| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
171 |
| Accounts receivable |
298 |
| Prepaid expenses |
195 |
| Real estate tax escrow: self-controlled |
1,904 |
| Total Current Assets |
2,567 |
| Reserve Fund: (Note 4) |
4,166 |
| Total Current Assets and Reserve Fund |
6,733 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,413 |
| Building |
46,911 |
| Building improvements |
16,312 |
| Total |
67,636 |
| Less: Accumulated depreciation |
45,535 |
| Net Property and Improvements |
22,101 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
128 |
| Deferred mortgage closing costs (Note 5) |
93 |
| Total Other Assets and Deferred Charges |
222 |
| Total Assets |
29,056 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
73 |
| Accounts payable |
334 |
| Due to stockholders - real estate tax abatements |
811 |
| Advance maintenance |
93 |
| Wages and payroll taxes payable |
60 |
| Accrued real estate tax |
26 |
| Total Current Liabilities |
1,397 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,263 |
| Security deposits payable (contra) |
128 |
| Total Long-Term and Other Liabilities |
17,392 |
| Total Liabilities |
18,788 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
743 |
| Paid-in capital in excess of par value |
44,016 |
| Additional paid-in capital |
2,814 |
| Accumulated deficit |
(37,306) |
| Total Stockholders' Equity |
10,267 |
| Total Liabilities and Stockholders' Equity |
29,056 |