| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
166 |
| Accounts receivable |
290 |
| Prepaid expenses |
190 |
| Real estate tax escrow: self-controlled |
1,853 |
| Total Current Assets |
2,499 |
| Reserve Fund: (Note 4) |
4,055 |
| Total Current Assets and Reserve Fund |
6,553 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,295 |
| Building |
45,656 |
| Building improvements |
15,876 |
| Total |
65,826 |
| Less: Accumulated depreciation |
44,317 |
| Net Property and Improvements |
21,509 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
125 |
| Deferred mortgage closing costs (Note 5) |
91 |
| Total Other Assets and Deferred Charges |
216 |
| Total Assets |
28,278 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
71 |
| Accounts payable |
325 |
| Due to stockholders - real estate tax abatements |
789 |
| Advance maintenance |
91 |
| Wages and payroll taxes payable |
59 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
1,359 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,801 |
| Security deposits payable (contra) |
125 |
| Total Long-Term and Other Liabilities |
16,926 |
| Total Liabilities |
18,285 |
| 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 |
(36,307) |
| Total Stockholders' Equity |
9,993 |
| Total Liabilities and Stockholders' Equity |
28,278 |