The format got screwed up in the original post. So I'm re-posting it now. I'm in the process of purchasing a coop. Just received the Financial statement and it doesn't look good to me. 200k to 300k losses in both 2017 and 2018. Negative RE. Any input? Should I get out? Thx! 2018 Assets: Cash 600,000 Restricted Cash 150,000 Due from tenant-stockholders 47,000 Due from sponsor 5,000 Due from xxx... [more]
The format got screwed up in the original post. So I'm re-posting it now.
I'm in the process of purchasing a coop. Just received the Financial statement and it doesn't look good to me. 200k to 300k losses in both 2017 and 2018. Negative RE. Any input? Should I get out? Thx!
2018 Assets:
Cash 600,000
Restricted Cash 150,000
Due from tenant-stockholders 47,000
Due from sponsor 5,000
Due from xxx Condominium 42,000
Prepaid expenses and other receivables 48,000 Property and improvements, net 3,000,000
Security deposit account 150,000
Deferred legal fees 1,500
Total assets 4,043,500
Liabilities:
Stockholder charges received in advance 13,000 Accrued tax rebites- stockholders 75,000
Accrued expenses and accounts payable 125,000 Security deposits payable 180,000
First mortgage payable 5,250,000
Second mortgage payable 1,250,000
Less: unamortized mortgage cost (135,000)
Net Mortgages payable 6,365,000
Total Liabilities 6,758,000
Stockholders' deficiency
Common stock 2,500 APIC 380,000
Accumulated deficit (3,000,000)
Total deficiency (2,617,500)
Total liabilities and deficiency 4,043,500
2018 Revenue:
Maintenance charges 2,140,000
Operating assessment 130,000
Other income 10,000
Interest income 2,500
Transfer charge 30,000
Storage Income 11,000
Late fee and other 36,000
Fixed charges 1,160,000 "
Operating expense:
Labor 750,000
Common charges 390,000
Utilites 46,000
Reparis & maintenance 115,000
General & Admin 91,000
Total operating expense 1,392,000
Depreciation 170,000
Income Tax 8,000
Loss (370,500)
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