| CURRENT LIABILITIES |
|
| Cash overdraft - Operating account |
-0- |
| Accounts payable and accrued expenses |
105,915 |
| Real estate tax abatements and exemptions payable |
134,766 |
| Mortgage interest accrued |
43,014 |
| Prepaid occupancy income |
42,804 |
| Senior citizen subsidy |
935 |
| Mortgage payable - (current portion) |
225,732 |
| Second mortgage payable - (current portion) |
-0- |
| TOTAL CURRENT LIABILITIES |
553,166 |
| LONG TERM AND OTHER LIABILITIES |
|
| Mortgage payable - (Note 3) |
12,744,979 |
| Less: Current portion |
225,732 |
| Unamortized debt issuance costs — (Note 2) |
361,365 |
| Second mortgage payable — (Note 3) |
-0- |
| Less: Current portion |
-0- |
| Unamortized debt issuance costs — (Note 2) |
-0- |
| Tenant security deposits payable |
17,255 |
| TOTAL LONG TERM AND OTHER LIABILITIES |
12,175,137 |
| TOTAL LIABILITIES |
12,728,303 |
| STOCKHOLDERS’ EQUITY |
|
| Capital Stock - Common - Authorized and Issued 111,455 shares at $1 par value of which 6,495 and 7,235 shares were held as Treasury Stock as of December 31, 2018 and 2017, respectively |
111,455 |
| Paid-in Capital in excess of par value |
6,464,926 |
| Paid-in Capital - Treasury Stock - (Note 4) |
3,709,125 |
| Accumulated Deficit |
7,595,391 |
| Less: Treasury Stock at cost - (Note 4) |
194,906 |
| TOTAL STOCKHOLDERS’ EQUITY |
2,495,209 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
15,223,512 |
| Income From Shareholders |
|
| Maintenance charges - net of treasury held apartments |
2,723,437 |
| Special assessment - (Note 5) |
195,034 |
| Late charges |
4,275 |
| Sublet fees and violations |
875 |
| Tenant charges |
2,603 |
| Total Income from Shareholders |
2,926,224 |
| Other Income |
|
| Rental - (Note 4) |
195,799 |
| Laundry |
20,480 |
| Storage bins |
17,599 |
| Miscellaneous |
6,400 |
| Total Other Income |
240,278 |
| Financial Income |
|
| Interest |
18,746 |
| TOTAL INCOME |
3,185,248 |
| COST OF OPERATIONS |
|
| Administrative expenses Schedule 2 |
407,071 |
| Operating expenses Schedule 3 |
1,048,656 |
| Maintenance expenses Schedule 4 |
245,205 |
| Taxes Schedule 5 |
777,669 |
| Financial expenses Schedule 6 |
822,729 |
| TOTAL COST OF OPERATIONS |
3,301,330 |
| INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND OTHER ITEM |
116,082 |
| Depreciation and amortization Schedule 7 |
461,441 |
| Beautification assessment - (Note 6) |
12,363 |
| NET LOSS |
565,160 |
| Beginning Accumulated Deficit |
7,030,231 |
| Ending Accumulated Deficit |
7,595,391 |