BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
839 |
Shareholders' arrears receivable |
36 |
Miscellaneous receivables |
34 |
Prepaid expenses (Page 12) |
1,807 |
Contract work in progress (Note 13) |
97 |
Reserve fund (Page 12) |
5,999 |
Total current assets |
8,811 |
Land, Building and Equipment (Note 2) |
|
Land |
20,533 |
Building |
61,598 |
Building improvements |
18,291 |
Fixed equipment |
210 |
Oil burner |
207 |
Total land, building and equipment |
100,838 |
Less: accumulated depreciation |
68,725 |
Net land, building, equipment |
32,113 |
TOTAL ASSETS |
40,924 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,434 |
Maintenance received in advance |
87 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
60 |
Mortgage note payable- current (Note 3) |
1,393 |
Total current liabilities |
2,975 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
15,440 |
Total long term liabilities |
15,440 |
Total liabilities |
18,415 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
620 |
Paid in capital |
65,330 |
Accumulated deficit |
(43,441) |
Total stockholders equity |
22,509 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
40,924 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
15,366 |
Shareholder operating assessment (Note 9) |
1,302 |
Laundry income |
89 |
Interest and dividend income |
41 |
Late charges and miscellaneous income |
7 |
Total Revenue |
16,804 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,241 |
Operating expenses (Page 13) |
4,743 |
Maintenance expenses (Page 14) |
1,347 |
Taxes (Page 14) |
7,708 |
Financial expenses (Page 14) |
669 |
Total Expenses |
15,708 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,096 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(704) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
393 |
Beginning accumulated deficit |
(43,834) |
Ending accumulated deficit |
(43,441) |