| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,145 |
| Sterling bank - management account |
443 |
| Sterling bank - security deposit account |
115 |
|
1,703 |
| Tenants’ accounts receivable |
223 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
92 |
| Prepaid insurance |
452 |
|
544 |
| TOTAL CURRENT ASSETS |
2,491 |
| FUNDS |
|
| Contingency Fund |
12,868 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,223 |
| Building |
-0- |
| Building |
11,934 |
| Building equipment |
112 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
378 |
| TOTAL FIXED ASSETS |
21,647 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
37,006 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
960 |
| Stockholders’ abatement payable |
750 |
| Accrued interest payable |
113 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
115 |
| Amortization due within one year |
1,005 |
| TOTAL CURRENT LIABILITIES |
2,958 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
38,202 |
| Less:net debt issuance costs |
480 |
|
37,721 |
| Less: Amortization due within one year |
1,005 |
| TOTAL LONG-TERM LIABILITIES |
36,716 |
| TOTAL LIABILITIES |
39,674 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
657 |
| Paid-in capital re:excess of par value |
60,574 |
| Capital contribution re: mortgage amortization and capital assessments |
38,263 |
| Accumulated deficit- beginning |
(99,231) |
| Net income or (loss) for period |
(1,955) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(976) |
| Accumulated deficit- end |
(102,162) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,668) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
37,006 |