BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,175 |
Shareholders' arrears receivable |
122 |
Miscellaneous receivables |
48 |
Prepaid expenses (Page 12) |
149 |
Contract work in progress (Note 13) |
954 |
Reserve fund (Page 12) |
4,386 |
Total current assets |
6,834 |
Land, Building and Equipment (Note 2) |
|
Land |
18,016 |
Building |
54,047 |
Building improvements |
16,415 |
Fixed equipment |
185 |
Oil burner |
181 |
Total land, building and equipment |
88,844 |
Less: accumulated depreciation |
60,872 |
Net land, building, equipment |
27,971 |
TOTAL ASSETS |
34,805 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,852 |
Maintenance received in advance |
73 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
77 |
Mortgage note payable- current (Note 3) |
1,263 |
Total current liabilities |
3,265 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
12,351 |
Total long term liabilities |
12,351 |
Total liabilities |
15,616 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
544 |
Paid in capital |
57,322 |
Accumulated deficit |
(38,676) |
Total stockholders equity |
19,189 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
34,805 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
13,846 |
Shareholder operating assessment (Note 9) |
1,191 |
Laundry income |
78 |
Interest and dividend income |
43 |
Late charges and miscellaneous income |
9 |
Total Revenue |
15,168 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,190 |
Operating expenses (Page 13) |
4,510 |
Maintenance expenses (Page 14) |
1,957 |
Taxes (Page 14) |
7,046 |
Financial expenses (Page 14) |
547 |
Total Expenses |
15,252 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(84) |
Add: Insurance proceeds (Page 14) |
157 |
Less: Depreciation (Page 14) |
(571) |
Less: Realized loss on securities (Page 14) |
(62) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(561) |
Beginning accumulated deficit |
(38,116) |
Ending accumulated deficit |
(38,676) |