| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
931 |
| Sterling bank - management account |
360 |
| Sterling bank - security deposit account |
94 |
|
1,384 |
| Tenants’ accounts receivable |
181 |
| Commercial tenants (CATS) receivable |
17 |
| Prepaid expenses: |
|
| Fuel inventory |
75 |
| Prepaid insurance |
367 |
|
442 |
| TOTAL CURRENT ASSETS |
2,024 |
| FUNDS |
|
| Contingency Fund |
10,455 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,494 |
| Building |
-0- |
| Building |
9,696 |
| Building equipment |
91 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
307 |
| TOTAL FIXED ASSETS |
17,588 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
30,067 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
780 |
| Stockholders’ abatement payable |
609 |
| Accrued interest payable |
92 |
| Prepaid maintenance charges |
12 |
| Security deposits payable |
94 |
| Amortization due within one year |
816 |
| TOTAL CURRENT LIABILITIES |
2,403 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
31,039 |
| Less:net debt issuance costs |
390 |
|
30,649 |
| Less: Amortization due within one year |
816 |
| TOTAL LONG-TERM LIABILITIES |
29,832 |
| TOTAL LIABILITIES |
32,235 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
534 |
| Paid-in capital re:excess of par value |
49,216 |
| Capital contribution re: mortgage amortization and capital assessments |
31,088 |
| Accumulated deficit- beginning |
(80,625) |
| Net income or (loss) for period |
(1,588) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(793) |
| Accumulated deficit- end |
(83,007) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,168) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
30,067 |