| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,274 |
| Sterling bank - management account |
492 |
| Sterling bank - security deposit account |
128 |
|
1,895 |
| Tenants’ accounts receivable |
248 |
| Commercial tenants (CATS) receivable |
23 |
| Prepaid expenses: |
|
| Fuel inventory |
103 |
| Prepaid insurance |
503 |
|
606 |
| TOTAL CURRENT ASSETS |
2,772 |
| FUNDS |
|
| Contingency Fund |
14,316 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
10,260 |
| Building |
-0- |
| Building |
13,276 |
| Building equipment |
125 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
420 |
| TOTAL FIXED ASSETS |
24,082 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
41,169 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,069 |
| Stockholders’ abatement payable |
834 |
| Accrued interest payable |
125 |
| Prepaid maintenance charges |
16 |
| Security deposits payable |
128 |
| Amortization due within one year |
1,118 |
| TOTAL CURRENT LIABILITIES |
3,291 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
42,499 |
| Less:net debt issuance costs |
534 |
|
41,965 |
| Less: Amortization due within one year |
1,118 |
| TOTAL LONG-TERM LIABILITIES |
40,847 |
| TOTAL LIABILITIES |
44,138 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
731 |
| Paid-in capital re:excess of par value |
67,389 |
| Capital contribution re: mortgage amortization and capital assessments |
42,567 |
| Accumulated deficit- beginning |
(110,395) |
| Net income or (loss) for period |
(2,174) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,086) |
| Accumulated deficit- end |
(113,655) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,968) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
41,169 |