| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
668 |
| Accounts receivable |
192 |
| Prepaid expenses |
157 |
| Real estate tax escrow: self-controlled |
1,140 |
| Total Current Assets |
2,157 |
| Reserve Fund: (Note 4) |
2,617 |
| Total Current Assets and Reserve Fund |
4,774 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,400 |
| Building |
36,141 |
| Building improvements |
12,430 |
| Total |
51,971 |
| Less: Accumulated depreciation |
33,851 |
| Net Property and Improvements |
18,120 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
155 |
| Deferred mortgage closing costs (Note 5) |
92 |
| Total Other Assets and Deferred Charges |
247 |
| Total Assets |
23,141 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
56 |
| Accounts payable |
222 |
| Due to stockholders - real estate tax abatements |
548 |
| Advance maintenance |
54 |
| Wages and payroll taxes payable |
57 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
962 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,300 |
| Security deposits payable (contra) |
155 |
| Total Long-Term and Other Liabilities |
13,455 |
| Total Liabilities |
14,416 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
573 |
| Paid-in capital in excess of par value |
33,911 |
| Additional paid-in capital |
2,168 |
| Accumulated deficit |
(27,927) |
| Total Stockholders' Equity |
8,725 |
| Total Liabilities and Stockholders' Equity |
23,141 |