BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
848 |
Shareholders' arrears receivable |
37 |
Miscellaneous receivables |
34 |
Prepaid expenses (Page 12) |
1,827 |
Contract work in progress (Note 13) |
98 |
Reserve fund (Page 12) |
6,067 |
Total current assets |
8,911 |
Land, Building and Equipment (Note 2) |
|
Land |
20,764 |
Building |
62,293 |
Building improvements |
18,498 |
Fixed equipment |
213 |
Oil burner |
209 |
Total land, building and equipment |
101,977 |
Less: accumulated depreciation |
69,501 |
Net land, building, equipment |
32,476 |
TOTAL ASSETS |
41,386 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
1,450 |
Maintenance received in advance |
88 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
61 |
Mortgage note payable- current (Note 3) |
1,409 |
Total current liabilities |
3,008 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
15,615 |
Total long term liabilities |
15,615 |
Total liabilities |
18,623 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
627 |
Paid in capital |
66,068 |
Accumulated deficit |
(43,931) |
Total stockholders equity |
22,763 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
41,386 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
15,539 |
Shareholder operating assessment (Note 9) |
1,317 |
Laundry income |
90 |
Interest and dividend income |
42 |
Late charges and miscellaneous income |
7 |
Total Revenue |
16,994 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,255 |
Operating expenses (Page 13) |
4,797 |
Maintenance expenses (Page 14) |
1,363 |
Taxes (Page 14) |
7,795 |
Financial expenses (Page 14) |
676 |
Total Expenses |
15,885 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
1,109 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(712) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
397 |
Beginning accumulated deficit |
(44,328) |
Ending accumulated deficit |
(43,931) |