| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
862 |
| Accounts receivable |
248 |
| Prepaid expenses |
203 |
| Real estate tax escrow: self-controlled |
1,472 |
| Total Current Assets |
2,784 |
| Reserve Fund: (Note 4) |
3,377 |
| Total Current Assets and Reserve Fund |
6,161 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,388 |
| Building |
46,647 |
| Building improvements |
16,043 |
| Total |
67,078 |
| Less: Accumulated depreciation |
43,691 |
| Net Property and Improvements |
23,387 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
200 |
| Deferred mortgage closing costs (Note 5) |
119 |
| Total Other Assets and Deferred Charges |
319 |
| Total Assets |
29,867 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
72 |
| Accounts payable |
286 |
| Due to stockholders - real estate tax abatements |
707 |
| Advance maintenance |
69 |
| Wages and payroll taxes payable |
73 |
| Accrued real estate tax |
32 |
| Total Current Liabilities |
1,241 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,166 |
| Security deposits payable (contra) |
200 |
| Total Long-Term and Other Liabilities |
17,366 |
| Total Liabilities |
18,607 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
739 |
| Paid-in capital in excess of par value |
43,768 |
| Additional paid-in capital |
2,798 |
| Accumulated deficit |
(36,044) |
| Total Stockholders' Equity |
11,261 |
| Total Liabilities and Stockholders' Equity |
29,867 |