| 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 |