| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
721 |
| Accounts receivable |
207 |
| Prepaid expenses |
170 |
| Real estate tax escrow: self-controlled |
1,232 |
| Total Current Assets |
2,330 |
| Reserve Fund: (Note 4) |
2,827 |
| Total Current Assets and Reserve Fund |
5,158 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,673 |
| Building |
39,048 |
| Building improvements |
13,430 |
| Total |
56,152 |
| Less: Accumulated depreciation |
36,574 |
| Net Property and Improvements |
19,578 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
167 |
| Deferred mortgage closing costs (Note 5) |
100 |
| Total Other Assets and Deferred Charges |
267 |
| Total Assets |
25,002 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
61 |
| Accounts payable |
240 |
| Due to stockholders - real estate tax abatements |
592 |
| Advance maintenance |
58 |
| Wages and payroll taxes payable |
61 |
| Accrued real estate tax |
27 |
| Total Current Liabilities |
1,039 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,370 |
| Security deposits payable (contra) |
167 |
| Total Long-Term and Other Liabilities |
14,537 |
| Total Liabilities |
15,576 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
619 |
| Paid-in capital in excess of par value |
36,638 |
| Additional paid-in capital |
2,343 |
| Accumulated deficit |
(30,173) |
| Total Stockholders' Equity |
9,426 |
| Total Liabilities and Stockholders' Equity |
25,002 |