| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
164 |
| Accounts receivable |
286 |
| Prepaid expenses |
188 |
| Real estate tax escrow: self-controlled |
1,826 |
| Total Current Assets |
2,463 |
| Reserve Fund: (Note 4) |
3,996 |
| Total Current Assets and Reserve Fund |
6,458 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,233 |
| Building |
44,995 |
| Building improvements |
15,646 |
| Total |
64,873 |
| Less: Accumulated depreciation |
43,675 |
| Net Property and Improvements |
21,198 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
123 |
| Deferred mortgage closing costs (Note 5) |
89 |
| Total Other Assets and Deferred Charges |
213 |
| Total Assets |
27,869 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
70 |
| Accounts payable |
320 |
| Due to stockholders - real estate tax abatements |
778 |
| Advance maintenance |
89 |
| Wages and payroll taxes payable |
58 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
1,340 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,558 |
| Security deposits payable (contra) |
123 |
| Total Long-Term and Other Liabilities |
16,681 |
| Total Liabilities |
18,021 |
| 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 |
(35,782) |
| Total Stockholders' Equity |
9,848 |
| Total Liabilities and Stockholders' Equity |
27,869 |