| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,038 |
| Sterling bank - management account |
401 |
| Sterling bank - security deposit account |
105 |
|
1,544 |
| Tenants’ accounts receivable |
202 |
| Commercial tenants (CATS) receivable |
19 |
| Prepaid expenses: |
|
| Fuel inventory |
84 |
| Prepaid insurance |
410 |
|
493 |
| TOTAL CURRENT ASSETS |
2,258 |
| FUNDS |
|
| Contingency Fund |
11,662 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
8,358 |
| Building |
-0- |
| Building |
10,815 |
| Building equipment |
102 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
342 |
| TOTAL FIXED ASSETS |
19,617 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
33,537 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
870 |
| Stockholders’ abatement payable |
680 |
| Accrued interest payable |
102 |
| Prepaid maintenance charges |
13 |
| Security deposits payable |
105 |
| Amortization due within one year |
911 |
| TOTAL CURRENT LIABILITIES |
2,681 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
34,620 |
| Less:net debt issuance costs |
435 |
|
34,185 |
| Less: Amortization due within one year |
911 |
| TOTAL LONG-TERM LIABILITIES |
33,274 |
| TOTAL LIABILITIES |
35,955 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
595 |
| Paid-in capital re:excess of par value |
54,895 |
| Capital contribution re: mortgage amortization and capital assessments |
34,675 |
| Accumulated deficit- beginning |
(89,928) |
| Net income or (loss) for period |
(1,771) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(885) |
| Accumulated deficit- end |
(92,584) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,418) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
33,537 |