BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
ASSETS |
|
CURRENT ASSETS |
|
Cash and cash equivalents: |
|
Citibank - management account |
941 |
Sterling bank - management account |
364 |
Sterling bank - security deposit account |
95 |
|
1,400 |
Tenants’ accounts receivable |
183 |
Commercial tenants (CATS) receivable |
17 |
Prepaid expenses: |
|
Fuel inventory |
76 |
Prepaid insurance |
372 |
|
447 |
TOTAL CURRENT ASSETS |
2,048 |
FUNDS |
|
Contingency Fund |
10,576 |
FIXED ASSETS |
|
Cost Depreciation Value |
|
Land |
7,580 |
Building |
-0- |
Building |
9,808 |
Building equipment |
92 |
Furniture and fixtures |
-0- |
Lobby and hallway improvements |
311 |
TOTAL FIXED ASSETS |
17,791 |
OTHER ASSETS |
-0- |
TOTAL ASSETS |
30,414 |
LIABILITIES |
|
CURRENT LIABILITIES |
|
Accounts payable and accrued expenses |
789 |
Stockholders’ abatement payable |
616 |
Accrued interest payable |
93 |
Prepaid maintenance charges |
12 |
Security deposits payable |
95 |
Amortization due within one year |
826 |
TOTAL CURRENT LIABILITIES |
2,431 |
LONG-TERM LIABILITIES |
|
Mortgage payable- Capital One Bank |
31,397 |
Less:net debt issuance costs |
395 |
|
31,002 |
Less: Amortization due within one year |
826 |
TOTAL LONG-TERM LIABILITIES |
30,176 |
TOTAL LIABILITIES |
32,607 |
STOCKHOLDERS’ EQUITY |
|
Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
540 |
Paid-in capital re:excess of par value |
49,784 |
Capital contribution re: mortgage amortization and capital assessments |
31,447 |
Accumulated deficit- beginning |
(81,556) |
Net income or (loss) for period |
(1,606) |
Portion appropriated for reduction of mortgage and/or capital assessments |
(802) |
Accumulated deficit- end |
(83,964) |
TOTAL STOCKHOLDERS’ EQUITY |
(2,193) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
30,414 |