ASSETS |
|
CURRENT ASSETS |
|
Cash - Operating account |
485,303 |
Mortgage escrow deposits |
178,907 |
Merrill Lynch - Investments |
405,900 |
Receivables: |
|
Shareholders’ arrears |
14,878 |
Prepaid Expenses: |
|
Boiler contract |
-0- |
Real estate taxes |
10,156 |
Corporate taxes |
11,210 |
Insurance |
5,329 |
TOTAL CURRENT ASSETS |
1,111,683 |
FUNDS |
|
BankUnited - Money Market |
200,710 |
Santander - Money Market |
201,023 |
National Cooperative Bank - restricted funds - (Note 6) |
100,491 |
TOTAL FUNDS |
502,224 |
PROPERTY AND EQUIPMENT |
|
Land |
1,006,264 |
Building |
9,056,380 |
Improvements |
2,662,740 |
Less: Accumulated depreciation |
(10,820,741) |
NET PROPERTY AND EQUIPMENT |
1,904,643 |
OTHER ASSETS |
|
Security deposits |
54,290 |
NCB BI Stock - (Note 5) |
1,250 |
TOTAL OTHER ASSETS |
55,540 |
TOTAL ASSETS |
3,574,090 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
CURRENT LIABILITIES |
|
Accounts payable and accrued expenses |
34,334 |
Accrued mortgage interest |
23,422 |
Prepaid maintenance charges |
30,833 |
Mortgage payable - current portion |
120,539 |
Real estate tax abatements and exemptions payable |
88,421 |
TOTAL CURRENT LIABILITIES |
297,549 |
LONG TERM AND OTHER LIABILITIES |
|
Mortgage payable - net of current portion - (Note 6) |
5,964,523 |
Less: Unamortized debt issuance costs - (Note 2) |
(70,232) |
Security deposits payable |
78,638 |
TOTAL LONG TERM AND OTHER LIABILITIES |
5,972,929 |
TOTAL LIABILITIES |
6,270,478 |
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 |
(6,894,601) |
Less: Treasury Stock at cost - (Note 8) |
(4,075) |
TOTAL STOCKHOLDERS’ DEFICIT |
(2,696,388) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
3,574,090 |
INCOME |
|
Income from Shareholders |
|
Maintenance charges |
2,286,076 |
Assessment - operations - (Note 9) |
241,835 |
Sublet fees |
19,569 |
Late fees |
5,312 |
Storage fees |
25,826 |
Move in/out fees |
6,000 |
Total Income from Shareholders |
2,584,618 |
Other Income |
|
Commercial - (Note 10) |
176,026 |
Antenna - (Note 11) |
28,474 |
Rental - (Note 8) |
18,558 |
Laundry |
20,900 |
Interest |
3,023 |
Miscellaneous |
1,326 |
NCB Patronage refund - (Note 5) |
51 |
Total Other Income |
248,358 |
TOTAL INCOME |
2,832,976 |
COST OF OPERATIONS |
|
Administrative expenses Schedule 1 |
155,565 |
Operating expenses Schedule 2 |
797,639 |
Maintenance expenses Schedule 3 |
120,056 |
Taxes Schedule 4 |
1,442,295 |
Financial expenses Schedule 5 |
289,719 |
TOTAL COST OF OPERATIONS |
2,805,274 |
INCOME FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND CAPITAL ASSESSMENT |
27,702 |
Depreciation and amortization Schedule 6 |
(104,228) |
Capital assessment - (Note 9) |
20,831 |
NET INCOME (LOSS) |
(55,695) |
Beginning Accumulated Deficit |
(6,838,906) |
Ending Accumulated Deficit |
(6,894,601) |