ASSETS |
|
CURRENT ASSETS |
|
Cash in Merrill Lynch |
48,789 |
Cash in Operating Account |
50,922 |
Shareholders' Accounts Receivable |
5,965 |
Commercial Tenant's Accounts Receivable |
37,065 |
Prepaid Expenses |
12,022 |
Total Current Assets |
154,762 |
PROPERTY AND EQUIPMENT Net Book Value |
398,255 |
OTHER ASSETS |
|
Deferred Mortgage Financing Expenses - net of Accumulated Amortization |
11,882 |
TOTAL ASSETS |
564,899 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
CURRENT LIABILITIES |
|
Accounts Payable |
55,954 |
Accrued Interest on Mortgage |
2,678 |
Rents Received in Advance |
8,120 |
Abatements Due to Stockholders |
33,131 |
Mortgage Payable - portion due within one year |
24,265 |
Total Current Liabilities |
124,148 |
LONG-TERM LIABILITIES |
|
Mortgage Payable (due after one year) |
402,448 |
STOCKHOLDERS' EQUITY |
|
Common Stock $1.00 par value; 13,500 shares Authorized; 12,160 shares Issued and Outstanding |
12,160 |
Paid-in Capital |
939,117 |
Retained Earnings (Deficit) |
(912,973) |
Total Stockholders' Equity |
38,304 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
564,899 |
INCOME |
|
Carrying Charges - Shareholders |
378,688 |
Operating Assessment - Shareholders |
54,122 |
Special Assessment - Shareholders |
61,468 |
Commercial Rental Income |
99,103 |
Transfer Fee Income |
1,350 |
Storage Room Income |
2,250 |
Interest and Miscellaneous Income |
1,951 |
Total Income |
598,932 |
EXPENSES |
|
Administrative Expenses |
37,147 |
Utilities Expenses |
65,447 |
Maintenance Expenses |
109,478 |
Taxes and Insurance Expenses |
358,208 |
Financial Expenses |
32,919 |
Total Expenses Before Depreciation and Amortization |
603,199 |
NET INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION |
(4,267) |
Less: Depreciation and Amortization of Mortgage Financing Expenses |
(10,463) |
NET INCOME (LOSS) FOR THE YEAR |
(14,730) |