| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,306 |
| Sterling bank - management account |
505 |
| Sterling bank - security deposit account |
132 |
|
1,943 |
| Tenants’ accounts receivable |
255 |
| Commercial tenants (CATS) receivable |
23 |
| Prepaid expenses: |
|
| Fuel inventory |
105 |
| Prepaid insurance |
516 |
|
621 |
| TOTAL CURRENT ASSETS |
2,842 |
| FUNDS |
|
| Contingency Fund |
14,678 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
10,520 |
| Building |
-0- |
| Building |
13,612 |
| Building equipment |
128 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
431 |
| TOTAL FIXED ASSETS |
24,691 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
42,210 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,096 |
| Stockholders’ abatement payable |
856 |
| Accrued interest payable |
129 |
| Prepaid maintenance charges |
17 |
| Security deposits payable |
132 |
| Amortization due within one year |
1,146 |
| TOTAL CURRENT LIABILITIES |
3,374 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
43,574 |
| Less:net debt issuance costs |
548 |
|
43,026 |
| Less: Amortization due within one year |
1,146 |
| TOTAL LONG-TERM LIABILITIES |
41,880 |
| TOTAL LIABILITIES |
45,254 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
749 |
| Paid-in capital re:excess of par value |
69,092 |
| Capital contribution re: mortgage amortization and capital assessments |
43,643 |
| Accumulated deficit- beginning |
(113,186) |
| Net income or (loss) for period |
(2,229) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,113) |
| Accumulated deficit- end |
(116,529) |
| TOTAL STOCKHOLDERS’ EQUITY |
(3,044) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
42,210 |