| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,557 |
| Sterling bank - management account |
602 |
| Sterling bank - security deposit account |
157 |
|
2,315 |
| Tenants’ accounts receivable |
303 |
| Commercial tenants (CATS) receivable |
28 |
| Prepaid expenses: |
|
| Fuel inventory |
126 |
| Prepaid insurance |
615 |
|
740 |
| TOTAL CURRENT ASSETS |
3,387 |
| FUNDS |
|
| Contingency Fund |
17,492 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
12,537 |
| Building |
-0- |
| Building |
16,222 |
| Building equipment |
153 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
514 |
| TOTAL FIXED ASSETS |
29,426 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
50,305 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,306 |
| Stockholders’ abatement payable |
1,020 |
| Accrued interest payable |
153 |
| Prepaid maintenance charges |
20 |
| Security deposits payable |
157 |
| Amortization due within one year |
1,366 |
| TOTAL CURRENT LIABILITIES |
4,021 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
51,930 |
| Less:net debt issuance costs |
653 |
|
51,277 |
| Less: Amortization due within one year |
1,366 |
| TOTAL LONG-TERM LIABILITIES |
49,911 |
| TOTAL LIABILITIES |
53,932 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
893 |
| Paid-in capital re:excess of par value |
82,343 |
| Capital contribution re: mortgage amortization and capital assessments |
52,013 |
| Accumulated deficit- beginning |
(134,893) |
| Net income or (loss) for period |
(2,657) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,327) |
| Accumulated deficit- end |
(138,876) |
| TOTAL STOCKHOLDERS’ EQUITY |
(3,627) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
50,305 |