| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,671 |
| Sterling bank - management account |
646 |
| Sterling bank - security deposit account |
168 |
|
2,486 |
| Tenants’ accounts receivable |
326 |
| Commercial tenants (CATS) receivable |
30 |
| Prepaid expenses: |
|
| Fuel inventory |
135 |
| Prepaid insurance |
660 |
|
795 |
| TOTAL CURRENT ASSETS |
3,636 |
| FUNDS |
|
| Contingency Fund |
18,779 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
13,460 |
| Building |
-0- |
| Building |
17,415 |
| Building equipment |
164 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
552 |
| TOTAL FIXED ASSETS |
31,591 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
54,006 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,402 |
| Stockholders’ abatement payable |
1,095 |
| Accrued interest payable |
164 |
| Prepaid maintenance charges |
21 |
| Security deposits payable |
168 |
| Amortization due within one year |
1,466 |
| TOTAL CURRENT LIABILITIES |
4,317 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
55,751 |
| Less:net debt issuance costs |
701 |
|
55,049 |
| Less: Amortization due within one year |
1,466 |
| TOTAL LONG-TERM LIABILITIES |
53,583 |
| TOTAL LIABILITIES |
57,900 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
959 |
| Paid-in capital re:excess of par value |
88,400 |
| Capital contribution re: mortgage amortization and capital assessments |
55,839 |
| Accumulated deficit- beginning |
(144,816) |
| Net income or (loss) for period |
(2,852) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,424) |
| Accumulated deficit- end |
(149,093) |
| TOTAL STOCKHOLDERS’ EQUITY |
(3,894) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
54,006 |