| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
106 |
| Accounts receivable |
184 |
| Prepaid expenses |
121 |
| Real estate tax escrow: self-controlled |
1,180 |
| Total Current Assets |
1,591 |
| Reserve Fund: (Note 4) |
2,582 |
| Total Current Assets and Reserve Fund |
4,173 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,735 |
| Building |
29,072 |
| Building improvements |
10,109 |
| Total |
41,915 |
| Less: Accumulated depreciation |
28,219 |
| Net Property and Improvements |
13,696 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
80 |
| Deferred mortgage closing costs (Note 5) |
58 |
| Total Other Assets and Deferred Charges |
137 |
| Total Assets |
18,006 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
45 |
| Accounts payable |
207 |
| Due to stockholders - real estate tax abatements |
502 |
| Advance maintenance |
58 |
| Wages and payroll taxes payable |
37 |
| Accrued real estate tax |
16 |
| Total Current Liabilities |
866 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
10,698 |
| Security deposits payable (contra) |
80 |
| Total Long-Term and Other Liabilities |
10,778 |
| Total Liabilities |
11,643 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
461 |
| Paid-in capital in excess of par value |
27,277 |
| Additional paid-in capital |
1,744 |
| Accumulated deficit |
(23,119) |
| Total Stockholders' Equity |
6,363 |
| Total Liabilities and Stockholders' Equity |
18,006 |