BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
ASSETS |
|
CURRENT ASSETS |
|
Cash and cash equivalents: |
|
Citibank - management account |
1,160 |
Sterling bank - management account |
448 |
Sterling bank - security deposit account |
117 |
|
1,725 |
Tenants’ accounts receivable |
226 |
Commercial tenants (CATS) receivable |
21 |
Prepaid expenses: |
|
Fuel inventory |
93 |
Prepaid insurance |
458 |
|
551 |
TOTAL CURRENT ASSETS |
2,522 |
FUNDS |
|
Contingency Fund |
13,029 |
FIXED ASSETS |
|
Cost Depreciation Value |
|
Land |
9,338 |
Building |
-0- |
Building |
12,083 |
Building equipment |
114 |
Furniture and fixtures |
-0- |
Lobby and hallway improvements |
383 |
TOTAL FIXED ASSETS |
21,917 |
OTHER ASSETS |
-0- |
TOTAL ASSETS |
37,469 |
LIABILITIES |
|
CURRENT LIABILITIES |
|
Accounts payable and accrued expenses |
972 |
Stockholders’ abatement payable |
759 |
Accrued interest payable |
114 |
Prepaid maintenance charges |
15 |
Security deposits payable |
117 |
Amortization due within one year |
1,017 |
TOTAL CURRENT LIABILITIES |
2,995 |
LONG-TERM LIABILITIES |
|
Mortgage payable- Capital One Bank |
38,679 |
Less:net debt issuance costs |
486 |
|
38,193 |
Less: Amortization due within one year |
1,017 |
TOTAL LONG-TERM LIABILITIES |
37,175 |
TOTAL LIABILITIES |
40,170 |
STOCKHOLDERS’ EQUITY |
|
Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
665 |
Paid-in capital re:excess of par value |
61,331 |
Capital contribution re: mortgage amortization and capital assessments |
38,741 |
Accumulated deficit- beginning |
(100,472) |
Net income or (loss) for period |
(1,979) |
Portion appropriated for reduction of mortgage and/or capital assessments |
(988) |
Accumulated deficit- end |
(103,439) |
TOTAL STOCKHOLDERS’ EQUITY |
(2,702) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
37,469 |