| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
1,253 |
| Sterling bank - management account |
484 |
| Sterling bank - security deposit account |
126 |
|
1,863 |
| Tenants’ accounts receivable |
244 |
| Commercial tenants (CATS) receivable |
22 |
| Prepaid expenses: |
|
| Fuel inventory |
101 |
| Prepaid insurance |
495 |
|
596 |
| TOTAL CURRENT ASSETS |
2,725 |
| FUNDS |
|
| Contingency Fund |
14,074 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
10,088 |
| Building |
-0- |
| Building |
13,052 |
| Building equipment |
123 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
413 |
| TOTAL FIXED ASSETS |
23,676 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
40,475 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
1,050 |
| Stockholders’ abatement payable |
820 |
| Accrued interest payable |
123 |
| Prepaid maintenance charges |
16 |
| Security deposits payable |
126 |
| Amortization due within one year |
1,099 |
| TOTAL CURRENT LIABILITIES |
3,235 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
41,783 |
| Less:net debt issuance costs |
525 |
|
41,258 |
| Less: Amortization due within one year |
1,099 |
| TOTAL LONG-TERM LIABILITIES |
40,159 |
| TOTAL LIABILITIES |
43,394 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
719 |
| Paid-in capital re:excess of par value |
66,253 |
| Capital contribution re: mortgage amortization and capital assessments |
41,850 |
| Accumulated deficit- beginning |
(108,534) |
| Net income or (loss) for period |
(2,138) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(1,068) |
| Accumulated deficit- end |
(111,740) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,918) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
40,475 |