| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,195 |
| Sterling bank - management account |
462 |
| Sterling bank - security deposit account |
120 |
|
1,778 |
| Tenants’ accounts receivable |
233 |
| Commercial tenants (CATS) receivable |
21 |
| Prepaid expenses: |
|
| Fuel inventory |
96 |
| Prepaid insurance |
472 |
|
568 |
| TOTAL CURRENT ASSETS |
2,600 |
| FUNDS |
|
| Contingency Fund |
13,431 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,626 |
| Building |
-0- |
| Building |
12,456 |
| Building equipment |
117 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
394 |
| TOTAL FIXED ASSETS |
22,594 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
38,625 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,002 |
| Stockholders’ abatement payable |
783 |
| Accrued interest payable |
118 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
120 |
| Amortization due within one year |
1,049 |
| TOTAL CURRENT LIABILITIES |
3,087 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
39,873 |
| Less:net debt issuance costs |
501 |
|
39,372 |
| Less: Amortization due within one year |
1,049 |
| TOTAL LONG-TERM LIABILITIES |
38,323 |
| TOTAL LIABILITIES |
41,410 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
686 |
| Paid-in capital re:excess of par value |
63,224 |
| Capital contribution re: mortgage amortization and capital assessments |
39,937 |
| Accumulated deficit- beginning |
(103,573) |
| Net income or (loss) for period |
(2,040) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,019) |
| Accumulated deficit- end |
(106,632) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,785) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
38,625 |