| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
143 |
| Accounts receivable |
249 |
| Prepaid expenses |
164 |
| Real estate tax escrow: self-controlled |
1,595 |
| Total Current Assets |
2,152 |
| Reserve Fund: (Note 4) |
3,491 |
| Total Current Assets and Reserve Fund |
5,643 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,698 |
| Building |
39,313 |
| Building improvements |
13,670 |
| Total |
56,681 |
| Less: Accumulated depreciation |
38,160 |
| Net Property and Improvements |
18,521 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
108 |
| Deferred mortgage closing costs (Note 5) |
78 |
| Total Other Assets and Deferred Charges |
186 |
| Total Assets |
24,350 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
61 |
| Accounts payable |
280 |
| Due to stockholders - real estate tax abatements |
679 |
| Advance maintenance |
78 |
| Wages and payroll taxes payable |
50 |
| Accrued real estate tax |
22 |
| Total Current Liabilities |
1,170 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,467 |
| Security deposits payable (contra) |
108 |
| Total Long-Term and Other Liabilities |
14,575 |
| Total Liabilities |
15,745 |
| 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 |
(31,263) |
| Total Stockholders' Equity |
8,604 |
| Total Liabilities and Stockholders' Equity |
24,350 |