| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
177 |
| Accounts receivable |
309 |
| Prepaid expenses |
203 |
| Real estate tax escrow: self-controlled |
1,973 |
| Total Current Assets |
2,661 |
| Reserve Fund: (Note 4) |
4,319 |
| Total Current Assets and Reserve Fund |
6,980 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,575 |
| Building |
48,629 |
| Building improvements |
16,909 |
| Total |
70,113 |
| Less: Accumulated depreciation |
47,203 |
| Net Property and Improvements |
22,910 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
133 |
| Deferred mortgage closing costs (Note 5) |
97 |
| Total Other Assets and Deferred Charges |
230 |
| Total Assets |
30,120 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
76 |
| Accounts payable |
346 |
| Due to stockholders - real estate tax abatements |
840 |
| Advance maintenance |
97 |
| Wages and payroll taxes payable |
62 |
| Accrued real estate tax |
27 |
| Total Current Liabilities |
1,448 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,895 |
| Security deposits payable (contra) |
133 |
| Total Long-Term and Other Liabilities |
18,029 |
| Total Liabilities |
19,476 |
| 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 |
(38,672) |
| Total Stockholders' Equity |
10,643 |
| Total Liabilities and Stockholders' Equity |
30,120 |