| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
775 |
| Accounts receivable |
223 |
| Prepaid expenses |
182 |
| Real estate tax escrow: self-controlled |
1,324 |
| Total Current Assets |
2,504 |
| Reserve Fund: (Note 4) |
3,038 |
| Total Current Assets and Reserve Fund |
5,542 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,947 |
| Building |
41,956 |
| Building improvements |
14,430 |
| Total |
60,332 |
| Less: Accumulated depreciation |
39,297 |
| Net Property and Improvements |
21,035 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
180 |
| Deferred mortgage closing costs (Note 5) |
107 |
| Total Other Assets and Deferred Charges |
287 |
| Total Assets |
26,864 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
65 |
| Accounts payable |
258 |
| Due to stockholders - real estate tax abatements |
636 |
| Advance maintenance |
62 |
| Wages and payroll taxes payable |
66 |
| Accrued real estate tax |
29 |
| Total Current Liabilities |
1,116 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,440 |
| Security deposits payable (contra) |
180 |
| Total Long-Term and Other Liabilities |
15,619 |
| Total Liabilities |
16,736 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
665 |
| Paid-in capital in excess of par value |
39,366 |
| Additional paid-in capital |
2,517 |
| Accumulated deficit |
(32,420) |
| Total Stockholders' Equity |
10,128 |
| Total Liabilities and Stockholders' Equity |
26,864 |