BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,248 |
Shareholders' arrears receivable |
129 |
Miscellaneous receivables |
51 |
Prepaid expenses (Page 12) |
158 |
Contract work in progress (Note 13) |
1,014 |
Reserve fund (Page 12) |
4,660 |
Total current assets |
7,261 |
Land, Building and Equipment (Note 2) |
|
Land |
19,142 |
Building |
57,425 |
Building improvements |
17,441 |
Fixed equipment |
196 |
Oil burner |
193 |
Total land, building and equipment |
94,396 |
Less: accumulated depreciation |
64,677 |
Net land, building, equipment |
29,719 |
TOTAL ASSETS |
36,980 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,968 |
Maintenance received in advance |
78 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
82 |
Mortgage note payable- current (Note 3) |
1,342 |
Total current liabilities |
3,469 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
13,122 |
Total long term liabilities |
13,122 |
Total liabilities |
16,592 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
578 |
Paid in capital |
60,904 |
Accumulated deficit |
(41,094) |
Total stockholders equity |
20,389 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
36,980 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,712 |
Shareholder operating assessment (Note 9) |
1,266 |
Laundry income |
83 |
Interest and dividend income |
46 |
Late charges and miscellaneous income |
9 |
Total Revenue |
16,116 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,264 |
Operating expenses (Page 13) |
4,792 |
Maintenance expenses (Page 14) |
2,080 |
Taxes (Page 14) |
7,487 |
Financial expenses (Page 14) |
582 |
Total Expenses |
16,205 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(89) |
Add: Insurance proceeds (Page 14) |
167 |
Less: Depreciation (Page 14) |
(607) |
Less: Realized loss on securities (Page 14) |
(66) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(596) |
Beginning accumulated deficit |
(40,498) |
Ending accumulated deficit |
(41,094) |