BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
852 |
Shareholders' arrears receivable |
37 |
Miscellaneous receivables |
34 |
Prepaid expenses (Page 12) |
1,836 |
Contract work in progress (Note 13) |
99 |
Reserve fund (Page 12) |
6,096 |
Total current assets |
8,953 |
Land, Building and Equipment (Note 2) |
|
Land |
20,864 |
Building |
62,591 |
Building improvements |
18,586 |
Fixed equipment |
214 |
Oil burner |
210 |
Total land, building and equipment |
102,465 |
Less: accumulated depreciation |
69,834 |
Net land, building, equipment |
32,631 |
TOTAL ASSETS |
41,584 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,457 |
Maintenance received in advance |
89 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
61 |
Mortgage note payable- current (Note 3) |
1,416 |
Total current liabilities |
3,023 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
15,689 |
Total long term liabilities |
15,689 |
Total liabilities |
18,712 |
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 |
(44,142) |
Total stockholders equity |
22,872 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
41,584 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
15,614 |
Shareholder operating assessment (Note 9) |
1,323 |
Laundry income |
90 |
Interest and dividend income |
42 |
Late charges and miscellaneous income |
7 |
Total Revenue |
17,075 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,261 |
Operating expenses (Page 13) |
4,820 |
Maintenance expenses (Page 14) |
1,369 |
Taxes (Page 14) |
7,832 |
Financial expenses (Page 14) |
679 |
Total Expenses |
15,961 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,114 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(715) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
399 |
Beginning accumulated deficit |
(44,541) |
Ending accumulated deficit |
(44,142) |