| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,127 |
| Sterling bank - management account |
436 |
| Sterling bank - security deposit account |
114 |
|
1,677 |
| Tenants’ accounts receivable |
220 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
91 |
| Prepaid insurance |
445 |
|
536 |
| TOTAL CURRENT ASSETS |
2,452 |
| FUNDS |
|
| Contingency Fund |
12,667 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,079 |
| Building |
-0- |
| Building |
11,747 |
| Building equipment |
111 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
372 |
| TOTAL FIXED ASSETS |
21,309 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
36,428 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
945 |
| Stockholders’ abatement payable |
738 |
| Accrued interest payable |
111 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
114 |
| Amortization due within one year |
989 |
| TOTAL CURRENT LIABILITIES |
2,912 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
37,605 |
| Less:net debt issuance costs |
473 |
|
37,132 |
| Less: Amortization due within one year |
989 |
| TOTAL LONG-TERM LIABILITIES |
36,143 |
| TOTAL LIABILITIES |
39,055 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
647 |
| Paid-in capital re:excess of par value |
59,628 |
| Capital contribution re: mortgage amortization and capital assessments |
37,665 |
| Accumulated deficit- beginning |
(97,681) |
| Net income or (loss) for period |
(1,924) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(961) |
| Accumulated deficit- end |
(100,566) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,627) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
36,428 |