BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,360 |
Shareholders' arrears receivable |
141 |
Miscellaneous receivables |
56 |
Prepaid expenses (Page 12) |
173 |
Contract work in progress (Note 13) |
1,105 |
Reserve fund (Page 12) |
5,080 |
Total current assets |
7,914 |
Land, Building and Equipment (Note 2) |
|
Land |
20,864 |
Building |
62,591 |
Building improvements |
19,010 |
Fixed equipment |
214 |
Oil burner |
210 |
Total land, building and equipment |
102,889 |
Less: accumulated depreciation |
70,496 |
Net land, building, equipment |
32,393 |
TOTAL ASSETS |
40,307 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,145 |
Maintenance received in advance |
85 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
89 |
Mortgage note payable- current (Note 3) |
1,463 |
Total current liabilities |
3,781 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,303 |
Total long term liabilities |
14,303 |
Total liabilities |
18,084 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
630 |
Paid in capital |
66,384 |
Accumulated deficit |
(44,791) |
Total stockholders equity |
22,223 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
40,307 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
16,035 |
Shareholder operating assessment (Note 9) |
1,380 |
Laundry income |
90 |
Interest and dividend income |
50 |
Late charges and miscellaneous income |
10 |
Total Revenue |
17,566 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,378 |
Operating expenses (Page 13) |
5,223 |
Maintenance expenses (Page 14) |
2,267 |
Taxes (Page 14) |
8,160 |
Financial expenses (Page 14) |
634 |
Total Expenses |
17,663 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(97) |
Add: Insurance proceeds (Page 14) |
182 |
Less: Depreciation (Page 14) |
(662) |
Less: Realized loss on securities (Page 14) |
(72) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(649) |
Beginning accumulated deficit |
(44,142) |
Ending accumulated deficit |
(44,791) |