| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
966 |
| Sterling bank - management account |
373 |
| Sterling bank - security deposit account |
97 |
|
1,437 |
| Tenants’ accounts receivable |
188 |
| Commercial tenants (CATS) receivable |
17 |
| Prepaid expenses: |
|
| Fuel inventory |
78 |
| Prepaid insurance |
381 |
|
459 |
| TOTAL CURRENT ASSETS |
2,102 |
| FUNDS |
|
| Contingency Fund |
10,857 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,782 |
| Building |
-0- |
| Building |
10,069 |
| Building equipment |
95 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
319 |
| TOTAL FIXED ASSETS |
18,264 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
31,224 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
810 |
| Stockholders’ abatement payable |
633 |
| Accrued interest payable |
95 |
| Prepaid maintenance charges |
12 |
| Security deposits payable |
97 |
| Amortization due within one year |
848 |
| TOTAL CURRENT LIABILITIES |
2,496 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
32,233 |
| Less:net debt issuance costs |
405 |
|
31,827 |
| Less: Amortization due within one year |
848 |
| TOTAL LONG-TERM LIABILITIES |
30,980 |
| TOTAL LIABILITIES |
33,475 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
554 |
| Paid-in capital re:excess of par value |
51,109 |
| Capital contribution re: mortgage amortization and capital assessments |
32,284 |
| Accumulated deficit- beginning |
(83,726) |
| Net income or (loss) for period |
(1,649) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(824) |
| Accumulated deficit- end |
(86,199) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,251) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
31,224 |