| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,117 |
| Sterling bank - management account |
431 |
| Sterling bank - security deposit account |
113 |
|
1,661 |
| Tenants’ accounts receivable |
218 |
| Commercial tenants (CATS) receivable |
20 |
| Prepaid expenses: |
|
| Fuel inventory |
90 |
| Prepaid insurance |
441 |
|
531 |
| TOTAL CURRENT ASSETS |
2,429 |
| FUNDS |
|
| Contingency Fund |
12,546 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,992 |
| Building |
-0- |
| Building |
11,635 |
| Building equipment |
110 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
368 |
| TOTAL FIXED ASSETS |
21,106 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
36,081 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
936 |
| Stockholders’ abatement payable |
731 |
| Accrued interest payable |
110 |
| Prepaid maintenance charges |
14 |
| Security deposits payable |
113 |
| Amortization due within one year |
980 |
| TOTAL CURRENT LIABILITIES |
2,884 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
37,247 |
| Less:net debt issuance costs |
468 |
|
36,778 |
| Less: Amortization due within one year |
980 |
| TOTAL LONG-TERM LIABILITIES |
35,799 |
| TOTAL LIABILITIES |
38,683 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
641 |
| Paid-in capital re:excess of par value |
59,060 |
| Capital contribution re: mortgage amortization and capital assessments |
37,306 |
| Accumulated deficit- beginning |
(96,751) |
| Net income or (loss) for period |
(1,906) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(952) |
| Accumulated deficit- end |
(99,608) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,602) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
36,081 |