Apartment Report

Year Ended 2011-12-31

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 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

Revenues, Expenses Deficit

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)