| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,138 |
| Sterling bank - management account |
440 |
| Sterling bank - security deposit account |
115 |
|
1,693 |
| Tenants’ accounts receivable |
222 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
92 |
| Prepaid insurance |
449 |
|
541 |
| TOTAL CURRENT ASSETS |
2,476 |
| FUNDS |
|
| Contingency Fund |
12,788 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,165 |
| Building |
-0- |
| Building |
11,859 |
| Building equipment |
112 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
376 |
| TOTAL FIXED ASSETS |
21,511 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
36,775 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
954 |
| Stockholders’ abatement payable |
745 |
| Accrued interest payable |
112 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
115 |
| Amortization due within one year |
998 |
| TOTAL CURRENT LIABILITIES |
2,939 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
37,963 |
| Less:net debt issuance costs |
477 |
|
37,486 |
| Less: Amortization due within one year |
998 |
| TOTAL LONG-TERM LIABILITIES |
36,487 |
| TOTAL LIABILITIES |
39,426 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
653 |
| Paid-in capital re:excess of par value |
60,195 |
| Capital contribution re: mortgage amortization and capital assessments |
38,023 |
| Accumulated deficit- beginning |
(98,611) |
| Net income or (loss) for period |
(1,942) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(970) |
| Accumulated deficit- end |
(101,523) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,652) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
36,775 |