| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
751 |
| Accounts receivable |
216 |
| Prepaid expenses |
177 |
| Real estate tax escrow: self-controlled |
1,282 |
| Total Current Assets |
2,425 |
| Reserve Fund: (Note 4) |
2,942 |
| Total Current Assets and Reserve Fund |
5,367 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,822 |
| Building |
40,634 |
| Building improvements |
13,975 |
| Total |
58,432 |
| Less: Accumulated depreciation |
38,059 |
| Net Property and Improvements |
20,373 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
174 |
| Deferred mortgage closing costs (Note 5) |
104 |
| Total Other Assets and Deferred Charges |
278 |
| Total Assets |
26,018 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
63 |
| Accounts payable |
249 |
| Due to stockholders - real estate tax abatements |
616 |
| Advance maintenance |
61 |
| Wages and payroll taxes payable |
64 |
| Accrued real estate tax |
28 |
| Total Current Liabilities |
1,081 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,953 |
| Security deposits payable (contra) |
174 |
| Total Long-Term and Other Liabilities |
15,127 |
| Total Liabilities |
16,209 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
644 |
| Paid-in capital in excess of par value |
38,126 |
| Additional paid-in capital |
2,438 |
| Accumulated deficit |
(31,399) |
| Total Stockholders' Equity |
9,809 |
| Total Liabilities and Stockholders' Equity |
26,018 |