| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
174 |
| Accounts receivable |
304 |
| Prepaid expenses |
200 |
| Real estate tax escrow: self-controlled |
1,947 |
| Total Current Assets |
2,625 |
| Reserve Fund: (Note 4) |
4,260 |
| Total Current Assets and Reserve Fund |
6,885 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,512 |
| Building |
47,968 |
| Building improvements |
16,680 |
| Total |
69,160 |
| Less: Accumulated depreciation |
46,561 |
| Net Property and Improvements |
22,599 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
131 |
| Deferred mortgage closing costs (Note 5) |
95 |
| Total Other Assets and Deferred Charges |
227 |
| Total Assets |
29,711 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
74 |
| Accounts payable |
341 |
| Due to stockholders - real estate tax abatements |
829 |
| Advance maintenance |
95 |
| Wages and payroll taxes payable |
62 |
| Accrued real estate tax |
26 |
| Total Current Liabilities |
1,428 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,652 |
| Security deposits payable (contra) |
131 |
| Total Long-Term and Other Liabilities |
17,784 |
| Total Liabilities |
19,212 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
760 |
| Paid-in capital in excess of par value |
45,007 |
| Additional paid-in capital |
2,878 |
| Accumulated deficit |
(38,146) |
| Total Stockholders' Equity |
10,499 |
| Total Liabilities and Stockholders' Equity |
29,711 |