| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,235 |
| Sterling bank - management account |
477 |
| Sterling bank - security deposit account |
124 |
|
1,836 |
| Tenants’ accounts receivable |
241 |
| Commercial tenants (CATS) receivable |
22 |
| Prepaid expenses: |
|
| Fuel inventory |
100 |
| Prepaid insurance |
487 |
|
587 |
| TOTAL CURRENT ASSETS |
2,686 |
| FUNDS |
|
| Contingency Fund |
13,873 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,943 |
| Building |
-0- |
| Building |
12,866 |
| Building equipment |
121 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
407 |
| TOTAL FIXED ASSETS |
23,338 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
39,897 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,035 |
| Stockholders’ abatement payable |
809 |
| Accrued interest payable |
122 |
| Prepaid maintenance charges |
16 |
| Security deposits payable |
124 |
| Amortization due within one year |
1,083 |
| TOTAL CURRENT LIABILITIES |
3,189 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
41,186 |
| Less:net debt issuance costs |
518 |
|
40,668 |
| Less: Amortization due within one year |
1,083 |
| TOTAL LONG-TERM LIABILITIES |
39,585 |
| TOTAL LIABILITIES |
42,774 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
708 |
| Paid-in capital re:excess of par value |
65,306 |
| Capital contribution re: mortgage amortization and capital assessments |
41,252 |
| Accumulated deficit- beginning |
(106,984) |
| Net income or (loss) for period |
(2,107) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,052) |
| Accumulated deficit- end |
(110,143) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,877) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
39,897 |