| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
84,347 |
| Sterling bank - management account |
32,594 |
| Sterling bank - security deposit account |
8,500 |
|
125,441 |
| Tenants’ accounts receivable |
16,434 |
| Commercial tenants (CATS) receivable |
1,504 |
| Prepaid expenses: |
|
| Fuel inventory |
6,800 |
| Prepaid insurance |
33,300 |
|
40,100 |
| TOTAL CURRENT ASSETS |
183,479 |
| FUNDS |
|
| Contingency Fund |
947,711 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
679,250 |
| Building |
-0- |
| Building |
878,886 |
| Building equipment |
8,282 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
27,834 |
| TOTAL FIXED ASSETS |
1,594,252 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
2,725,442 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
70,736 |
| Stockholders’ abatement payable |
55,242 |
| Accrued interest payable |
8,300 |
| Prepaid maintenance charges |
1,069 |
| Security deposits payable |
8,500 |
| Amortization due within one year |
74,000 |
| TOTAL CURRENT LIABILITIES |
217,847 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
2,813,493 |
| Less:net debt issuance costs |
35,381 |
|
2,778,112 |
| Less: Amortization due within one year |
74,000 |
| TOTAL LONG-TERM LIABILITIES |
2,704,112 |
| TOTAL LIABILITIES |
2,921,959 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
48,392 |
| Paid-in capital re:excess of par value |
4,461,185 |
| Capital contribution re: mortgage amortization and capital assessments |
2,817,977 |
| Accumulated deficit- beginning |
(7,308,234) |
| Net income or (loss) for period |
(143,950) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(71,887) |
| Accumulated deficit- end |
(7,524,071) |
| TOTAL STOCKHOLDERS’ EQUITY |
(196,517) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
2,725,442 |