| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
113 |
| Accounts receivable |
197 |
| Prepaid expenses |
129 |
| Real estate tax escrow: self-controlled |
1,260 |
| Total Current Assets |
1,700 |
| Reserve Fund: (Note 4) |
2,758 |
| Total Current Assets and Reserve Fund |
4,457 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,921 |
| Building |
31,054 |
| Building improvements |
10,798 |
| Total |
44,773 |
| Less: Accumulated depreciation |
30,143 |
| Net Property and Improvements |
14,630 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
85 |
| Deferred mortgage closing costs (Note 5) |
62 |
| Total Other Assets and Deferred Charges |
147 |
| Total Assets |
19,234 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
48 |
| Accounts payable |
221 |
| Due to stockholders - real estate tax abatements |
537 |
| Advance maintenance |
62 |
| Wages and payroll taxes payable |
40 |
| Accrued real estate tax |
17 |
| Total Current Liabilities |
925 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
11,428 |
| Security deposits payable (contra) |
85 |
| Total Long-Term and Other Liabilities |
11,513 |
| Total Liabilities |
12,437 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
492 |
| Paid-in capital in excess of par value |
29,137 |
| Additional paid-in capital |
1,863 |
| Accumulated deficit |
(24,695) |
| Total Stockholders' Equity |
6,797 |
| Total Liabilities and Stockholders' Equity |
19,234 |