BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,265 |
Shareholders' arrears receivable |
131 |
Miscellaneous receivables |
52 |
Prepaid expenses (Page 12) |
161 |
Contract work in progress (Note 13) |
1,028 |
Reserve fund (Page 12) |
4,725 |
Total current assets |
7,361 |
Land, Building and Equipment (Note 2) |
|
Land |
19,407 |
Building |
58,220 |
Building improvements |
17,682 |
Fixed equipment |
199 |
Oil burner |
195 |
Total land, building and equipment |
95,703 |
Less: accumulated depreciation |
65,572 |
Net land, building, equipment |
30,131 |
TOTAL ASSETS |
37,492 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,995 |
Maintenance received in advance |
79 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
83 |
Mortgage note payable- current (Note 3) |
1,360 |
Total current liabilities |
3,517 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
13,304 |
Total long term liabilities |
13,304 |
Total liabilities |
16,821 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
586 |
Paid in capital |
61,747 |
Accumulated deficit |
(41,663) |
Total stockholders equity |
20,671 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
37,492 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
14,915 |
Shareholder operating assessment (Note 9) |
1,283 |
Laundry income |
84 |
Interest and dividend income |
47 |
Late charges and miscellaneous income |
10 |
Total Revenue |
16,339 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,282 |
Operating expenses (Page 13) |
4,858 |
Maintenance expenses (Page 14) |
2,109 |
Taxes (Page 14) |
7,591 |
Financial expenses (Page 14) |
590 |
Total Expenses |
16,429 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(90) |
Add: Insurance proceeds (Page 14) |
169 |
Less: Depreciation (Page 14) |
(616) |
Less: Realized loss on securities (Page 14) |
(67) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(604) |
Beginning accumulated deficit |
(41,059) |
Ending accumulated deficit |
(41,663) |