| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
928 |
| Accounts receivable |
267 |
| Prepaid expenses |
218 |
| Real estate tax escrow: self-controlled |
1,584 |
| Total Current Assets |
2,997 |
| Reserve Fund: (Note 4) |
3,636 |
| Total Current Assets and Reserve Fund |
6,632 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,724 |
| Building |
50,215 |
| Building improvements |
17,270 |
| Total |
72,209 |
| Less: Accumulated depreciation |
47,033 |
| Net Property and Improvements |
25,176 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
215 |
| Deferred mortgage closing costs (Note 5) |
128 |
| Total Other Assets and Deferred Charges |
343 |
| Total Assets |
32,152 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
78 |
| Accounts payable |
308 |
| Due to stockholders - real estate tax abatements |
761 |
| Advance maintenance |
75 |
| Wages and payroll taxes payable |
79 |
| Accrued real estate tax |
35 |
| Total Current Liabilities |
1,336 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,479 |
| Security deposits payable (contra) |
215 |
| Total Long-Term and Other Liabilities |
18,694 |
| Total Liabilities |
20,030 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
795 |
| Paid-in capital in excess of par value |
47,115 |
| Additional paid-in capital |
3,012 |
| Accumulated deficit |
(38,801) |
| Total Stockholders' Equity |
12,122 |
| Total Liabilities and Stockholders' Equity |
32,152 |