| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
138 |
| Accounts receivable |
241 |
| Prepaid expenses |
158 |
| Real estate tax escrow: self-controlled |
1,539 |
| Total Current Assets |
2,076 |
| Reserve Fund: (Note 4) |
3,368 |
| Total Current Assets and Reserve Fund |
5,444 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,568 |
| Building |
37,925 |
| Building improvements |
13,187 |
| Total |
54,680 |
| Less: Accumulated depreciation |
36,813 |
| Net Property and Improvements |
17,867 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
104 |
| Deferred mortgage closing costs (Note 5) |
75 |
| Total Other Assets and Deferred Charges |
179 |
| Total Assets |
23,490 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
59 |
| Accounts payable |
270 |
| Due to stockholders - real estate tax abatements |
655 |
| Advance maintenance |
75 |
| Wages and payroll taxes payable |
49 |
| Accrued real estate tax |
21 |
| Total Current Liabilities |
1,129 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,956 |
| Security deposits payable (contra) |
104 |
| Total Long-Term and Other Liabilities |
14,060 |
| Total Liabilities |
15,189 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
601 |
| Paid-in capital in excess of par value |
35,584 |
| Additional paid-in capital |
2,275 |
| Accumulated deficit |
(30,160) |
| Total Stockholders' Equity |
8,301 |
| Total Liabilities and Stockholders' Equity |
23,490 |