| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
843 |
| Accounts receivable |
242 |
| Prepaid expenses |
198 |
| Real estate tax escrow: self-controlled |
1,441 |
| Total Current Assets |
2,725 |
| Reserve Fund: (Note 4) |
3,306 |
| Total Current Assets and Reserve Fund |
6,030 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,295 |
| Building |
45,656 |
| Building improvements |
15,702 |
| Total |
65,653 |
| Less: Accumulated depreciation |
42,763 |
| Net Property and Improvements |
22,890 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
196 |
| Deferred mortgage closing costs (Note 5) |
117 |
| Total Other Assets and Deferred Charges |
312 |
| Total Assets |
29,233 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
71 |
| Accounts payable |
280 |
| Due to stockholders - real estate tax abatements |
692 |
| Advance maintenance |
68 |
| Wages and payroll taxes payable |
72 |
| Accrued real estate tax |
32 |
| Total Current Liabilities |
1,215 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,801 |
| Security deposits payable (contra) |
196 |
| Total Long-Term and Other Liabilities |
16,997 |
| Total Liabilities |
18,212 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
723 |
| Paid-in capital in excess of par value |
42,838 |
| Additional paid-in capital |
2,739 |
| Accumulated deficit |
(35,279) |
| Total Stockholders' Equity |
11,021 |
| Total Liabilities and Stockholders' Equity |
29,233 |