BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,619 |
Shareholders' arrears receivable |
168 |
Miscellaneous receivables |
66 |
Prepaid expenses (Page 12) |
206 |
Contract work in progress (Note 13) |
1,315 |
Reserve fund (Page 12) |
6,047 |
Total current assets |
9,422 |
Land, Building and Equipment (Note 2) |
|
Land |
24,838 |
Building |
74,513 |
Building improvements |
22,631 |
Fixed equipment |
254 |
Oil burner |
250 |
Total land, building and equipment |
122,487 |
Less: accumulated depreciation |
83,923 |
Net land, building, equipment |
38,563 |
TOTAL ASSETS |
47,985 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,553 |
Maintenance received in advance |
101 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
106 |
Mortgage note payable- current (Note 3) |
1,741 |
Total current liabilities |
4,502 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
17,027 |
Total long term liabilities |
17,027 |
Total liabilities |
21,529 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
750 |
Paid in capital |
79,028 |
Accumulated deficit |
(53,322) |
Total stockholders equity |
26,456 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
47,985 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
19,090 |
Shareholder operating assessment (Note 9) |
1,642 |
Laundry income |
107 |
Interest and dividend income |
60 |
Late charges and miscellaneous income |
12 |
Total Revenue |
20,911 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,641 |
Operating expenses (Page 13) |
6,218 |
Maintenance expenses (Page 14) |
2,699 |
Taxes (Page 14) |
9,715 |
Financial expenses (Page 14) |
755 |
Total Expenses |
21,027 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(116) |
Add: Insurance proceeds (Page 14) |
216 |
Less: Depreciation (Page 14) |
(788) |
Less: Realized loss on securities (Page 14) |
(86) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(773) |
Beginning accumulated deficit |
(52,549) |
Ending accumulated deficit |
(53,322) |