| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
647 |
| Accounts receivable |
186 |
| Prepaid expenses |
152 |
| Real estate tax escrow: self-controlled |
1,105 |
| Total Current Assets |
2,090 |
| Reserve Fund: (Note 4) |
2,535 |
| Total Current Assets and Reserve Fund |
4,625 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,294 |
| Building |
35,018 |
| Building improvements |
12,044 |
| Total |
50,356 |
| Less: Accumulated depreciation |
32,799 |
| Net Property and Improvements |
17,557 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
150 |
| Deferred mortgage closing costs (Note 5) |
89 |
| Total Other Assets and Deferred Charges |
239 |
| Total Assets |
22,422 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
54 |
| Accounts payable |
215 |
| Due to stockholders - real estate tax abatements |
531 |
| Advance maintenance |
52 |
| Wages and payroll taxes payable |
55 |
| Accrued real estate tax |
24 |
| Total Current Liabilities |
932 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,887 |
| Security deposits payable (contra) |
150 |
| Total Long-Term and Other Liabilities |
13,037 |
| Total Liabilities |
13,968 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
555 |
| Paid-in capital in excess of par value |
32,857 |
| Additional paid-in capital |
2,101 |
| Accumulated deficit |
(27,059) |
| Total Stockholders' Equity |
8,453 |
| Total Liabilities and Stockholders' Equity |
22,422 |