| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
677 |
| Accounts receivable |
195 |
| Prepaid expenses |
159 |
| Real estate tax escrow: self-controlled |
1,157 |
| Total Current Assets |
2,188 |
| Reserve Fund: (Note 4) |
2,655 |
| Total Current Assets and Reserve Fund |
4,843 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,450 |
| Building |
36,670 |
| Building improvements |
12,612 |
| Total |
52,731 |
| Less: Accumulated depreciation |
34,346 |
| Net Property and Improvements |
18,385 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
157 |
| Deferred mortgage closing costs (Note 5) |
94 |
| Total Other Assets and Deferred Charges |
251 |
| Total Assets |
23,479 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
57 |
| Accounts payable |
225 |
| Due to stockholders - real estate tax abatements |
556 |
| Advance maintenance |
55 |
| Wages and payroll taxes payable |
58 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
976 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,495 |
| Security deposits payable (contra) |
157 |
| Total Long-Term and Other Liabilities |
13,652 |
| Total Liabilities |
14,627 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
581 |
| Paid-in capital in excess of par value |
34,407 |
| Additional paid-in capital |
2,200 |
| Accumulated deficit |
(28,335) |
| Total Stockholders' Equity |
8,852 |
| Total Liabilities and Stockholders' Equity |
23,479 |