| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
198 |
| Accounts receivable |
346 |
| Prepaid expenses |
227 |
| Real estate tax escrow: self-controlled |
2,215 |
| Total Current Assets |
2,987 |
| Reserve Fund: (Note 4) |
4,847 |
| Total Current Assets and Reserve Fund |
7,834 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,134 |
| Building |
54,575 |
| Building improvements |
18,977 |
| Total |
78,686 |
| Less: Accumulated depreciation |
52,975 |
| Net Property and Improvements |
25,712 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
149 |
| Deferred mortgage closing costs (Note 5) |
108 |
| Total Other Assets and Deferred Charges |
258 |
| Total Assets |
33,803 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
85 |
| Accounts payable |
388 |
| Due to stockholders - real estate tax abatements |
943 |
| Advance maintenance |
109 |
| Wages and payroll taxes payable |
70 |
| Accrued real estate tax |
30 |
| Total Current Liabilities |
1,625 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
20,084 |
| Security deposits payable (contra) |
149 |
| Total Long-Term and Other Liabilities |
20,233 |
| Total Liabilities |
21,858 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
865 |
| Paid-in capital in excess of par value |
51,207 |
| Additional paid-in capital |
3,274 |
| Accumulated deficit |
(43,401) |
| Total Stockholders' Equity |
11,945 |
| Total Liabilities and Stockholders' Equity |
33,803 |