| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,095 |
| Sterling bank - management account |
423 |
| Sterling bank - security deposit account |
110 |
|
1,629 |
| Tenants’ accounts receivable |
213 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
88 |
| Prepaid insurance |
432 |
|
521 |
| TOTAL CURRENT ASSETS |
2,382 |
| FUNDS |
|
| Contingency Fund |
12,305 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,819 |
| Building |
-0- |
| Building |
11,411 |
| Building equipment |
108 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
361 |
| TOTAL FIXED ASSETS |
20,700 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
35,387 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
918 |
| Stockholders’ abatement payable |
717 |
| Accrued interest payable |
108 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
110 |
| Amortization due within one year |
961 |
| TOTAL CURRENT LIABILITIES |
2,829 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
36,530 |
| Less:net debt issuance costs |
459 |
|
36,071 |
| Less: Amortization due within one year |
961 |
| TOTAL LONG-TERM LIABILITIES |
35,110 |
| TOTAL LIABILITIES |
37,939 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
628 |
| Paid-in capital re:excess of par value |
57,924 |
| Capital contribution re: mortgage amortization and capital assessments |
36,589 |
| Accumulated deficit- beginning |
(94,890) |
| Net income or (loss) for period |
(1,869) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(933) |
| Accumulated deficit- end |
(97,692) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,552) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
35,387 |