| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
793 |
| Accounts receivable |
228 |
| Prepaid expenses |
187 |
| Real estate tax escrow: self-controlled |
1,355 |
| Total Current Assets |
2,563 |
| Reserve Fund: (Note 4) |
3,109 |
| Total Current Assets and Reserve Fund |
5,672 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,040 |
| Building |
42,947 |
| Building improvements |
14,771 |
| Total |
61,758 |
| Less: Accumulated depreciation |
40,225 |
| Net Property and Improvements |
21,532 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
184 |
| Deferred mortgage closing costs (Note 5) |
110 |
| Total Other Assets and Deferred Charges |
294 |
| Total Assets |
27,498 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
67 |
| Accounts payable |
264 |
| Due to stockholders - real estate tax abatements |
651 |
| Advance maintenance |
64 |
| Wages and payroll taxes payable |
68 |
| Accrued real estate tax |
30 |
| Total Current Liabilities |
1,143 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,804 |
| Security deposits payable (contra) |
184 |
| Total Long-Term and Other Liabilities |
15,988 |
| Total Liabilities |
17,131 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
680 |
| Paid-in capital in excess of par value |
40,296 |
| Additional paid-in capital |
2,576 |
| Accumulated deficit |
(33,185) |
| Total Stockholders' Equity |
10,367 |
| Total Liabilities and Stockholders' Equity |
27,498 |