Assets |
|
Current Assets: |
|
Cash and cash equivalents |
243,979 |
Receivables (Note 3) |
370,896 |
Prepaid expenses (Note 4) |
56,883 |
Total Current Assets |
671,758 |
Reserve fund (Notes 2 and 5) |
752,892 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
2,967,057 |
Building |
11,868,228 |
Building improvements and equipment |
2,820,794 |
Total |
17,656,079 |
Less: accumulated depreciation |
10,428,923 |
Net Property and Improvements |
7,227,156 |
Other Assets: |
|
Cash - security deposits |
89,746 |
Unamortized mortgage finance costs (Note 2) |
77,960 |
Deferred ieasing commissions (Note 2) |
24,902 |
Total Other Assets |
192,608 |
Total Assets |
8,844,414 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable |
85,363 |
Real estate tax abatements |
103,908 |
Accrued mortgage interest |
31,792 |
Building improvements payable |
22,375 |
Advance maintenance |
9,381 |
Total Current Liabilities |
252,819 |
Long-Term Liabilities: |
|
Mortgage payable (Note 7) |
6,500,000 |
Security deposits payable |
77,746 |
Total Long-Term Liabilities |
6,577,746 |
Total Liabilities |
6,830,565 |
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 |
(7,934,764) |
Total Stackholders' Equity |
2,013,849 |
Total Liabilities and Stockholders' Equity |
8,844,414 |