| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
133 |
| Accounts receivable |
233 |
| Prepaid expenses |
153 |
| Real estate tax escrow: self-controlled |
1,488 |
| Total Current Assets |
2,007 |
| Reserve Fund: (Note 4) |
3,257 |
| Total Current Assets and Reserve Fund |
5,263 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,450 |
| Building |
36,670 |
| Building improvements |
12,751 |
| Total |
52,870 |
| Less: Accumulated depreciation |
35,595 |
| Net Property and Improvements |
17,276 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
100 |
| Deferred mortgage closing costs (Note 5) |
73 |
| Total Other Assets and Deferred Charges |
173 |
| Total Assets |
22,713 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
57 |
| Accounts payable |
261 |
| Due to stockholders - real estate tax abatements |
634 |
| Advance maintenance |
73 |
| Wages and payroll taxes payable |
47 |
| Accrued real estate tax |
20 |
| Total Current Liabilities |
1,092 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,495 |
| Security deposits payable (contra) |
100 |
| Total Long-Term and Other Liabilities |
13,595 |
| Total Liabilities |
14,687 |
| 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 |
(29,161) |
| Total Stockholders' Equity |
8,026 |
| Total Liabilities and Stockholders' Equity |
22,713 |