| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
180 |
| Accounts receivable |
314 |
| Prepaid expenses |
207 |
| Real estate tax escrow: self-controlled |
2,011 |
| Total Current Assets |
2,712 |
| Reserve Fund: (Note 4) |
4,401 |
| Total Current Assets and Reserve Fund |
7,113 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,662 |
| Building |
49,554 |
| Building improvements |
17,231 |
| Total |
71,447 |
| Less: Accumulated depreciation |
48,101 |
| Net Property and Improvements |
23,346 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
136 |
| Deferred mortgage closing costs (Note 5) |
98 |
| Total Other Assets and Deferred Charges |
234 |
| Total Assets |
30,693 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
77 |
| Accounts payable |
353 |
| Due to stockholders - real estate tax abatements |
856 |
| Advance maintenance |
99 |
| Wages and payroll taxes payable |
64 |
| Accrued real estate tax |
27 |
| Total Current Liabilities |
1,475 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,236 |
| Security deposits payable (contra) |
136 |
| Total Long-Term and Other Liabilities |
18,371 |
| Total Liabilities |
19,847 |
| 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 |
(39,407) |
| Total Stockholders' Equity |
10,846 |
| Total Liabilities and Stockholders' Equity |
30,693 |