Apartment Report

Year Ended 2018-12-31

310 East 49 St
#1F
New York
NY 10017

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents	1,122

Receivables (Note 3)	266
Prepaid expenses (Note 4)	135
Total Current Assets	1,523

Reserve fund (Notes 2 and 5)	6,621
Property and Improvements: (Notes 2 and 6)
Land	14,850

Building	30,843
Building improvements	25,245
Total	70,939
Less: accumulated depreciation	(45,564)
Net Property and Improvements	25,376
Other Assets:
Investment in NCB stock (Note 2)	130
Unamortized credit line finance costs	76
Utility deposit	5
Total Other Assets	211
Total Assets	33,730
Liabilities
Current Liabilities:
Accounts payable and accrued expenses	373
Real estate tax abatements	583
Mortgage payable - current portion	412
Prepaid maintenance and laundry income	122
Building improvements payable	62
Accrued mortgage interest	58
Total Current Liabilities	1,610
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7)	19,143

Unamortized mortgage finance costs (Note 2)	(422)
Total Long-Term Debt	18,721
Security deposits payable	280
Total Long-Term Liabilities	19,001
Total Liabilities	20,612

Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding	730

Additional paid-in capital	42,125
Accumulated deficit	(29,736)
Total Stockholders’ Equity	13,119

Total Liabilities and Stockholders’ Equity	33,730

OPERATIONS
Revenues
Maintenance	14,184
Operating assessment	1,495
Shareholder and other fees	298
Interest and dividend income	125
Transfer fees (Note 2)	87
Laundry income	82
Total Revenues	16,271
Cost of Operations
Administrative expenses Schedule 1	878
Operating expenses Schedule 2	6,705
Repairs and maintenance Schedule 3	1,002
Real estate tax	6,921
Mortgage interest	701
Corporation taxes	88
Total Cost of Operations	16,296
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs	(25)
Noncash depreciation, amortization and mortgage finance interest costs	(1,757)
Net Loss For The Year	(1,782)