| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
171 |
| Accounts receivable |
299 |
| Prepaid expenses |
196 |
| Real estate tax escrow: self-controlled |
1,912 |
| Total Current Assets |
2,578 |
| Reserve Fund: (Note 4) |
4,184 |
| Total Current Assets and Reserve Fund |
6,762 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,432 |
| Building |
47,109 |
| Building improvements |
16,381 |
| Total |
67,922 |
| Less: Accumulated depreciation |
45,728 |
| Net Property and Improvements |
22,194 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
129 |
| Deferred mortgage closing costs (Note 5) |
94 |
| Total Other Assets and Deferred Charges |
223 |
| Total Assets |
29,179 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
73 |
| Accounts payable |
335 |
| Due to stockholders - real estate tax abatements |
814 |
| Advance maintenance |
94 |
| Wages and payroll taxes payable |
60 |
| Accrued real estate tax |
26 |
| Total Current Liabilities |
1,403 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,336 |
| Security deposits payable (contra) |
129 |
| Total Long-Term and Other Liabilities |
17,465 |
| Total Liabilities |
18,868 |
| 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 |
(37,463) |
| Total Stockholders' Equity |
10,311 |
| Total Liabilities and Stockholders' Equity |
29,179 |