ASSETS |
|
CURRENT ASSETS |
|
Cash - Operating account |
539,954 |
Mortgage escrow deposits |
208,588 |
Merrill Lynch - Investments |
605,138 |
Receivables: |
|
Shareholders’ arrears |
24,193 |
Prepaid Expenses: |
|
Boiler contract |
1,824 |
Real estate taxes |
-0- |
Corporate taxes |
8,055 |
Insurance |
5,148 |
TOTAL CURRENT ASSETS |
1,392,900 |
FUNDS |
|
BankUnited - Money Market |
199,987 |
Santander - Money Market |
-0- |
National Cooperative Bank - restricted funds - (Note 6) |
100,340 |
TOTAL FUNDS |
300,327 |
PROPERTY AND EQUIPMENT |
|
Land |
1,006,264 |
Building |
9,056,380 |
Improvements |
2,646,885 |
Less: Accumulated depreciation |
(10,716,513) |
NET PROPERTY AND EQUIPMENT |
1,993,016 |
OTHER ASSETS |
|
Security deposits |
49,417 |
NCB BI Stock - (Note 5) |
1,250 |
TOTAL OTHER ASSETS |
50,667 |
TOTAL ASSETS |
3,736,910 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
CURRENT LIABILITIES |
|
Accounts payable and accrued expenses |
35,563 |
Accrued mortgage interest |
23,866 |
Prepaid maintenance charges |
35,519 |
Mortgage payable - current portion |
115,208 |
Real estate tax abatements and exemptions payable |
92,396 |
TOTAL CURRENT LIABILITIES |
302,552 |
LONG TERM AND OTHER LIABILITIES |
|
Mortgage payable - net of current portion - (Note 6) |
6,085,062 |
Less: Unamortized debt issuance costs - (Note 2) |
(81,776) |
Security deposits payable |
71,765 |
TOTAL LONG TERM AND OTHER LIABILITIES |
6,075,051 |
TOTAL LIABILITIES |
6,377,603 |
STOCKHOLDERS’ DEFICIT |
|
Capital Stock - Common - Authorized 120,000 shares Issued 109,063 shares at $1 par value of which 711 shares are held as Treasury Stock |
109,063 |
Paid-in Capital in excess of par value |
3,382,582 |
Paid-in Capital - Treasury Stock |
710,643 |
Accumulated Deficit |
(6,838,906) |
Less: Treasury Stock at cost - (Note 8) |
(4,075) |
TOTAL STOCKHOLDERS’ DEFICIT |
(2,640,693) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
3,736,910 |
INCOME |
|
Income from Shareholders |
|
Maintenance charges |
2,212,331 |
Assessment - operations - (Note 9) |
219,762 |
Sublet fees |
22,629 |
Late fees |
4,450 |
Storage fees |
23,626 |
Move in/out fees |
9,500 |
Total Income from Shareholders |
2,492,298 |
Other Income |
|
Commercial - (Note 10) |
176,026 |
Antenna - (Note 11) |
27,780 |
Rental - (Note 8) |
18,437 |
Laundry |
18,000 |
Interest |
1,443 |
Miscellaneous |
1,559 |
NCB Patronage refund - (Note 5) |
22 |
Total Other Income |
243,267 |
TOTAL INCOME |
2,735,565 |
COST OF OPERATIONS |
|
Administrative expenses Schedule 1 |
151,073 |
Operating expenses Schedule 2 |
737,796 |
Maintenance expenses Schedule 3 |
89,365 |
Taxes Schedule 4 |
1,336,004 |
Financial expenses Schedule 5 |
295,609 |
TOTAL COST OF OPERATIONS |
2,609,847 |
INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT |
125,718 |
Depreciation and amortization Schedule 6 |
(106,011) |
Capital assessment - (Note 9) |
229,137 |
NET INCOME (LOSS) |
248,844 |
Beginning Accumulated Deficit |
(7,087,730) |
Ending Accumulated Deficit |
(6,838,906) |