| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,016 |
| Sterling bank - management account |
393 |
| Sterling bank - security deposit account |
102 |
|
1,512 |
| Tenants’ accounts receivable |
198 |
| Commercial tenants (CATS) receivable |
18 |
| Prepaid expenses: |
|
| Fuel inventory |
82 |
| Prepaid insurance |
401 |
|
483 |
| TOTAL CURRENT ASSETS |
2,211 |
| FUNDS |
|
| Contingency Fund |
11,420 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,185 |
| Building |
-0- |
| Building |
10,591 |
| Building equipment |
100 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
335 |
| TOTAL FIXED ASSETS |
19,212 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
32,843 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
852 |
| Stockholders’ abatement payable |
666 |
| Accrued interest payable |
100 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
102 |
| Amortization due within one year |
892 |
| TOTAL CURRENT LIABILITIES |
2,625 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
33,904 |
| Less:net debt issuance costs |
426 |
|
33,478 |
| Less: Amortization due within one year |
892 |
| TOTAL LONG-TERM LIABILITIES |
32,586 |
| TOTAL LIABILITIES |
35,211 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
583 |
| Paid-in capital re:excess of par value |
53,759 |
| Capital contribution re: mortgage amortization and capital assessments |
33,958 |
| Accumulated deficit- beginning |
(88,068) |
| Net income or (loss) for period |
(1,735) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(866) |
| Accumulated deficit- end |
(90,669) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,368) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
32,843 |