Apartment Report

Year Ended 2012-12-31

242 East 38 St
New York
NY 10016

242 East 38th Street Tenants Corp

Financial Statements

Balance Sheets

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

Statements of Income (Loss)

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)