BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
768 |
Shareholders' arrears receivable |
33 |
Miscellaneous receivables |
31 |
Prepaid expenses (Page 12) |
1,655 |
Contract work in progress (Note 13) |
89 |
Reserve fund (Page 12) |
5,496 |
Total current assets |
8,072 |
Land, Building and Equipment (Note 2) |
|
Land |
18,810 |
Building |
56,431 |
Building improvements |
16,757 |
Fixed equipment |
193 |
Oil burner |
189 |
Total land, building and equipment |
92,381 |
Less: accumulated depreciation |
62,961 |
Net land, building, equipment |
29,420 |
TOTAL ASSETS |
37,492 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,313 |
Maintenance received in advance |
80 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
55 |
Mortgage note payable- current (Note 3) |
1,277 |
Total current liabilities |
2,725 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
14,145 |
Total long term liabilities |
14,145 |
Total liabilities |
16,871 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
568 |
Paid in capital |
59,851 |
Accumulated deficit |
(39,797) |
Total stockholders equity |
20,621 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
37,492 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,077 |
Shareholder operating assessment (Note 9) |
1,193 |
Laundry income |
81 |
Interest and dividend income |
38 |
Late charges and miscellaneous income |
6 |
Total Revenue |
15,395 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,137 |
Operating expenses (Page 13) |
4,345 |
Maintenance expenses (Page 14) |
1,234 |
Taxes (Page 14) |
7,061 |
Financial expenses (Page 14) |
612 |
Total Expenses |
14,390 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,005 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(645) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
360 |
Beginning accumulated deficit |
(40,157) |
Ending accumulated deficit |
(39,797) |