BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
799 |
Shareholders' arrears receivable |
35 |
Miscellaneous receivables |
32 |
Prepaid expenses (Page 12) |
1,722 |
Contract work in progress (Note 13) |
92 |
Reserve fund (Page 12) |
5,718 |
Total current assets |
8,399 |
Land, Building and Equipment (Note 2) |
|
Land |
19,572 |
Building |
58,716 |
Building improvements |
17,436 |
Fixed equipment |
200 |
Oil burner |
197 |
Total land, building and equipment |
96,122 |
Less: accumulated depreciation |
65,511 |
Net land, building, equipment |
30,611 |
TOTAL ASSETS |
39,010 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,367 |
Maintenance received in advance |
83 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
57 |
Mortgage note payable- current (Note 3) |
1,328 |
Total current liabilities |
2,836 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,718 |
Total long term liabilities |
14,718 |
Total liabilities |
17,554 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
591 |
Paid in capital |
62,274 |
Accumulated deficit |
(41,409) |
Total stockholders equity |
21,456 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
39,010 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,647 |
Shareholder operating assessment (Note 9) |
1,241 |
Laundry income |
84 |
Interest and dividend income |
39 |
Late charges and miscellaneous income |
6 |
Total Revenue |
16,018 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,183 |
Operating expenses (Page 13) |
4,521 |
Maintenance expenses (Page 14) |
1,284 |
Taxes (Page 14) |
7,347 |
Financial expenses (Page 14) |
637 |
Total Expenses |
14,973 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,045 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(671) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
374 |
Beginning accumulated deficit |
(41,783) |
Ending accumulated deficit |
(41,409) |