Apartment Report

Year Ended 2018-12-31

310 East 49 St
#PHB
New York
NY 10017

Balance Sheets
Assets
Current Assets:
Cash and cash equivalents	1,153

Receivables (Note 3)	274
Prepaid expenses (Note 4)	138
Total Current Assets	1,565

Reserve fund (Notes 2 and 5)	6,802
Property and Improvements: (Notes 2 and 6)
Land	15,257

Building	31,688
Building improvements	25,937
Total	72,883
Less: accumulated depreciation	(46,812)
Net Property and Improvements	26,071
Other Assets:
Investment in NCB stock (Note 2)	133
Unamortized credit line finance costs	78
Utility deposit	5
Total Other Assets	216
Total Assets	34,654
Liabilities
Current Liabilities:
Accounts payable and accrued expenses	383
Real estate tax abatements	599
Mortgage payable - current portion	423
Prepaid maintenance and laundry income	125
Building improvements payable	64
Accrued mortgage interest	60
Total Current Liabilities	1,654
Long-Term Liabilities:
Mortgage payable - net of current portion (Note 7)	19,667

Unamortized mortgage finance costs (Note 2)	(433)
Total Long-Term Debt	19,234
Security deposits payable	288
Total Long-Term Liabilities	19,522
Total Liabilities	21,176

Stockholders’ Equity
Common stock - $1.00 par value, 71,711 shares issued and outstanding	750

Additional paid-in capital	43,279
Accumulated deficit	(30,551)
Total Stockholders’ Equity	13,478

Total Liabilities and Stockholders’ Equity	34,654

OPERATIONS
Revenues
Maintenance	14,573
Operating assessment	1,536
Shareholder and other fees	306
Interest and dividend income	128
Transfer fees (Note 2)	89
Laundry income	85
Total Revenues	16,717
Cost of Operations
Administrative expenses Schedule 1	902
Operating expenses Schedule 2	6,889
Repairs and maintenance Schedule 3	1,030
Real estate tax	7,111
Mortgage interest	720
Corporation taxes	90
Total Cost of Operations	16,743
(Loss) Income Before Noncash Depreciation, Amortization and Mortgage Finance Interest Costs	(26)
Noncash depreciation, amortization and mortgage finance interest costs	(1,805)
Net Loss For The Year	(1,831)