Apartment Report

Year Ended 2017-12-31

77-12 35 Ave
New York
NY 11372

Berkowners Inc.

Financial Statements

BALANCE SHEETS

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

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

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)