| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
939 |
| Accounts receivable |
270 |
| Prepaid expenses |
221 |
| Real estate tax escrow: self-controlled |
1,603 |
| Total Current Assets |
3,032 |
| Reserve Fund: (Note 4) |
3,679 |
| Total Current Assets and Reserve Fund |
6,711 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,780 |
| Building |
50,809 |
| Building improvements |
17,475 |
| Total |
73,064 |
| Less: Accumulated depreciation |
47,590 |
| Net Property and Improvements |
25,474 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
218 |
| Deferred mortgage closing costs (Note 5) |
130 |
| Total Other Assets and Deferred Charges |
347 |
| Total Assets |
32,533 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
79 |
| Accounts payable |
312 |
| Due to stockholders - real estate tax abatements |
770 |
| Advance maintenance |
76 |
| Wages and payroll taxes payable |
80 |
| Accrued real estate tax |
35 |
| Total Current Liabilities |
1,352 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,698 |
| Security deposits payable (contra) |
218 |
| Total Long-Term and Other Liabilities |
18,915 |
| Total Liabilities |
20,267 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
805 |
| Paid-in capital in excess of par value |
47,673 |
| Additional paid-in capital |
3,048 |
| Accumulated deficit |
(39,261) |
| Total Stockholders' Equity |
12,265 |
| Total Liabilities and Stockholders' Equity |
32,533 |