| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
702 |
| Accounts receivable |
202 |
| Prepaid expenses |
165 |
| Real estate tax escrow: self-controlled |
1,199 |
| Total Current Assets |
2,267 |
| Reserve Fund: (Note 4) |
2,751 |
| Total Current Assets and Reserve Fund |
5,018 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,574 |
| Building |
37,991 |
| Building improvements |
13,066 |
| Total |
54,632 |
| Less: Accumulated depreciation |
35,584 |
| Net Property and Improvements |
19,048 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
163 |
| Deferred mortgage closing costs (Note 5) |
97 |
| Total Other Assets and Deferred Charges |
260 |
| Total Assets |
24,325 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
59 |
| Accounts payable |
233 |
| Due to stockholders - real estate tax abatements |
576 |
| Advance maintenance |
57 |
| Wages and payroll taxes payable |
60 |
| Accrued real estate tax |
26 |
| Total Current Liabilities |
1,011 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,981 |
| Security deposits payable (contra) |
163 |
| Total Long-Term and Other Liabilities |
14,144 |
| Total Liabilities |
15,154 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
602 |
| Paid-in capital in excess of par value |
35,646 |
| Additional paid-in capital |
2,279 |
| Accumulated deficit |
(29,356) |
| Total Stockholders' Equity |
9,171 |
| Total Liabilities and Stockholders' Equity |
24,325 |