| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
905 |
| Sterling bank - management account |
350 |
| Sterling bank - security deposit account |
91 |
|
1,347 |
| Tenants’ accounts receivable |
176 |
| Commercial tenants (CATS) receivable |
16 |
| Prepaid expenses: |
|
| Fuel inventory |
73 |
| Prepaid insurance |
357 |
|
430 |
| TOTAL CURRENT ASSETS |
1,970 |
| FUNDS |
|
| Contingency Fund |
10,174 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,292 |
| Building |
-0- |
| Building |
9,435 |
| Building equipment |
89 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
299 |
| TOTAL FIXED ASSETS |
17,114 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
29,258 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
759 |
| Stockholders’ abatement payable |
593 |
| Accrued interest payable |
89 |
| Prepaid maintenance charges |
11 |
| Security deposits payable |
91 |
| Amortization due within one year |
794 |
| TOTAL CURRENT LIABILITIES |
2,339 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
30,203 |
| Less:net debt issuance costs |
380 |
|
29,823 |
| Less: Amortization due within one year |
794 |
| TOTAL LONG-TERM LIABILITIES |
29,029 |
| TOTAL LIABILITIES |
31,368 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
519 |
| Paid-in capital re:excess of par value |
47,891 |
| Capital contribution re: mortgage amortization and capital assessments |
30,251 |
| Accumulated deficit- beginning |
(78,455) |
| Net income or (loss) for period |
(1,545) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(772) |
| Accumulated deficit- end |
(80,772) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,110) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
29,258 |