| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,031 |
| Sterling bank - management account |
398 |
| Sterling bank - security deposit account |
104 |
|
1,533 |
| Tenants’ accounts receivable |
201 |
| Commercial tenants (CATS) receivable |
18 |
| Prepaid expenses: |
|
| Fuel inventory |
83 |
| Prepaid insurance |
407 |
|
490 |
| TOTAL CURRENT ASSETS |
2,242 |
| FUNDS |
|
| Contingency Fund |
11,581 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,301 |
| Building |
-0- |
| Building |
10,740 |
| Building equipment |
101 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
340 |
| TOTAL FIXED ASSETS |
19,482 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
33,305 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
864 |
| Stockholders’ abatement payable |
675 |
| Accrued interest payable |
101 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
104 |
| Amortization due within one year |
904 |
| TOTAL CURRENT LIABILITIES |
2,662 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
34,381 |
| Less:net debt issuance costs |
432 |
|
33,949 |
| Less: Amortization due within one year |
904 |
| TOTAL LONG-TERM LIABILITIES |
33,045 |
| TOTAL LIABILITIES |
35,707 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
591 |
| Paid-in capital re:excess of par value |
54,517 |
| Capital contribution re: mortgage amortization and capital assessments |
34,436 |
| Accumulated deficit- beginning |
(89,308) |
| Net income or (loss) for period |
(1,759) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(878) |
| Accumulated deficit- end |
(91,946) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,401) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
33,305 |