| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,049 |
| Sterling bank - management account |
405 |
| Sterling bank - security deposit account |
106 |
|
1,560 |
| Tenants’ accounts receivable |
204 |
| Commercial tenants (CATS) receivable |
19 |
| Prepaid expenses: |
|
| Fuel inventory |
85 |
| Prepaid insurance |
414 |
|
499 |
| TOTAL CURRENT ASSETS |
2,281 |
| FUNDS |
|
| Contingency Fund |
11,782 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,445 |
| Building |
-0- |
| Building |
10,927 |
| Building equipment |
103 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
346 |
| TOTAL FIXED ASSETS |
19,820 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
33,884 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
879 |
| Stockholders’ abatement payable |
687 |
| Accrued interest payable |
103 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
106 |
| Amortization due within one year |
920 |
| TOTAL CURRENT LIABILITIES |
2,708 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
34,978 |
| Less:net debt issuance costs |
440 |
|
34,539 |
| Less: Amortization due within one year |
920 |
| TOTAL LONG-TERM LIABILITIES |
33,619 |
| TOTAL LIABILITIES |
36,327 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
602 |
| Paid-in capital re:excess of par value |
55,463 |
| Capital contribution re: mortgage amortization and capital assessments |
35,034 |
| Accumulated deficit- beginning |
(90,859) |
| Net income or (loss) for period |
(1,790) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(894) |
| Accumulated deficit- end |
(93,542) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,443) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
33,884 |