| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,109 |
| Sterling bank - management account |
429 |
| Sterling bank - security deposit account |
112 |
|
1,650 |
| Tenants’ accounts receivable |
216 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
89 |
| Prepaid insurance |
438 |
|
527 |
| TOTAL CURRENT ASSETS |
2,413 |
| FUNDS |
|
| Contingency Fund |
12,466 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,935 |
| Building |
-0- |
| Building |
11,561 |
| Building equipment |
109 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
366 |
| TOTAL FIXED ASSETS |
20,970 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
35,850 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
930 |
| Stockholders’ abatement payable |
727 |
| Accrued interest payable |
109 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
112 |
| Amortization due within one year |
973 |
| TOTAL CURRENT LIABILITIES |
2,865 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
37,008 |
| Less:net debt issuance costs |
465 |
|
36,542 |
| Less: Amortization due within one year |
973 |
| TOTAL LONG-TERM LIABILITIES |
35,569 |
| TOTAL LIABILITIES |
38,435 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
637 |
| Paid-in capital re:excess of par value |
58,681 |
| Capital contribution re: mortgage amortization and capital assessments |
37,067 |
| Accumulated deficit- beginning |
(96,130) |
| Net income or (loss) for period |
(1,893) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(946) |
| Accumulated deficit- end |
(98,969) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,585) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
35,850 |