| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
970 |
| Sterling bank - management account |
375 |
| Sterling bank - security deposit account |
98 |
|
1,442 |
| Tenants’ accounts receivable |
189 |
| Commercial tenants (CATS) receivable |
17 |
| Prepaid expenses: |
|
| Fuel inventory |
78 |
| Prepaid insurance |
383 |
|
461 |
| TOTAL CURRENT ASSETS |
2,110 |
| FUNDS |
|
| Contingency Fund |
10,898 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,811 |
| Building |
-0- |
| Building |
10,106 |
| Building equipment |
95 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
320 |
| TOTAL FIXED ASSETS |
18,332 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
31,340 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
813 |
| Stockholders’ abatement payable |
635 |
| Accrued interest payable |
95 |
| Prepaid maintenance charges |
12 |
| Security deposits payable |
98 |
| Amortization due within one year |
851 |
| TOTAL CURRENT LIABILITIES |
2,505 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
32,352 |
| Less:net debt issuance costs |
407 |
|
31,945 |
| Less: Amortization due within one year |
851 |
| TOTAL LONG-TERM LIABILITIES |
31,094 |
| TOTAL LIABILITIES |
33,599 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
556 |
| Paid-in capital re:excess of par value |
51,299 |
| Capital contribution re: mortgage amortization and capital assessments |
32,404 |
| Accumulated deficit- beginning |
(84,037) |
| Net income or (loss) for period |
(1,655) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(827) |
| Accumulated deficit- end |
(86,518) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,260) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
31,340 |