BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,382 |
Shareholders' arrears receivable |
143 |
Miscellaneous receivables |
57 |
Prepaid expenses (Page 12) |
175 |
Contract work in progress (Note 13) |
1,122 |
Reserve fund (Page 12) |
5,160 |
Total current assets |
8,040 |
Land, Building and Equipment (Note 2) |
|
Land |
21,195 |
Building |
63,585 |
Building improvements |
19,312 |
Fixed equipment |
217 |
Oil burner |
213 |
Total land, building and equipment |
104,522 |
Less: accumulated depreciation |
71,615 |
Net land, building, equipment |
32,907 |
TOTAL ASSETS |
40,947 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,179 |
Maintenance received in advance |
86 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
91 |
Mortgage note payable- current (Note 3) |
1,486 |
Total current liabilities |
3,841 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,530 |
Total long term liabilities |
14,530 |
Total liabilities |
18,371 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
640 |
Paid in capital |
67,437 |
Accumulated deficit |
(45,502) |
Total stockholders equity |
22,576 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
40,947 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
16,290 |
Shareholder operating assessment (Note 9) |
1,402 |
Laundry income |
91 |
Interest and dividend income |
51 |
Late charges and miscellaneous income |
10 |
Total Revenue |
17,844 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,400 |
Operating expenses (Page 13) |
5,306 |
Maintenance expenses (Page 14) |
2,303 |
Taxes (Page 14) |
8,290 |
Financial expenses (Page 14) |
644 |
Total Expenses |
17,943 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(99) |
Add: Insurance proceeds (Page 14) |
185 |
Less: Depreciation (Page 14) |
(672) |
Less: Realized loss on securities (Page 14) |
(73) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(660) |
Beginning accumulated deficit |
(44,842) |
Ending accumulated deficit |
(45,502) |