ASSETS |
|
CURRENT ASSETS |
|
Cash — Operating account |
-0- |
Tax and insurance escrow account |
-0- |
Mortgage escrow deposits |
379,514 |
Violation escrow |
-0- |
Receivables: |
|
Shareholders’ arrears |
145,263 |
Rental income apartments |
34,218 |
Prepaid Expenses: |
|
Insurance |
60,262 |
Corporate taxes |
9,710 |
Real estate taxes |
135,994 |
TOTAL CURRENT ASSETS |
764,961 |
FUND |
|
Reserve Fund - Schedule 1 |
1,120,329 |
PROPERTY AND EQUIPMENT |
|
Land |
2,000,345 |
Buildings |
8,133,116 |
Building improvements |
14,491,774 |
Furniture and equipment |
79,762 |
Less: Accumulated depreciation |
(15,634,977) |
NET PROPERTY AND EQUIPMENT |
9,070,020 |
OTHER ASSETS |
|
Unamortized J—51 abatement costs |
214 |
Utility deposits |
4,490 |
Tenants’ security deposits |
17,963 |
TOTAL OTHER ASSETS |
22,667 |
TOTAL ASSETS |
10,977,977 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
CURRENT LIABILITIES |
|
Cash overdraft - Operating account |
45,356 |
Accounts payable and accrued expenses |
195,220 |
Real estate tax abatements and exemptions payable |
111,385 |
Mortgage interest accrued |
43,617 |
Prepaid occupancy income |
30,396 |
Senior citizen subsidy |
1,028 |
Mortgage payable - (current portion) |
170,473 |
Second mortgage payable - (current portion) |
96,158 |
TOTAL CURRENT LIABILITIES |
693,633 |
LONG TERM AND OTHER LIABILITIES |
|
Mortgage payable - (Note 3) |
4,963,791 |
Less: Current portion |
(170,473) |
Unamortized debt issuance costs — (Note 2) |
-0- |
Second mortgage payable — (Note 3) |
3,262,506 |
Less: Current portion |
(96,158) |
Unamortized debt issuance costs — (Note 2) |
(103,446) |
Tenant security deposits payable |
17,963 |
TOTAL LONG TERM AND OTHER LIABILITIES |
7,874,183 |
TOTAL LIABILITIES |
8,567,816 |
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) |
3,159,191 |
Accumulated Deficit |
(7,030,231) |
Less: Treasury Stock at cost - (Note 4) |
(295,180) |
TOTAL STOCKHOLDERS’ EQUITY |
2,410,161 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
10,977,977 |
INCOME |
|
Income From Shareholders |
|
Maintenance charges - net of treasury held apartments |
2,662,553 |
Special assessment - (Note 5) |
184,298 |
Late charges |
4,650 |
Sublet fees and violations |
1,780 |
Tenant charges |
2,077 |
Total Income from Shareholders |
2,855,358 |
Other Income |
|
Rental - (Note 4) |
226,830 |
Laundry |
19,200 |
Storage bins |
16,286 |
Miscellaneous |
6,633 |
Total Other Income |
268,949 |
Financial Income |
|
Interest |
8,596 |
TOTAL INCOME |
3,132,903 |
COST OF OPERATIONS |
|
Administrative expenses Schedule 2 |
395,322 |
Operating expenses Schedule 3 |
995,841 |
Maintenance expenses Schedule 4 |
296,277 |
Taxes Schedule 5 |
722,341 |
Financial expenses Schedule 6 |
555,256 |
TOTAL COST OF OPERATIONS |
2,965,037 |
INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, AMORTIZATION AND OTHER ITEM |
167,866 |
Depreciation and amortization Schedule 7 |
(466,999) |
Beautification assessment - (Note 6) |
12,454 |
NET LOSS |
(286,679) |
Beginning Accumulated Deficit |
(6,743,552) |
Ending Accumulated Deficit |
(7,030,231) |