Assets | |
Cash | 259,509 |
Cash - Real Estate Tax Escrow | 263,288 |
Reserve Funds - Cash | 308,267 |
Reserve Funds - Investments | 504,995 |
Accounts Receivable | 28,304 |
Accounts Receivable - Commercial | 346,957 |
Allowance for Doubtful Receivable | (346,957) |
Prepaid Expenses | 50,406 |
Environmental Escrow | 16,758 |
Property and Equipment - Net | 4,490,603 |
Investment in NCB Stock | 12,774 |
Mortgage Costs - Net | 20,634 |
Leasing Costs - Net | -0- |
Total Assets | 5,955,538 |
Liabilities and Shareholders' Equity | |
Liabilities | |
Accounts Payable and Accrued Expenses | 136,013 |
Capital Improvements Payable | 15,177 |
Abatements Due to Shareholders | 158,060 |
Maintenance Charges Received in Advance | 36,290 |
Deferred Commercial Rent | 141,703 |
Mortgage Payable | 1,813,759 |
Security Deposits Payable | 7,250 |
Total Liabilities | 2,308,252 |
Shareholders’ Equity | |
Capital Stock | 18,338 |
Additional Paid in Capital | 8,994,751 |
Retained Earnings (Deficit) | (5,365,803) |
Total Shareholders’ Equity | 3,647,286 |
Total Liabilities and Shareholders' Equity | 5,955,538 |
Income | |
Maintenance Charges | 2,726,714 |
Less: Abatements | (313,105) |
Operating Assessments | 275,070 |
Commercial Rent | 421,907 |
Less: Provision for Doubtful Receivable | (193,043) |
Laundry Income | 22,000 |
Storage Fees | 14,580 |
Transfer Fee Income | 13,940 |
Investment Income | 12,626 |
Other Income | 59,340 |
Total Income | 3,040,029 |
Expenses | |
Real Estate Taxes | 1,668,079 |
Less: Abatements | (313,105) |
Interest Expense | 102,107 |
Payroll and Related Expenses | 701,687 |
Electric and Gas | 65,837 |
Heating | 130,386 |
Water and Sewer | 96,295 |
Repairs and Maintenance | 149,679 |
Insurance | 88,634 |
Management Fees | 85,407 |
Professional Fees | 69,861 |
Corporation Taxes | 26,216 |
Office and Administration | 25,485 |
Total Expenses | 2,896,568 |
Income From Operations | 143,461 |
Other Items | |
Capital Assessments | 197,909 |
Commercial Rent - Straight-Line Adjustment (Note 2) | (141,703) |
Provision for Doubtful Receivable - Straight-Line Adjustment | -0- |
Environmental Remediation Costs | -0- |
Depreciation and Amortization | (118,254) |
Net Income (Loss) | 81,413 |