| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,296 |
| Sterling bank - management account |
501 |
| Sterling bank - security deposit account |
131 |
|
1,927 |
| Tenants’ accounts receivable |
252 |
| Commercial tenants (CATS) receivable |
23 |
| Prepaid expenses: |
|
| Fuel inventory |
104 |
| Prepaid insurance |
511 |
|
616 |
| TOTAL CURRENT ASSETS |
2,818 |
| FUNDS |
|
| Contingency Fund |
14,557 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
10,433 |
| Building |
-0- |
| Building |
13,500 |
| Building equipment |
127 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
428 |
| TOTAL FIXED ASSETS |
24,488 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
41,863 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,087 |
| Stockholders’ abatement payable |
849 |
| Accrued interest payable |
127 |
| Prepaid maintenance charges |
16 |
| Security deposits payable |
131 |
| Amortization due within one year |
1,137 |
| TOTAL CURRENT LIABILITIES |
3,346 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
43,216 |
| Less:net debt issuance costs |
543 |
|
42,672 |
| Less: Amortization due within one year |
1,137 |
| TOTAL LONG-TERM LIABILITIES |
41,536 |
| TOTAL LIABILITIES |
44,882 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
743 |
| Paid-in capital re:excess of par value |
68,524 |
| Capital contribution re: mortgage amortization and capital assessments |
43,285 |
| Accumulated deficit- beginning |
(112,255) |
| Net income or (loss) for period |
(2,211) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,104) |
| Accumulated deficit- end |
(115,571) |
| TOTAL STOCKHOLDERS’ EQUITY |
(3,019) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
41,863 |