| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,206 |
| Sterling bank - management account |
466 |
| Sterling bank - security deposit account |
122 |
|
1,794 |
| Tenants’ accounts receivable |
235 |
| Commercial tenants (CATS) receivable |
22 |
| Prepaid expenses: |
|
| Fuel inventory |
97 |
| Prepaid insurance |
476 |
|
573 |
| TOTAL CURRENT ASSETS |
2,624 |
| FUNDS |
|
| Contingency Fund |
13,552 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
9,713 |
| Building |
-0- |
| Building |
12,568 |
| Building equipment |
118 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
398 |
| TOTAL FIXED ASSETS |
22,797 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
38,972 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,011 |
| Stockholders’ abatement payable |
790 |
| Accrued interest payable |
119 |
| Prepaid maintenance charges |
15 |
| Security deposits payable |
122 |
| Amortization due within one year |
1,058 |
| TOTAL CURRENT LIABILITIES |
3,115 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
40,231 |
| Less:net debt issuance costs |
506 |
|
39,725 |
| Less: Amortization due within one year |
1,058 |
| TOTAL LONG-TERM LIABILITIES |
38,667 |
| TOTAL LIABILITIES |
41,782 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
692 |
| Paid-in capital re:excess of par value |
63,792 |
| Capital contribution re: mortgage amortization and capital assessments |
40,295 |
| Accumulated deficit- beginning |
(104,503) |
| Net income or (loss) for period |
(2,058) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,028) |
| Accumulated deficit- end |
(107,589) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,810) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
38,972 |