| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
185 |
| Accounts receivable |
322 |
| Prepaid expenses |
212 |
| Real estate tax escrow: self-controlled |
2,062 |
| Total Current Assets |
2,781 |
| Reserve Fund: (Note 4) |
4,512 |
| Total Current Assets and Reserve Fund |
7,293 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,780 |
| Building |
50,809 |
| Building improvements |
17,668 |
| Total |
73,256 |
| Less: Accumulated depreciation |
49,319 |
| Net Property and Improvements |
23,937 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
139 |
| Deferred mortgage closing costs (Note 5) |
101 |
| Total Other Assets and Deferred Charges |
240 |
| Total Assets |
31,470 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
79 |
| Accounts payable |
362 |
| Due to stockholders - real estate tax abatements |
878 |
| Advance maintenance |
101 |
| Wages and payroll taxes payable |
65 |
| Accrued real estate tax |
28 |
| Total Current Liabilities |
1,513 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
18,698 |
| Security deposits payable (contra) |
139 |
| Total Long-Term and Other Liabilities |
18,837 |
| Total Liabilities |
20,350 |
| 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 |
(40,406) |
| Total Stockholders' Equity |
11,121 |
| Total Liabilities and Stockholders' Equity |
31,470 |