Apartment Report

Year Ended 2015-12-31

504 East 6 St
New York
NY 10009

504 East 6th Street Owners, Inc.

Financial Statements

BALANCE SHEETS

ASSETS
CURRENT ASSETS
Cash - Operating Account 25,397
Cash - Reserve Account -0-
Proprietary Charges Receivable -0-
Prepaid Expenses 12,120
Mortgage Escrow Account 791
Total Current Assets 38,308
PROPERTY- NET - Note 4 1,642,116
OTHER ASSETS
Investment in National Cooperative Bank 9,255
Mortgage Finance Costs - Net 12,902
Total Other Assets 22,157
Total Assets 1,702,581
LIABILITIES & STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable/Accrued Expenses 7,833
Due to Holder of Unsold Shares 7,220
Mortgage Payable - Current 9,494
Prepaid Proprietary Charges -0-
Total Current Liabilities 24,547
LONG-TERM LIABILITIES
NCB Mortgage Payable 343,354
Total Liabilities 367,901
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 (1,064,795)
Total Stockhoiders' Equity 1,334,680
Total Liabilities and Stockholders’ Equity 1,702,581

STATEMENTS OF OPERATIONS

INCOME
Proprietary charges 107,237
Assessments 50,000
Sublet Fees, Late Charges, Misc. 8,950
Interest/Dividend Income 219
Total Income 166,406
EXPENSES
Payroll 7,150
Payroll taxes 1,069
Painting/Apartment Repairs 7,195
Repairs and maintenance 7,191
Maintenance supplies 293
Gas and electric 2,465
Permits/Violations 2,133
Office expense 1,100
Management fee 9,300
Accounting 2,700
Legal and Professional fees 2,500
Corporation Tax 1,331
Insurance 14,919
Real estate tax - Note 5 10,376
interest on mortgage 22,814
Exterminating 3,038
Fuel 22,539
Water and sewer 3,760
Total Operating Expenses 121,873
Net income (Loss) from Operations 44,533
Depreciation and Amortization (66,651)
Net Income (Loss) (22,118)
Accumulated Deficit - Beginning of year (1,042,677)
Accumulated Deficit - End of year (1,064,795)