Apartment Report

Year Ended 2014-12-31

504 East 6 St
New York
NY 10009

504 East 6th Street Owners, Inc.

Financial Statements

BALANCE SHEETS

ASSETS
CURRENT ASSETS
Cash - Operating Account 15,713
Cash - Reserve Account -0-
Proprietary Charges Receivable -0-
Prepaid Expenses 8,444
Mortgage Escrow Account 541
Total Current Assets 24,698
PROPERTY- NET - Note 4 1,705,661
OTHER ASSETS
Investment in National Cooperative Bank 9,255
Mortgage Finance Costs - Net 16,008
Total Other Assets 25,263
Total Assets 1,755,622
LIABILITIES & STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable/Accrued Expenses 32,669
Due to Holder of Unsold Shares 4,338
Mortgage Payable - Current 8,969
Prepaid Proprietary Charges -0-
Total Current Liabilities 45,976
LONG-TERM LIABILITIES
NCB Mortgage Payable 352,848
Total Liabilities 398,824
STOCKHOLDERS' EQUITY
Capital stock - Common - 10,000 shares Authorized; 8,888 shares Issued and Outstanding at $1.00 par value 8,888
Additional Paid-In-Capital 2,390,587
Accumulated Deficit (1,042,677)
Total Stockhoiders' Equity 1,356,798
Total Liabilities and Stockholders’ Equity 1,755,622

STATEMENTS OF OPERATIONS

INCOME
Proprietary charges 107,237
Assessments 100,000
Sublet Fees, Late Charges, Misc. 8,054
Interest/Dividend Income 188
Total Income 215,479
EXPENSES
Payroll 7,150
Payroll taxes 816
Painting/Apartment Repairs -0-
Repairs and maintenance 4,206
Maintenance supplies 684
Gas and electric 2,658
Permits/Violations 70
Office expense 994
Management fee 11,575
Accounting 2,600
Legal and Professional fees 269
Corporation Tax 1,775
Insurance 10,907
Real estate tax - Note 5 10,464
interest on mortgage 23,366
Exterminating 1,510
Fuel 23,863
Water and sewer 3,725
Total Operating Expenses 106,632
Net income (Loss) from Operations 108,847
Depreciation and Amortization (63,749)
Net Income (Loss) 45,098
Accumulated Deficit - Beginning of year (1,087,775)
Accumulated Deficit - End of year (1,042,677)