BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
2,289 |
Shareholders' arrears receivable |
237 |
Miscellaneous receivables |
94 |
Prepaid expenses (Page 12) |
291 |
Contract work in progress (Note 13) |
1,859 |
Reserve fund (Page 12) |
8,547 |
Total current assets |
13,316 |
Land, Building and Equipment (Note 2) |
|
Land |
35,104 |
Building |
105,312 |
Building improvements |
31,985 |
Fixed equipment |
360 |
Oil burner |
354 |
Total land, building and equipment |
173,114 |
Less: accumulated depreciation |
118,612 |
Net land, building, equipment |
54,503 |
TOTAL ASSETS |
67,819 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
3,608 |
Maintenance received in advance |
143 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
150 |
Mortgage note payable- current (Note 3) |
2,461 |
Total current liabilities |
6,362 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
24,065 |
Total long term liabilities |
24,065 |
Total liabilities |
30,428 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
1,060 |
Paid in capital |
111,693 |
Accumulated deficit |
(75,362) |
Total stockholders equity |
37,391 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
67,819 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
26,980 |
Shareholder operating assessment (Note 9) |
2,321 |
Laundry income |
152 |
Interest and dividend income |
85 |
Late charges and miscellaneous income |
17 |
Total Revenue |
29,555 |
EXPENSES |
|
Administrative expenses (Page 13) |
2,319 |
Operating expenses (Page 13) |
8,788 |
Maintenance expenses (Page 14) |
3,814 |
Taxes (Page 14) |
13,730 |
Financial expenses (Page 14) |
1,067 |
Total Expenses |
29,718 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(163) |
Add: Insurance proceeds (Page 14) |
306 |
Less: Depreciation (Page 14) |
(1,113) |
Less: Realized loss on securities (Page 14) |
(121) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(1,092) |
Beginning accumulated deficit |
(74,270) |
Ending accumulated deficit |
(75,362) |