ASSETS |
|
Current Assets |
|
Cash in bank- operating accounts |
90,837 |
Shareholders' arrears receivable |
3,949 |
Miscellaneous receivables |
3,630 |
Prepaid expenses (Page 12) |
195,707 |
Contract work in progress (Note 13) |
10,509 |
Reserve fund (Page 12) |
649,865 |
Total current assets |
954,497 |
Land, Building and Equipment (Note 2) |
|
Land |
2,224,271 |
Building |
6,672,815 |
Building improvements |
1,981,466 |
Fixed equipment |
22,784 |
Oil burner |
22,400 |
Total land, building and equipment |
10,923,736 |
Less: accumulated depreciation |
7,444,951 |
Net land, building, equipment |
3,478,785 |
TOTAL ASSETS |
4,433,282 |
LIABILITIES |
|
Current Liabilities |
|
Accounts payable and accrued expenses (Page 12) |
155,307 |
Maintenance received in advance |
9,458 |
New York State Franchise tax payable (Note 5) |
56 |
Shareholders' deposits payable |
6,500 |
Mortgage note payable- current (Note 3) |
150,947 |
Total current liabilities |
322,268 |
Long Term Liabilities |
|
Mortgage note payable. (Notes 3 & 12) |
1,672,625 |
Total long term liabilities |
1,672,625 |
Total liabilities |
1,994,893 |
STOCKHOLDERS' EQUITY |
|
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares |
67,164 |
Paid in capital |
7,077,134 |
Accumulated deficit |
(4,705,909) |
Total stockholders equity |
2,438,389 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
4,433,282 |
REVENUE |
|
Tenant-Stockholder maintenance charges (Note 2) |
1,664,569 |
Shareholder operating assessment (Note 9) |
141,044 |
Laundry income |
9,600 |
Interest and dividend income |
4,451 |
Late charges and miscellaneous income |
720 |
Total Revenue |
1,820,384 |
EXPENSES |
|
Administrative expenses (Page 13) |
134,457 |
Operating expenses (Page 13) |
513,806 |
Maintenance expenses (Page 14) |
145,969 |
Taxes (Page 14) |
834,949 |
Financial expenses (Page 14) |
72,421 |
Total Expenses |
1,701,602 |
Net (loss) income before insurance proceeds, depreciation, and loss on securities |
118,782 |
Add: Insurance proceeds (Page 14) |
-0- |
Less: Depreciation (Page 14) |
(76,248) |
Less: Realized loss on securities (Page 14) |
-0- |
Net (loss) gain after insurance proceeds, depreciation, and loss on securities |
42,534 |
Beginning accumulated deficit |
(4,748,443) |
Ending accumulated deficit |
(4,705,909) |