| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,256 |
| Sterling bank - management account |
485 |
| Sterling bank - security deposit account |
127 |
|
1,868 |
| Tenants’ accounts receivable |
245 |
| Commercial tenants (CATS) receivable |
22 |
| Prepaid expenses: |
|
| Fuel inventory |
101 |
| Prepaid insurance |
496 |
|
597 |
| TOTAL CURRENT ASSETS |
2,733 |
| FUNDS |
|
| Contingency Fund |
14,115 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
10,116 |
| Building |
-0- |
| Building |
13,090 |
| Building equipment |
123 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
415 |
| TOTAL FIXED ASSETS |
23,744 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
40,591 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,053 |
| Stockholders’ abatement payable |
823 |
| Accrued interest payable |
124 |
| Prepaid maintenance charges |
16 |
| Security deposits payable |
127 |
| Amortization due within one year |
1,102 |
| TOTAL CURRENT LIABILITIES |
3,244 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
41,902 |
| Less:net debt issuance costs |
527 |
|
41,376 |
| Less: Amortization due within one year |
1,102 |
| TOTAL LONG-TERM LIABILITIES |
40,273 |
| TOTAL LIABILITIES |
43,518 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
721 |
| Paid-in capital re:excess of par value |
66,442 |
| Capital contribution re: mortgage amortization and capital assessments |
41,969 |
| Accumulated deficit- beginning |
(108,844) |
| Net income or (loss) for period |
(2,144) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,071) |
| Accumulated deficit- end |
(112,059) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,927) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
40,591 |