| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,174 |
| Sterling bank - management account |
454 |
| Sterling bank - security deposit account |
118 |
|
1,746 |
| Tenants’ accounts receivable |
229 |
| Commercial tenants (CATS) receivable |
21 |
| Prepaid expenses: |
|
| Fuel inventory |
95 |
| Prepaid insurance |
463 |
|
558 |
| TOTAL CURRENT ASSETS |
2,554 |
| FUNDS |
|
| Contingency Fund |
13,190 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,453 |
| Building |
-0- |
| Building |
12,232 |
| Building equipment |
115 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
387 |
| TOTAL FIXED ASSETS |
22,188 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
37,931 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
984 |
| Stockholders’ abatement payable |
769 |
| Accrued interest payable |
116 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
118 |
| Amortization due within one year |
1,030 |
| TOTAL CURRENT LIABILITIES |
3,032 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
39,157 |
| Less:net debt issuance costs |
492 |
|
38,664 |
| Less: Amortization due within one year |
1,030 |
| TOTAL LONG-TERM LIABILITIES |
37,634 |
| TOTAL LIABILITIES |
40,666 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
673 |
| Paid-in capital re:excess of par value |
62,088 |
| Capital contribution re: mortgage amortization and capital assessments |
39,219 |
| Accumulated deficit- beginning |
(101,712) |
| Net income or (loss) for period |
(2,003) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,000) |
| Accumulated deficit- end |
(104,716) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,735) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
37,931 |