| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
726 |
| Accounts receivable |
209 |
| Prepaid expenses |
171 |
| Real estate tax escrow: self-controlled |
1,240 |
| Total Current Assets |
2,346 |
| Reserve Fund: (Note 4) |
2,846 |
| Total Current Assets and Reserve Fund |
5,193 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,698 |
| Building |
39,313 |
| Building improvements |
13,521 |
| Total |
56,532 |
| Less: Accumulated depreciation |
36,822 |
| Net Property and Improvements |
19,710 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
168 |
| Deferred mortgage closing costs (Note 5) |
100 |
| Total Other Assets and Deferred Charges |
269 |
| Total Assets |
25,172 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
61 |
| Accounts payable |
241 |
| Due to stockholders - real estate tax abatements |
596 |
| Advance maintenance |
59 |
| Wages and payroll taxes payable |
62 |
| Accrued real estate tax |
27 |
| Total Current Liabilities |
1,046 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,467 |
| Security deposits payable (contra) |
168 |
| Total Long-Term and Other Liabilities |
14,635 |
| Total Liabilities |
15,681 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
623 |
| Paid-in capital in excess of par value |
36,886 |
| Additional paid-in capital |
2,358 |
| Accumulated deficit |
(30,377) |
| Total Stockholders' Equity |
9,490 |
| Total Liabilities and Stockholders' Equity |
25,172 |