BALANCE SHEET |
|
ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
1,814 |
Shareholders' arrears receivable |
188 |
Miscellaneous receivables |
74 |
Prepaid expenses (Page 12) |
230 |
Contract work in progress (Note 13) |
1,473 |
Reserve fund (Page 12) |
6,773 |
Total current assets |
10,552 |
Land, Building and Equipment (Note 2) |
|
Land |
27,818 |
Building |
83,455 |
Building improvements |
25,347 |
Fixed equipment |
285 |
Oil burner |
280 |
Total land, building and equipment |
137,185 |
Less: accumulated depreciation |
93,994 |
Net land, building, equipment |
43,191 |
TOTAL ASSETS |
53,743 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
2,860 |
Maintenance received in advance |
113 |
New York State Franchise tax payable (Note 5) |
-0- |
Shareholders' deposits payable |
119 |
Mortgage note payable- current (Note 3) |
1,950 |
Total current liabilities |
5,042 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
19,071 |
Total long term liabilities |
19,071 |
Total liabilities |
24,113 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
840 |
Paid in capital |
88,512 |
Accumulated deficit |
(59,721) |
Total stockholders equity |
29,631 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
53,743 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT |
|
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
21,380 |
Shareholder operating assessment (Note 9) |
1,840 |
Laundry income |
120 |
Interest and dividend income |
67 |
Late charges and miscellaneous income |
14 |
Total Revenue |
23,421 |
EXPENSES |
|
Administrative expenses (Page 13) |
1,837 |
Operating expenses (Page 13) |
6,964 |
Maintenance expenses (Page 14) |
3,023 |
Taxes (Page 14) |
10,881 |
Financial expenses (Page 14) |
845 |
Total Expenses |
23,550 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
(129) |
Add: Insurance proceeds (Page 14) |
242 |
Less: Depreciation (Page 14) |
(882) |
Less: Realized loss on securities (Page 14) |
(96) |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
(866) |
Beginning accumulated deficit |
(58,855) |
Ending accumulated deficit |
(59,721) |