| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
227 |
| Accounts receivable |
397 |
| Prepaid expenses |
260 |
| Real estate tax escrow: self-controlled |
2,537 |
| Total Current Assets |
3,421 |
| Reserve Fund: (Note 4) |
5,551 |
| Total Current Assets and Reserve Fund |
8,972 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,880 |
| Building |
62,504 |
| Building improvements |
21,734 |
| Total |
90,118 |
| Less: Accumulated depreciation |
60,671 |
| Net Property and Improvements |
29,447 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
171 |
| Deferred mortgage closing costs (Note 5) |
124 |
| Total Other Assets and Deferred Charges |
295 |
| Total Assets |
38,714 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
97 |
| Accounts payable |
445 |
| Due to stockholders - real estate tax abatements |
1,080 |
| Advance maintenance |
124 |
| Wages and payroll taxes payable |
80 |
| Accrued real estate tax |
34 |
| Total Current Liabilities |
1,861 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,001 |
| Security deposits payable (contra) |
171 |
| Total Long-Term and Other Liabilities |
23,173 |
| Total Liabilities |
25,033 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
990 |
| Paid-in capital in excess of par value |
58,646 |
| Additional paid-in capital |
3,750 |
| Accumulated deficit |
(49,706) |
| Total Stockholders' Equity |
13,680 |
| Total Liabilities and Stockholders' Equity |
38,714 |