| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
148 |
| Accounts receivable |
258 |
| Prepaid expenses |
169 |
| Real estate tax escrow: self-controlled |
1,649 |
| Total Current Assets |
2,224 |
| Reserve Fund: (Note 4) |
3,609 |
| Total Current Assets and Reserve Fund |
5,833 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,822 |
| Building |
40,634 |
| Building improvements |
14,129 |
| Total |
58,586 |
| Less: Accumulated depreciation |
39,443 |
| Net Property and Improvements |
19,144 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
111 |
| Deferred mortgage closing costs (Note 5) |
81 |
| Total Other Assets and Deferred Charges |
192 |
| Total Assets |
25,168 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
63 |
| Accounts payable |
289 |
| Due to stockholders - real estate tax abatements |
702 |
| Advance maintenance |
81 |
| Wages and payroll taxes payable |
52 |
| Accrued real estate tax |
22 |
| Total Current Liabilities |
1,210 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,953 |
| Security deposits payable (contra) |
111 |
| Total Long-Term and Other Liabilities |
15,065 |
| Total Liabilities |
16,274 |
| 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 |
(32,314) |
| Total Stockholders' Equity |
8,894 |
| Total Liabilities and Stockholders' Equity |
25,168 |