |
47 |
Late charges and miscellaneous income |
8 |
Total Revenue |
19,244 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,421 |
Operating expenses (Page 13) |
5,432 |
Maintenance expenses (Page 14) |
1,543 |
Taxes (Page 14) |
8,826 |
Financial expenses (Page 14) |
766 |
Total Expenses |
17,988 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,256 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(806) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
450 |
Beginning accumulated deficit |
(50,196) |
Ending accumulated deficit |
(49,747) |