| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
205 |
| Accounts receivable |
357 |
| Prepaid expenses |
235 |
| Real estate tax escrow: self-controlled |
2,284 |
| Total Current Assets |
3,081 |
| Reserve Fund: (Note 4) |
4,999 |
| Total Current Assets and Reserve Fund |
8,080 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,296 |
| Building |
56,293 |
| Building improvements |
19,574 |
| Total |
81,163 |
| Less: Accumulated depreciation |
54,642 |
| Net Property and Improvements |
26,521 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
154 |
| Deferred mortgage closing costs (Note 5) |
112 |
| Total Other Assets and Deferred Charges |
266 |
| Total Assets |
34,867 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
87 |
| Accounts payable |
401 |
| Due to stockholders - real estate tax abatements |
973 |
| Advance maintenance |
112 |
| Wages and payroll taxes payable |
72 |
| Accrued real estate tax |
31 |
| Total Current Liabilities |
1,676 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
20,716 |
| Security deposits payable (contra) |
154 |
| Total Long-Term and Other Liabilities |
20,870 |
| Total Liabilities |
22,546 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
892 |
| Paid-in capital in excess of par value |
52,819 |
| Additional paid-in capital |
3,377 |
| Accumulated deficit |
(44,767) |
| Total Stockholders' Equity |
12,321 |
| Total Liabilities and Stockholders' Equity |
34,867 |