| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
870 |
| Accounts receivable |
250 |
| Prepaid expenses |
205 |
| Real estate tax escrow: self-controlled |
1,486 |
| Total Current Assets |
2,811 |
| Reserve Fund: (Note 4) |
3,411 |
| Total Current Assets and Reserve Fund |
6,222 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,432 |
| Building |
47,109 |
| Building improvements |
16,202 |
| Total |
67,743 |
| Less: Accumulated depreciation |
44,124 |
| Net Property and Improvements |
23,619 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
202 |
| Deferred mortgage closing costs (Note 5) |
120 |
| Total Other Assets and Deferred Charges |
322 |
| Total Assets |
30,164 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
73 |
| Accounts payable |
289 |
| Due to stockholders - real estate tax abatements |
714 |
| Advance maintenance |
70 |
| Wages and payroll taxes payable |
74 |
| Accrued real estate tax |
33 |
| Total Current Liabilities |
1,253 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,336 |
| Security deposits payable (contra) |
202 |
| Total Long-Term and Other Liabilities |
17,538 |
| Total Liabilities |
18,791 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
746 |
| Paid-in capital in excess of par value |
44,202 |
| Additional paid-in capital |
2,826 |
| Accumulated deficit |
(36,402) |
| Total Stockholders' Equity |
11,372 |
| Total Liabilities and Stockholders' Equity |
30,164 |