| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
995 |
| Sterling bank - management account |
384 |
| Sterling bank - security deposit account |
100 |
|
1,480 |
| Tenants’ accounts receivable |
194 |
| Commercial tenants (CATS) receivable |
18 |
| Prepaid expenses: |
|
| Fuel inventory |
80 |
| Prepaid insurance |
393 |
|
473 |
| TOTAL CURRENT ASSETS |
2,164 |
| FUNDS |
|
| Contingency Fund |
11,179 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,012 |
| Building |
-0- |
| Building |
10,367 |
| Building equipment |
98 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
328 |
| TOTAL FIXED ASSETS |
18,806 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
32,149 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
834 |
| Stockholders’ abatement payable |
652 |
| Accrued interest payable |
98 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
100 |
| Amortization due within one year |
873 |
| TOTAL CURRENT LIABILITIES |
2,570 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
33,188 |
| Less:net debt issuance costs |
417 |
|
32,770 |
| Less: Amortization due within one year |
873 |
| TOTAL LONG-TERM LIABILITIES |
31,897 |
| TOTAL LIABILITIES |
34,467 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
571 |
| Paid-in capital re:excess of par value |
52,624 |
| Capital contribution re: mortgage amortization and capital assessments |
33,241 |
| Accumulated deficit- beginning |
(86,207) |
| Net income or (loss) for period |
(1,698) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(848) |
| Accumulated deficit- end |
(88,753) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,318) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
32,149 |