| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
898 |
| Accounts receivable |
258 |
| Prepaid expenses |
211 |
| Real estate tax escrow: self-controlled |
1,534 |
| Total Current Assets |
2,902 |
| Reserve Fund: (Note 4) |
3,521 |
| Total Current Assets and Reserve Fund |
6,423 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,575 |
| Building |
48,629 |
| Building improvements |
16,725 |
| Total |
69,929 |
| Less: Accumulated depreciation |
45,547 |
| Net Property and Improvements |
24,381 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
208 |
| Deferred mortgage closing costs (Note 5) |
124 |
| Total Other Assets and Deferred Charges |
332 |
| Total Assets |
31,137 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
76 |
| Accounts payable |
299 |
| Due to stockholders - real estate tax abatements |
737 |
| Advance maintenance |
72 |
| Wages and payroll taxes payable |
77 |
| Accrued real estate tax |
34 |
| Total Current Liabilities |
1,294 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,895 |
| Security deposits payable (contra) |
208 |
| Total Long-Term and Other Liabilities |
18,104 |
| Total Liabilities |
19,398 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
770 |
| Paid-in capital in excess of par value |
45,627 |
| Additional paid-in capital |
2,917 |
| Accumulated deficit |
(37,576) |
| Total Stockholders' Equity |
11,739 |
| Total Liabilities and Stockholders' Equity |
31,137 |