| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
134 |
| Accounts receivable |
234 |
| Prepaid expenses |
153 |
| Real estate tax escrow: self-controlled |
1,493 |
| Total Current Assets |
2,014 |
| Reserve Fund: (Note 4) |
3,268 |
| Total Current Assets and Reserve Fund |
5,282 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,462 |
| Building |
36,802 |
| Building improvements |
12,797 |
| Total |
53,061 |
| Less: Accumulated depreciation |
35,723 |
| Net Property and Improvements |
17,338 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
101 |
| Deferred mortgage closing costs (Note 5) |
73 |
| Total Other Assets and Deferred Charges |
174 |
| Total Assets |
22,794 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
57 |
| Accounts payable |
262 |
| Due to stockholders - real estate tax abatements |
636 |
| Advance maintenance |
73 |
| Wages and payroll taxes payable |
47 |
| Accrued real estate tax |
20 |
| Total Current Liabilities |
1,096 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,543 |
| Security deposits payable (contra) |
101 |
| Total Long-Term and Other Liabilities |
13,644 |
| Total Liabilities |
14,740 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
583 |
| Paid-in capital in excess of par value |
34,531 |
| Additional paid-in capital |
2,208 |
| Accumulated deficit |
(29,266) |
| Total Stockholders' Equity |
8,055 |
| Total Liabilities and Stockholders' Equity |
22,794 |