| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,013 |
| Sterling bank - management account |
391 |
| Sterling bank - security deposit account |
102 |
|
1,506 |
| Tenants’ accounts receivable |
197 |
| Commercial tenants (CATS) receivable |
18 |
| Prepaid expenses: |
|
| Fuel inventory |
82 |
| Prepaid insurance |
400 |
|
482 |
| TOTAL CURRENT ASSETS |
2,203 |
| FUNDS |
|
| Contingency Fund |
11,380 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,156 |
| Building |
-0- |
| Building |
10,554 |
| Building equipment |
99 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
334 |
| TOTAL FIXED ASSETS |
19,144 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
32,727 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
849 |
| Stockholders’ abatement payable |
663 |
| Accrued interest payable |
100 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
102 |
| Amortization due within one year |
889 |
| TOTAL CURRENT LIABILITIES |
2,616 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
33,785 |
| Less:net debt issuance costs |
425 |
|
33,360 |
| Less: Amortization due within one year |
889 |
| TOTAL LONG-TERM LIABILITIES |
32,471 |
| TOTAL LIABILITIES |
35,087 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
581 |
| Paid-in capital re:excess of par value |
53,570 |
| Capital contribution re: mortgage amortization and capital assessments |
33,838 |
| Accumulated deficit- beginning |
(87,758) |
| Net income or (loss) for period |
(1,729) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(863) |
| Accumulated deficit- end |
(90,350) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,360) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
32,727 |