| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
814 |
| Sterling bank - management account |
315 |
| Sterling bank - security deposit account |
82 |
|
1,211 |
| Tenants’ accounts receivable |
159 |
| Commercial tenants (CATS) receivable |
15 |
| Prepaid expenses: |
|
| Fuel inventory |
66 |
| Prepaid insurance |
321 |
|
387 |
| TOTAL CURRENT ASSETS |
1,771 |
| FUNDS |
|
| Contingency Fund |
9,148 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
6,557 |
| Building |
-0- |
| Building |
8,484 |
| Building equipment |
80 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
269 |
| TOTAL FIXED ASSETS |
15,390 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
26,309 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
683 |
| Stockholders’ abatement payable |
533 |
| Accrued interest payable |
80 |
| Prepaid maintenance charges |
10 |
| Security deposits payable |
82 |
| Amortization due within one year |
714 |
| TOTAL CURRENT LIABILITIES |
2,103 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
27,159 |
| Less:net debt issuance costs |
342 |
|
26,817 |
| Less: Amortization due within one year |
714 |
| TOTAL LONG-TERM LIABILITIES |
26,103 |
| TOTAL LIABILITIES |
28,206 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
467 |
| Paid-in capital re:excess of par value |
43,064 |
| Capital contribution re: mortgage amortization and capital assessments |
27,202 |
| Accumulated deficit- beginning |
(70,547) |
| Net income or (loss) for period |
(1,390) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(694) |
| Accumulated deficit- end |
(72,631) |
| TOTAL STOCKHOLDERS’ EQUITY |
(1,897) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
26,309 |