| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
169 |
| Accounts receivable |
295 |
| Prepaid expenses |
194 |
| Real estate tax escrow: self-controlled |
1,885 |
| Total Current Assets |
2,542 |
| Reserve Fund: (Note 4) |
4,125 |
| Total Current Assets and Reserve Fund |
6,667 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,369 |
| Building |
46,449 |
| Building improvements |
16,151 |
| Total |
66,969 |
| Less: Accumulated depreciation |
45,086 |
| Net Property and Improvements |
21,883 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
127 |
| Deferred mortgage closing costs (Note 5) |
92 |
| Total Other Assets and Deferred Charges |
219 |
| Total Assets |
28,769 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
72 |
| Accounts payable |
331 |
| Due to stockholders - real estate tax abatements |
803 |
| Advance maintenance |
92 |
| Wages and payroll taxes payable |
60 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
1,383 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,093 |
| Security deposits payable (contra) |
127 |
| Total Long-Term and Other Liabilities |
17,220 |
| Total Liabilities |
18,603 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
736 |
| Paid-in capital in excess of par value |
43,582 |
| Additional paid-in capital |
2,787 |
| Accumulated deficit |
(36,938) |
| Total Stockholders' Equity |
10,166 |
| Total Liabilities and Stockholders' Equity |
28,769 |