| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
183 |
| Accounts receivable |
319 |
| Prepaid expenses |
209 |
| Real estate tax escrow: self-controlled |
2,038 |
| Total Current Assets |
2,748 |
| Reserve Fund: (Note 4) |
4,459 |
| Total Current Assets and Reserve Fund |
7,208 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,724 |
| Building |
50,215 |
| Building improvements |
17,461 |
| Total |
72,399 |
| Less: Accumulated depreciation |
48,742 |
| Net Property and Improvements |
23,657 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
137 |
| Deferred mortgage closing costs (Note 5) |
100 |
| Total Other Assets and Deferred Charges |
237 |
| Total Assets |
31,102 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
78 |
| Accounts payable |
357 |
| Due to stockholders - real estate tax abatements |
868 |
| Advance maintenance |
100 |
| Wages and payroll taxes payable |
64 |
| Accrued real estate tax |
27 |
| Total Current Liabilities |
1,495 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,479 |
| Security deposits payable (contra) |
137 |
| Total Long-Term and Other Liabilities |
18,616 |
| Total Liabilities |
20,111 |
| 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 |
(39,933) |
| Total Stockholders' Equity |
10,991 |
| Total Liabilities and Stockholders' Equity |
31,102 |