| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,732 |
| Sterling bank - management account |
669 |
| Sterling bank - security deposit account |
175 |
|
2,576 |
| Tenants’ accounts receivable |
338 |
| Commercial tenants (CATS) receivable |
31 |
| Prepaid expenses: |
|
| Fuel inventory |
140 |
| Prepaid insurance |
684 |
|
824 |
| TOTAL CURRENT ASSETS |
3,768 |
| FUNDS |
|
| Contingency Fund |
19,463 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
13,950 |
| Building |
-0- |
| Building |
18,049 |
| Building equipment |
170 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
572 |
| TOTAL FIXED ASSETS |
32,741 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
55,972 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,453 |
| Stockholders’ abatement payable |
1,134 |
| Accrued interest payable |
170 |
| Prepaid maintenance charges |
22 |
| Security deposits payable |
175 |
| Amortization due within one year |
1,520 |
| TOTAL CURRENT LIABILITIES |
4,474 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
57,780 |
| Less:net debt issuance costs |
727 |
|
57,053 |
| Less: Amortization due within one year |
1,520 |
| TOTAL LONG-TERM LIABILITIES |
55,534 |
| TOTAL LIABILITIES |
60,008 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
994 |
| Paid-in capital re:excess of par value |
91,618 |
| Capital contribution re: mortgage amortization and capital assessments |
57,872 |
| Accumulated deficit- beginning |
(150,087) |
| Net income or (loss) for period |
(2,956) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,476) |
| Accumulated deficit- end |
(154,520) |
| TOTAL STOCKHOLDERS’ EQUITY |
(4,036) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
55,972 |