| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
127 |
| Accounts receivable |
222 |
| Prepaid expenses |
146 |
| Real estate tax escrow: self-controlled |
1,421 |
| Total Current Assets |
1,917 |
| Reserve Fund: (Note 4) |
3,110 |
| Total Current Assets and Reserve Fund |
5,026 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,294 |
| Building |
35,018 |
| Building improvements |
12,177 |
| Total |
50,489 |
| Less: Accumulated depreciation |
33,991 |
| Net Property and Improvements |
16,498 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
96 |
| Deferred mortgage closing costs (Note 5) |
70 |
| Total Other Assets and Deferred Charges |
165 |
| Total Assets |
21,690 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
54 |
| Accounts payable |
249 |
| Due to stockholders - real estate tax abatements |
605 |
| Advance maintenance |
70 |
| Wages and payroll taxes payable |
45 |
| Accrued real estate tax |
19 |
| Total Current Liabilities |
1,043 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,887 |
| Security deposits payable (contra) |
96 |
| Total Long-Term and Other Liabilities |
12,983 |
| Total Liabilities |
14,025 |
| 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 |
(27,848) |
| Total Stockholders' Equity |
7,664 |
| Total Liabilities and Stockholders' Equity |
21,690 |