| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,185 |
| Sterling bank - management account |
458 |
| Sterling bank - security deposit account |
119 |
|
1,762 |
| Tenants’ accounts receivable |
231 |
| Commercial tenants (CATS) receivable |
21 |
| Prepaid expenses: |
|
| Fuel inventory |
96 |
| Prepaid insurance |
468 |
|
563 |
| TOTAL CURRENT ASSETS |
2,577 |
| FUNDS |
|
| Contingency Fund |
13,310 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,540 |
| Building |
-0- |
| Building |
12,344 |
| Building equipment |
116 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
391 |
| TOTAL FIXED ASSETS |
22,391 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
38,278 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
993 |
| Stockholders’ abatement payable |
776 |
| Accrued interest payable |
117 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
119 |
| Amortization due within one year |
1,039 |
| TOTAL CURRENT LIABILITIES |
3,060 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
39,515 |
| Less:net debt issuance costs |
497 |
|
39,018 |
| Less: Amortization due within one year |
1,039 |
| TOTAL LONG-TERM LIABILITIES |
37,979 |
| TOTAL LIABILITIES |
41,038 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
680 |
| Paid-in capital re:excess of par value |
62,656 |
| Capital contribution re: mortgage amortization and capital assessments |
39,578 |
| Accumulated deficit- beginning |
(102,642) |
| Net income or (loss) for period |
(2,022) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,010) |
| Accumulated deficit- end |
(105,674) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,760) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
38,278 |