| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
651 |
| Sterling bank - management account |
252 |
| Sterling bank - security deposit account |
66 |
|
969 |
| Tenants’ accounts receivable |
127 |
| Commercial tenants (CATS) receivable |
12 |
| Prepaid expenses: |
|
| Fuel inventory |
53 |
| Prepaid insurance |
257 |
|
310 |
| TOTAL CURRENT ASSETS |
1,417 |
| FUNDS |
|
| Contingency Fund |
7,319 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
5,246 |
| Building |
-0- |
| Building |
6,787 |
| Building equipment |
64 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
215 |
| TOTAL FIXED ASSETS |
12,312 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
21,047 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
546 |
| Stockholders’ abatement payable |
427 |
| Accrued interest payable |
64 |
| Prepaid maintenance charges |
8 |
| Security deposits payable |
66 |
| Amortization due within one year |
571 |
| TOTAL CURRENT LIABILITIES |
1,682 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
21,727 |
| Less:net debt issuance costs |
273 |
|
21,454 |
| Less: Amortization due within one year |
571 |
| TOTAL LONG-TERM LIABILITIES |
20,883 |
| TOTAL LIABILITIES |
22,565 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
374 |
| Paid-in capital re:excess of par value |
34,451 |
| Capital contribution re: mortgage amortization and capital assessments |
21,762 |
| Accumulated deficit- beginning |
(56,438) |
| Net income or (loss) for period |
(1,112) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(555) |
| Accumulated deficit- end |
(58,105) |
| TOTAL STOCKHOLDERS’ EQUITY |
(1,518) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
21,047 |