| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
991 |
| Sterling bank - management account |
383 |
| Sterling bank - security deposit account |
100 |
|
1,474 |
| Tenants’ accounts receivable |
193 |
| Commercial tenants (CATS) receivable |
18 |
| Prepaid expenses: |
|
| Fuel inventory |
80 |
| Prepaid insurance |
391 |
|
471 |
| TOTAL CURRENT ASSETS |
2,157 |
| FUNDS |
|
| Contingency Fund |
11,139 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,984 |
| Building |
-0- |
| Building |
10,330 |
| Building equipment |
97 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
327 |
| TOTAL FIXED ASSETS |
18,738 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
32,033 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
831 |
| Stockholders’ abatement payable |
649 |
| Accrued interest payable |
98 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
100 |
| Amortization due within one year |
870 |
| TOTAL CURRENT LIABILITIES |
2,560 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
33,068 |
| Less:net debt issuance costs |
416 |
|
32,652 |
| Less: Amortization due within one year |
870 |
| TOTAL LONG-TERM LIABILITIES |
31,783 |
| TOTAL LIABILITIES |
34,343 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
569 |
| Paid-in capital re:excess of par value |
52,434 |
| Capital contribution re: mortgage amortization and capital assessments |
33,121 |
| Accumulated deficit- beginning |
(85,897) |
| Net income or (loss) for period |
(1,692) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(845) |
| Accumulated deficit- end |
(88,434) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,310) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
32,033 |