| 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 |