| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
502 |
| Accounts receivable |
144 |
| Prepaid expenses |
118 |
| Real estate tax escrow: self-controlled |
857 |
| Total Current Assets |
1,621 |
| Reserve Fund: (Note 4) |
1,966 |
| Total Current Assets and Reserve Fund |
3,587 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,555 |
| Building |
27,156 |
| Building improvements |
9,340 |
| Total |
39,050 |
| Less: Accumulated depreciation |
25,435 |
| Net Property and Improvements |
13,615 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
116 |
| Deferred mortgage closing costs (Note 5) |
69 |
| Total Other Assets and Deferred Charges |
186 |
| Total Assets |
17,387 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
42 |
| Accounts payable |
167 |
| Due to stockholders - real estate tax abatements |
412 |
| Advance maintenance |
40 |
| Wages and payroll taxes payable |
43 |
| Accrued real estate tax |
19 |
| Total Current Liabilities |
723 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
9,993 |
| Security deposits payable (contra) |
116 |
| Total Long-Term and Other Liabilities |
10,110 |
| Total Liabilities |
10,832 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
430 |
| Paid-in capital in excess of par value |
25,479 |
| Additional paid-in capital |
1,629 |
| Accumulated deficit |
(20,983) |
| Total Stockholders' Equity |
6,555 |
| Total Liabilities and Stockholders' Equity |
17,387 |