| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
858 |
| Accounts receivable |
247 |
| Prepaid expenses |
202 |
| Real estate tax escrow: self-controlled |
1,466 |
| Total Current Assets |
2,772 |
| Reserve Fund: (Note 4) |
3,363 |
| Total Current Assets and Reserve Fund |
6,135 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,369 |
| Building |
46,449 |
| Building improvements |
15,975 |
| Total |
66,793 |
| Less: Accumulated depreciation |
43,505 |
| Net Property and Improvements |
23,288 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
199 |
| Deferred mortgage closing costs (Note 5) |
119 |
| Total Other Assets and Deferred Charges |
318 |
| Total Assets |
29,741 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
72 |
| Accounts payable |
285 |
| Due to stockholders - real estate tax abatements |
704 |
| Advance maintenance |
69 |
| Wages and payroll taxes payable |
73 |
| Accrued real estate tax |
32 |
| Total Current Liabilities |
1,236 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,093 |
| Security deposits payable (contra) |
199 |
| Total Long-Term and Other Liabilities |
17,292 |
| Total Liabilities |
18,528 |
| 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 |
(35,891) |
| Total Stockholders' Equity |
11,213 |
| Total Liabilities and Stockholders' Equity |
29,741 |