| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
130 |
| Accounts receivable |
226 |
| Prepaid expenses |
149 |
| Real estate tax escrow: self-controlled |
1,448 |
| Total Current Assets |
1,953 |
| Reserve Fund: (Note 4) |
3,169 |
| Total Current Assets and Reserve Fund |
5,121 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,356 |
| Building |
35,679 |
| Building improvements |
12,406 |
| Total |
51,441 |
| Less: Accumulated depreciation |
34,633 |
| Net Property and Improvements |
16,809 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
98 |
| Deferred mortgage closing costs (Note 5) |
71 |
| Total Other Assets and Deferred Charges |
169 |
| Total Assets |
22,099 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
55 |
| Accounts payable |
254 |
| Due to stockholders - real estate tax abatements |
617 |
| Advance maintenance |
71 |
| Wages and payroll taxes payable |
46 |
| Accrued real estate tax |
20 |
| Total Current Liabilities |
1,062 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,130 |
| Security deposits payable (contra) |
98 |
| Total Long-Term and Other Liabilities |
13,227 |
| Total Liabilities |
14,290 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
565 |
| Paid-in capital in excess of par value |
33,477 |
| Additional paid-in capital |
2,140 |
| Accumulated deficit |
(28,373) |
| Total Stockholders' Equity |
7,809 |
| Total Liabilities and Stockholders' Equity |
22,099 |