| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
102 |
| Accounts receivable |
178 |
| Prepaid expenses |
117 |
| Real estate tax escrow: self-controlled |
1,140 |
| Total Current Assets |
1,537 |
| Reserve Fund: (Note 4) |
2,494 |
| Total Current Assets and Reserve Fund |
4,031 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,642 |
| Building |
28,081 |
| Building improvements |
9,764 |
| Total |
40,486 |
| Less: Accumulated depreciation |
27,257 |
| Net Property and Improvements |
13,229 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
77 |
| Deferred mortgage closing costs (Note 5) |
56 |
| Total Other Assets and Deferred Charges |
133 |
| Total Assets |
17,393 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
44 |
| Accounts payable |
200 |
| Due to stockholders - real estate tax abatements |
485 |
| Advance maintenance |
56 |
| Wages and payroll taxes payable |
36 |
| Accrued real estate tax |
15 |
| Total Current Liabilities |
836 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
10,334 |
| Security deposits payable (contra) |
77 |
| Total Long-Term and Other Liabilities |
10,411 |
| Total Liabilities |
11,247 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
445 |
| Paid-in capital in excess of par value |
26,347 |
| Additional paid-in capital |
1,685 |
| Accumulated deficit |
(22,331) |
| Total Stockholders' Equity |
6,146 |
| Total Liabilities and Stockholders' Equity |
17,393 |