| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
170 |
| Accounts receivable |
296 |
| Prepaid expenses |
194 |
| Real estate tax escrow: self-controlled |
1,893 |
| Total Current Assets |
2,553 |
| Reserve Fund: (Note 4) |
4,143 |
| Total Current Assets and Reserve Fund |
6,696 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,388 |
| Building |
46,647 |
| Building improvements |
16,220 |
| Total |
67,255 |
| Less: Accumulated depreciation |
45,279 |
| Net Property and Improvements |
21,976 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
128 |
| Deferred mortgage closing costs (Note 5) |
93 |
| Total Other Assets and Deferred Charges |
220 |
| Total Assets |
28,892 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
72 |
| Accounts payable |
332 |
| Due to stockholders - real estate tax abatements |
806 |
| Advance maintenance |
93 |
| Wages and payroll taxes payable |
60 |
| Accrued real estate tax |
26 |
| Total Current Liabilities |
1,389 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
17,166 |
| Security deposits payable (contra) |
128 |
| Total Long-Term and Other Liabilities |
17,294 |
| Total Liabilities |
18,682 |
| 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 |
(37,095) |
| Total Stockholders' Equity |
10,210 |
| Total Liabilities and Stockholders' Equity |
28,892 |