| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,056 |
| Sterling bank - management account |
408 |
| Sterling bank - security deposit account |
106 |
|
1,570 |
| Tenants’ accounts receivable |
206 |
| Commercial tenants (CATS) receivable |
19 |
| Prepaid expenses: |
|
| Fuel inventory |
85 |
| Prepaid insurance |
417 |
|
502 |
| TOTAL CURRENT ASSETS |
2,297 |
| FUNDS |
|
| Contingency Fund |
11,863 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,502 |
| Building |
-0- |
| Building |
11,001 |
| Building equipment |
104 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
348 |
| TOTAL FIXED ASSETS |
19,956 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
34,115 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
885 |
| Stockholders’ abatement payable |
691 |
| Accrued interest payable |
104 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
106 |
| Amortization due within one year |
926 |
| TOTAL CURRENT LIABILITIES |
2,727 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
35,217 |
| Less:net debt issuance costs |
443 |
|
34,774 |
| Less: Amortization due within one year |
926 |
| TOTAL LONG-TERM LIABILITIES |
33,848 |
| TOTAL LIABILITIES |
36,575 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
606 |
| Paid-in capital re:excess of par value |
55,842 |
| Capital contribution re: mortgage amortization and capital assessments |
35,273 |
| Accumulated deficit- beginning |
(91,479) |
| Net income or (loss) for period |
(1,802) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(900) |
| Accumulated deficit- end |
(94,181) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,460) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
34,115 |