| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
208,290 |
| Receivables (Note 3) |
364,472 |
| Prepaid expenses (Note 4) |
62,468 |
| Total Current Assets |
635,230 |
| Reserve fund (Notes 2 and 5) |
847,298 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
2,967,057 |
| Building |
11,868,228 |
| Building improvements and equipment |
2,748,419 |
| Total |
17,583,704 |
| Less: accumulated depreciation |
9,986,866 |
| Net Property and Improvements |
7,596,838 |
| Other Assets: |
|
| Cash - security deposits |
100,053 |
| Unamortized mortgage finance costs (Note 2) |
84,839 |
| Deferred ieasing commissions (Note 2) |
33,574 |
| Total Other Assets |
218,466 |
| Total Assets |
9,297,832 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable |
79,723 |
| Real estate tax abatements |
103,712 |
| Accrued mortgage interest |
31,792 |
| Building improvements payable |
-0- |
| Advance maintenance |
12,595 |
| Total Current Liabilities |
227,822 |
| Long-Term Liabilities: |
|
| Mortgage payable (Note 7) |
6,500,000 |
| Security deposits payable |
100,053 |
| Total Long-Term Liabilities |
6,600,053 |
| Total Liabilities |
6,827,875 |
| Stockholders’ Equity |
|
| Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding |
47,364 |
| Additional paid-in capital |
9,901,249 |
| Accumulated deficit |
(7,478,656) |
| Total Stackholders' Equity |
2,469,957 |
| Total Liabilities and Stockholders' Equity |
9,297,832 |