BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,339 |
Shareholders' arrears receivable |
139 |
Miscellaneous receivables |
55 |
Prepaid expenses (Page 12) |
170 |
Contract work in progress (Note 13) |
1,087 |
Reserve fund (Page 12) |
4,999 |
Total current assets |
7,789 |
Land, Building and Equipment (Note 2) |
|
Land |
20,533 |
Building |
61,598 |
Building improvements |
18,708 |
Fixed equipment |
210 |
Oil burner |
207 |
Total land, building and equipment |
101,256 |
Less: accumulated depreciation |
69,377 |
Net land, building, equipment |
31,879 |
TOTAL ASSETS |
39,668 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,111 |
Maintenance received in advance |
84 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
88 |
Mortgage note payable- current (Note 3) |
1,439 |
Total current liabilities |
3,721 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,076 |
Total long term liabilities |
14,076 |
Total liabilities |
17,797 |
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 |
(44,080) |
Total stockholders equity |
21,870 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
39,668 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
15,781 |
Shareholder operating assessment (Note 9) |
1,358 |
Laundry income |
89 |
Interest and dividend income |
50 |
Late charges and miscellaneous income |
10 |
Total Revenue |
17,287 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,356 |
Operating expenses (Page 13) |
5,140 |
Maintenance expenses (Page 14) |
2,231 |
Taxes (Page 14) |
8,031 |
Financial expenses (Page 14) |
624 |
Total Expenses |
17,382 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(96) |
Add: Insurance proceeds (Page 14) |
179 |
Less: Depreciation (Page 14) |
(651) |
Less: Realized loss on securities (Page 14) |
(71) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(639) |
Beginning accumulated deficit |
(43,441) |
Ending accumulated deficit |
(44,080) |