ASSETS |
|
CURRENT ASSETS |
|
Cash and Cash Equivalents: |
|
Operating account |
27,792 |
Money Market accounts |
189,540 |
|
217,332 |
Shareholders’ arrears |
3,584 |
Prepaid Expenses: |
|
Insurance |
18,835 |
Real estate taxes |
61,830 |
New York State and City Corporate taxes |
-0- |
TOTAL CURRENT ASSETS |
301,581 |
RESERVE FUNDS |
|
Charles Schwab |
|
Cash |
7 |
Merrill Lynch |
|
Cash |
400,000 |
Certificates of Deposit |
-0- |
TOTAL RESERVE FUNDS |
400,007 |
PROPERTY AND EQUIPMENT |
|
Land |
550,000 |
Building |
987,237 |
Building improvements |
1,014,745 |
Exterior renovation |
667,762 |
Maintenance equipment |
14,192 |
Storage units |
3,826 |
Boiler replacement |
125,030 |
Courtyard restoration |
38,624 |
Sidewalk |
16,790 |
Less: Accumulated depreciation |
(2,129,027) |
NET PROPERTY AND EQUIPMENT |
1,289,179 |
OTHER ASSET |
|
Security deposit |
2,300 |
TOTAL ASSETS |
1,993,067 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
CURRENT LIABILITIES |
|
Accounts payable and accrued expenses - Schedule 1 |
63,012 |
Accrued mortgage interest |
3,654 |
Prepaid maintenance charges |
12,755 |
Real estate tax abatements and exemptions payable |
107,610 |
Move in/out deposits payable |
500 |
TOTAL CURRENT LIABILITIES |
187,531 |
LONG TERM AND OTHER LIABILITIES |
|
Mortgage payable - (Note 4) |
1,240,000 |
Less: Unamortized debt issuance costs - (Note 2) |
(23,892) |
Security deposit payable |
2,300 |
TOTAL LONG TERM AND OTHER LIABILITIES |
1,218,408 |
TOTAL LIABILITIES |
1,405,939 |
STOCKHOLDERS’ EQUITY |
|
Capital Stock - Common - Authorized and Issued 29,855 shares at $1 par value of which 335 shares are held as Treasury Stock - (Note 5) |
29,855 |
Paid-in Capital in excess of par value |
626,391 |
Paid-in Capital - Treasury Stock |
425,913 |
Accumulated Deficit |
(484,036) |
Less: Treasury Stock at cost |
(10,995) |
TOTAL STOCKHOLDERS’ EQUITY |
587,128 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
1,993,067 |
INCOME |
|
Income from Shareholders |
|
Maintenance charges - Apartments |
1,528,546 |
Less: Vacancy loss - (Note 5) |
(17,123) |
Operating assessment - (Note 7) |
120,146 |
Transfer fees - (Note 8) |
34,722 |
Late charges |
1,350 |
Sublet fees |
4,418 |
Storage |
6,921 |
Miscellaneous |
-0- |
Total Income from Shareholders |
1,678,980 |
Other Income |
|
Rental - (Note 5) |
27,600 |
Laundry |
3,600 |
Interest |
1,287 |
Real estate tax refund |
12,122 |
Total Other Income |
44,609 |
TOTAL INCOME |
1,723,589 |
COST OF OPERATIONS |
|
Administrative expenses Schedule 2 |
123,992 |
Operating expenses Schedule 3 |
666,132 |
Maintenance expenses Schedule 4 |
103,022 |
Taxes Schedule 5 |
722,176 |
Financial expenses Schedule 6 |
48,235 |
TOTAL COST OF OPERATIONS |
1,663,557 |
INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION |
60,032 |
Depreciation Schedule 7 |
(62,107) |
NET LOSS |
(2,075) |
Beginning Accumulated Deficit |
(481,961) |
Ending Accumulated Deficit |
(484,036) |