ASSETS |
|
Current Assets |
|
Checking/Savings |
|
Cash & Equivalents-Note 3 |
77,221 |
Total Checking/Savings |
77,221 |
Other Current Assets |
|
Maintenance Receivable-Note 3 |
19,699 |
Prepaid Expenses |
166,860 |
Total Other Current Assets |
186,559 |
Total Current Assets |
263,780 |
Fixed Assets |
|
Fixed Assets-Note 3 |
4,460,817 |
Land |
2,077,614 |
Less-Accumulated Depreciation |
(3,927,059) |
Total Fixed Assets |
2,611,372 |
Other Assets |
|
Intangible Assets-Note 6 |
47,925 |
Less-Accumulated Amortization |
(38,334) |
Total Other Assets |
9,591 |
TOTAL ASSETS |
2,884,743 |
LIABILITIES & EQUITY |
|
Liabilities |
|
Current Liabilities |
|
Other Current Liabilities |
|
Accrued Expenses |
65,283 |
Due to ABC Management Corp. |
9,772 |
Due to New York City-Note 5 |
43,786 |
Due to owners-NYC Tax Abatement |
93,086 |
Due to owners for Scries |
-0- |
Prepaid Maintenance |
12,146 |
Total Other Current Liabilities |
224,073 |
Total Current Liabilities |
224,073 |
Long Term Liabilities |
|
Mortgages Payable-Note 7 |
2,376,619 |
Security Payable |
1,000 |
Total Long Term Liabilities |
2,377,619 |
Total Liabilities |
2,601,692 |
Equity |
|
Additional Paid in Capital |
4,500,897 |
Common Stock |
50,757 |
Retained Earnings (Deficit) |
(3,846,086) |
Treasury Stock-Note 8 |
(422,517) |
Total Equity |
283,051 |
TOTAL LIABILITIES & EQUITY |
2,884,743 |
Ordinary Income/Expense |
|
Income |
|
Charges-Owners-Assessments-Note 12 (Items 1 & 2) |
88,394 |
Charges-Owners-Regular-Notes 3 & 9 |
1,041,347 |
Laundry Income |
12,600 |
Shareholder Transfer Tax (Flip Tax) |
-0- |
Storage |
14,945 |
Sublet Fees |
56,000 |
Supplemental Income |
24,080 |
Total Income |
1,237,366 |
Expense |
|
Administrative |
2,264 |
Corporate Taxes-Note 10 |
6,095 |
Insurance Expense |
31,666 |
Interest Expense-Note 7 |
129,393 |
Management Fees |
48,600 |
Permits and Fees |
2,003 |
Professional Fees |
8,818 |
Real Estate Taxes |
532,729 |
Repairs and Maintenance |
39,935 |
Telephone Expense |
2,085 |
Union-Note 11 |
30,662 |
Utilities |
112,035 |
Wages & Contract Labor-Note 11 |
202,210 |
Water |
49,752 |
Total Expense |
1,198,247 |
Net Ordinary Income (loss) |
39,119 |
Other Income |
|
Assessment for Elevator Modernization-Note 12 (Item 3) |
-0- |
Total Other Income |
-0- |
Other Expense |
|
Amortization Expense-Note 6 |
4,793 |
Depreciation Expense-Note 3 |
32,803 |
Total Other Expense |
37,596 |
Net Income (loss) |
1,523 |
Retained Deficit 1/1/12 & 1/1/11 |
(3,847,609) |
Retained Deficit 12/31/12 & 12/31/11 |
(3,846,086) |