| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
701 |
| Sterling bank - management account |
271 |
| Sterling bank - security deposit account |
71 |
|
1,043 |
| Tenants’ accounts receivable |
137 |
| Commercial tenants (CATS) receivable |
13 |
| Prepaid expenses: |
|
| Fuel inventory |
57 |
| Prepaid insurance |
277 |
|
333 |
| TOTAL CURRENT ASSETS |
1,526 |
| FUNDS |
|
| Contingency Fund |
7,882 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
5,649 |
| Building |
-0- |
| Building |
7,309 |
| Building equipment |
69 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
231 |
| TOTAL FIXED ASSETS |
13,259 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
22,666 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
588 |
| Stockholders’ abatement payable |
459 |
| Accrued interest payable |
69 |
| Prepaid maintenance charges |
9 |
| Security deposits payable |
71 |
| Amortization due within one year |
615 |
| TOTAL CURRENT LIABILITIES |
1,812 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
23,399 |
| Less:net debt issuance costs |
294 |
|
23,104 |
| Less: Amortization due within one year |
615 |
| TOTAL LONG-TERM LIABILITIES |
22,489 |
| TOTAL LIABILITIES |
24,301 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
402 |
| Paid-in capital re:excess of par value |
37,102 |
| Capital contribution re: mortgage amortization and capital assessments |
23,436 |
| Accumulated deficit- beginning |
(60,779) |
| Net income or (loss) for period |
(1,197) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(598) |
| Accumulated deficit- end |
(62,574) |
| TOTAL STOCKHOLDERS’ EQUITY |
(1,634) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
22,666 |