| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
977 |
| Sterling bank - management account |
378 |
| Sterling bank - security deposit account |
98 |
|
1,453 |
| Tenants’ accounts receivable |
190 |
| Commercial tenants (CATS) receivable |
17 |
| Prepaid expenses: |
|
| Fuel inventory |
79 |
| Prepaid insurance |
386 |
|
465 |
| TOTAL CURRENT ASSETS |
2,125 |
| FUNDS |
|
| Contingency Fund |
10,978 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,868 |
| Building |
-0- |
| Building |
10,181 |
| Building equipment |
96 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
322 |
| TOTAL FIXED ASSETS |
18,467 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
31,571 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
819 |
| Stockholders’ abatement payable |
640 |
| Accrued interest payable |
96 |
| Prepaid maintenance charges |
12 |
| Security deposits payable |
98 |
| Amortization due within one year |
857 |
| TOTAL CURRENT LIABILITIES |
2,523 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
32,591 |
| Less:net debt issuance costs |
410 |
|
32,181 |
| Less: Amortization due within one year |
857 |
| TOTAL LONG-TERM LIABILITIES |
31,324 |
| TOTAL LIABILITIES |
33,847 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
561 |
| Paid-in capital re:excess of par value |
51,677 |
| Capital contribution re: mortgage amortization and capital assessments |
32,643 |
| Accumulated deficit- beginning |
(84,657) |
| Net income or (loss) for period |
(1,667) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(833) |
| Accumulated deficit- end |
(87,157) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,276) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
31,571 |