Apartment Report

Year Ended 2010-12-31

321 East 45 St
New York
NY 10017

321 East 45th St. Owners, Inc.

Financial Statements

Balance Sheet

ASSETS
Current Assets
Checking/Savings
Cash & Equivalents-Note 3 110,419
Total Checking/Savings 110,419
Other Current Assets
Maintenance Receivable-Note 3 22,492
Prepaid Expenses 166,501
Total Other Current Assets 188,993
Total Current Assets 299,412
Fixed Assets
Fixed Assets-Note 3 4,460,817
Land 2,077,614
Less-Accumulated Depreciation (3,894,256)
Total Fixed Assets 2,644,175
Other Assets
Intangible Assets-Note 6 47,925
Less-Accumulated Amortization (33,541)
Total Other Assets 14,384
TOTAL ASSETS 2,957,971
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Accrued Expenses 112,679
Due to ABC Management Corp. -0-
Due to New York City-Note 5 43,786
Due to owners-NYC Tax Abatement 89,586
Due to owners for Scries 16,035
Prepaid Maintenance 10,948
Total Other Current Liabilities 273,034
Total Current Liabilities 273,034
Long Term Liabilities
Mortgages Payable-Note 7 2,400,508
Security Payable 2,901
Total Long Term Liabilities 2,403,409
Total Liabilities 2,676,443
Equity
Additional Paid in Capital 4,500,897
Common Stock 50,757
Retained Earnings (Deficit) (3,847,609)
Treasury Stock-Note 8 (422,517)
Total Equity 281,528
TOTAL LIABILITIES & EQUITY 2,957,971

Revenues, Expenses Deficit

Ordinary Income/Expense
Income
Charges-Owners-Assessments 83,784
Charges-Owners-Regular-Notes 3 & 9 905,534
Laundry Income 12,600
Shareholder Transfer Tax 7,100
Storage 14,695
Sublet Fees 54,400
Supplemental Income 22,538
Total Income 1,100,651
Expense
Administrative 2,704
Corporate Taxes-Note 10 6,217
Insurance Expense 31,751
Interest Expense-Note 7 130,383
Management Fees 48,600
Permits and Fees 852
Professional Fees 9,153
Real Estate Taxes 512,595
Repairs and Maintenance 33,545
Telephone Expense 2,074
Union-Note 11 28,663
Utilities 110,563
Wages & Contract Labor-Note 11 199,280
Water 34,578
Total Expense 1,150,958
Net Ordinary Income (loss) (50,307)
Other Expense
Amortization Expense-Note 6 4,793
Depreciation Expense-Note 3 35,701
Total Other Expense 40,494
Net Income (loss) (90,801)
Retained Deficit 1/1/11 & 1/1/10 (3,756,808)
Retained Deficit 12/31/11 & 12/31/10 (3,847,609)