| 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 |