| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,074 |
| Sterling bank - management account |
415 |
| Sterling bank - security deposit account |
108 |
|
1,597 |
| Tenants’ accounts receivable |
209 |
| Commercial tenants (CATS) receivable |
19 |
| Prepaid expenses: |
|
| Fuel inventory |
87 |
| Prepaid insurance |
424 |
|
510 |
| TOTAL CURRENT ASSETS |
2,336 |
| FUNDS |
|
| Contingency Fund |
12,064 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,646 |
| Building |
-0- |
| Building |
11,188 |
| Building equipment |
105 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
354 |
| TOTAL FIXED ASSETS |
20,294 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
34,693 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
900 |
| Stockholders’ abatement payable |
703 |
| Accrued interest payable |
106 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
108 |
| Amortization due within one year |
942 |
| TOTAL CURRENT LIABILITIES |
2,773 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
35,814 |
| Less:net debt issuance costs |
450 |
|
35,364 |
| Less: Amortization due within one year |
942 |
| TOTAL LONG-TERM LIABILITIES |
34,422 |
| TOTAL LIABILITIES |
37,195 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
616 |
| Paid-in capital re:excess of par value |
56,788 |
| Capital contribution re: mortgage amortization and capital assessments |
35,871 |
| Accumulated deficit- beginning |
(93,029) |
| Net income or (loss) for period |
(1,832) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(915) |
| Accumulated deficit- end |
(95,777) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,502) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
34,693 |