| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
915 |
| Accounts receivable |
263 |
| Prepaid expenses |
215 |
| Real estate tax escrow: self-controlled |
1,564 |
| Total Current Assets |
2,957 |
| Reserve Fund: (Note 4) |
3,588 |
| Total Current Assets and Reserve Fund |
6,545 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,662 |
| Building |
49,554 |
| Building improvements |
17,043 |
| Total |
71,259 |
| Less: Accumulated depreciation |
46,414 |
| Net Property and Improvements |
24,845 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
212 |
| Deferred mortgage closing costs (Note 5) |
127 |
| Total Other Assets and Deferred Charges |
339 |
| Total Assets |
31,729 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
77 |
| Accounts payable |
304 |
| Due to stockholders - real estate tax abatements |
751 |
| Advance maintenance |
74 |
| Wages and payroll taxes payable |
78 |
| Accrued real estate tax |
34 |
| Total Current Liabilities |
1,318 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,236 |
| Security deposits payable (contra) |
212 |
| Total Long-Term and Other Liabilities |
18,448 |
| Total Liabilities |
19,767 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
785 |
| Paid-in capital in excess of par value |
46,495 |
| Additional paid-in capital |
2,973 |
| Accumulated deficit |
(38,291) |
| Total Stockholders' Equity |
11,962 |
| Total Liabilities and Stockholders' Equity |
31,729 |