| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,154 |
| Sterling bank - management account |
446 |
| Sterling bank - security deposit account |
116 |
|
1,717 |
| Tenants’ accounts receivable |
225 |
| Commercial tenants (CATS) receivable |
21 |
| Prepaid expenses: |
|
| Fuel inventory |
93 |
| Prepaid insurance |
456 |
|
549 |
| TOTAL CURRENT ASSETS |
2,511 |
| FUNDS |
|
| Contingency Fund |
12,969 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,295 |
| Building |
-0- |
| Building |
12,027 |
| Building equipment |
113 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
381 |
| TOTAL FIXED ASSETS |
21,816 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
37,295 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
968 |
| Stockholders’ abatement payable |
756 |
| Accrued interest payable |
114 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
116 |
| Amortization due within one year |
1,013 |
| TOTAL CURRENT LIABILITIES |
2,981 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
38,500 |
| Less:net debt issuance costs |
484 |
|
38,016 |
| Less: Amortization due within one year |
1,013 |
| TOTAL LONG-TERM LIABILITIES |
37,003 |
| TOTAL LIABILITIES |
39,984 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
662 |
| Paid-in capital re:excess of par value |
61,047 |
| Capital contribution re: mortgage amortization and capital assessments |
38,561 |
| Accumulated deficit- beginning |
(100,007) |
| Net income or (loss) for period |
(1,970) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(984) |
| Accumulated deficit- end |
(102,960) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,689) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
37,295 |