| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
99 |
| Accounts receivable |
172 |
| Prepaid expenses |
113 |
| Real estate tax escrow: self-controlled |
1,102 |
| Total Current Assets |
1,486 |
| Reserve Fund: (Note 4) |
2,412 |
| Total Current Assets and Reserve Fund |
3,898 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,555 |
| Building |
27,156 |
| Building improvements |
9,443 |
| Total |
39,153 |
| Less: Accumulated depreciation |
26,359 |
| Net Property and Improvements |
12,793 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
74 |
| Deferred mortgage closing costs (Note 5) |
54 |
| Total Other Assets and Deferred Charges |
128 |
| Total Assets |
16,820 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
42 |
| Accounts payable |
193 |
| Due to stockholders - real estate tax abatements |
469 |
| Advance maintenance |
54 |
| Wages and payroll taxes payable |
35 |
| Accrued real estate tax |
15 |
| Total Current Liabilities |
808 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
9,993 |
| Security deposits payable (contra) |
74 |
| Total Long-Term and Other Liabilities |
10,068 |
| Total Liabilities |
10,876 |
| 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 |
(21,595) |
| Total Stockholders' Equity |
5,944 |
| Total Liabilities and Stockholders' Equity |
16,820 |