| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
831 |
| Accounts receivable |
239 |
| Prepaid expenses |
196 |
| Real estate tax escrow: self-controlled |
1,420 |
| Total Current Assets |
2,685 |
| Reserve Fund: (Note 4) |
3,258 |
| Total Current Assets and Reserve Fund |
5,943 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,233 |
| Building |
44,995 |
| Building improvements |
15,475 |
| Total |
64,703 |
| Less: Accumulated depreciation |
42,144 |
| Net Property and Improvements |
22,559 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
193 |
| Deferred mortgage closing costs (Note 5) |
115 |
| Total Other Assets and Deferred Charges |
308 |
| Total Assets |
28,810 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
70 |
| Accounts payable |
276 |
| Due to stockholders - real estate tax abatements |
682 |
| Advance maintenance |
67 |
| Wages and payroll taxes payable |
71 |
| Accrued real estate tax |
31 |
| Total Current Liabilities |
1,197 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,558 |
| Security deposits payable (contra) |
193 |
| Total Long-Term and Other Liabilities |
16,751 |
| Total Liabilities |
17,948 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
713 |
| Paid-in capital in excess of par value |
42,218 |
| Additional paid-in capital |
2,699 |
| Accumulated deficit |
(34,768) |
| Total Stockholders' Equity |
10,862 |
| Total Liabilities and Stockholders' Equity |
28,810 |