| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,578 |
| Sterling bank - management account |
610 |
| Sterling bank - security deposit account |
159 |
|
2,347 |
| Tenants’ accounts receivable |
308 |
| Commercial tenants (CATS) receivable |
28 |
| Prepaid expenses: |
|
| Fuel inventory |
127 |
| Prepaid insurance |
623 |
|
750 |
| TOTAL CURRENT ASSETS |
3,433 |
| FUNDS |
|
| Contingency Fund |
17,734 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
12,710 |
| Building |
-0- |
| Building |
16,446 |
| Building equipment |
155 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
521 |
| TOTAL FIXED ASSETS |
29,832 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
50,999 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,324 |
| Stockholders’ abatement payable |
1,034 |
| Accrued interest payable |
155 |
| Prepaid maintenance charges |
20 |
| Security deposits payable |
159 |
| Amortization due within one year |
1,385 |
| TOTAL CURRENT LIABILITIES |
4,076 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
52,647 |
| Less:net debt issuance costs |
662 |
|
51,985 |
| Less: Amortization due within one year |
1,385 |
| TOTAL LONG-TERM LIABILITIES |
50,600 |
| TOTAL LIABILITIES |
54,676 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
906 |
| Paid-in capital re:excess of par value |
83,479 |
| Capital contribution re: mortgage amortization and capital assessments |
52,731 |
| Accumulated deficit- beginning |
(136,753) |
| Net income or (loss) for period |
(2,694) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,345) |
| Accumulated deficit- end |
(140,792) |
| TOTAL STOCKHOLDERS’ EQUITY |
(3,677) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
50,999 |