| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
193 |
| Accounts receivable |
337 |
| Prepaid expenses |
221 |
| Real estate tax escrow: self-controlled |
2,153 |
| Total Current Assets |
2,904 |
| Reserve Fund: (Note 4) |
4,712 |
| Total Current Assets and Reserve Fund |
7,615 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,991 |
| Building |
53,056 |
| Building improvements |
18,449 |
| Total |
76,495 |
| Less: Accumulated depreciation |
51,500 |
| Net Property and Improvements |
24,996 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
145 |
| Deferred mortgage closing costs (Note 5) |
105 |
| Total Other Assets and Deferred Charges |
251 |
| Total Assets |
32,862 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
82 |
| Accounts payable |
378 |
| Due to stockholders - real estate tax abatements |
917 |
| Advance maintenance |
105 |
| Wages and payroll taxes payable |
68 |
| Accrued real estate tax |
29 |
| Total Current Liabilities |
1,580 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
19,524 |
| Security deposits payable (contra) |
145 |
| Total Long-Term and Other Liabilities |
19,670 |
| Total Liabilities |
21,249 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
840 |
| Paid-in capital in excess of par value |
49,781 |
| Additional paid-in capital |
3,183 |
| Accumulated deficit |
(42,192) |
| Total Stockholders' Equity |
11,612 |
| Total Liabilities and Stockholders' Equity |
32,862 |