| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
131 |
| Accounts receivable |
229 |
| Prepaid expenses |
151 |
| Real estate tax escrow: self-controlled |
1,467 |
| Total Current Assets |
1,978 |
| Reserve Fund: (Note 4) |
3,210 |
| Total Current Assets and Reserve Fund |
5,188 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,400 |
| Building |
36,141 |
| Building improvements |
12,567 |
| Total |
52,108 |
| Less: Accumulated depreciation |
35,081 |
| Net Property and Improvements |
17,027 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
99 |
| Deferred mortgage closing costs (Note 5) |
72 |
| Total Other Assets and Deferred Charges |
171 |
| Total Assets |
22,385 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
56 |
| Accounts payable |
257 |
| Due to stockholders - real estate tax abatements |
625 |
| Advance maintenance |
72 |
| Wages and payroll taxes payable |
46 |
| Accrued real estate tax |
20 |
| Total Current Liabilities |
1,076 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,300 |
| Security deposits payable (contra) |
99 |
| Total Long-Term and Other Liabilities |
13,399 |
| Total Liabilities |
14,475 |
| 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 |
(28,741) |
| Total Stockholders' Equity |
7,910 |
| Total Liabilities and Stockholders' Equity |
22,385 |