| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
140 |
| Accounts receivable |
244 |
| Prepaid expenses |
160 |
| Real estate tax escrow: self-controlled |
1,558 |
| Total Current Assets |
2,101 |
| Reserve Fund: (Note 4) |
3,409 |
| Total Current Assets and Reserve Fund |
5,510 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,611 |
| Building |
38,388 |
| Building improvements |
13,348 |
| Total |
55,347 |
| Less: Accumulated depreciation |
37,262 |
| Net Property and Improvements |
18,085 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
105 |
| Deferred mortgage closing costs (Note 5) |
76 |
| Total Other Assets and Deferred Charges |
181 |
| Total Assets |
23,777 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
60 |
| Accounts payable |
273 |
| Due to stockholders - real estate tax abatements |
663 |
| Advance maintenance |
76 |
| Wages and payroll taxes payable |
49 |
| Accrued real estate tax |
21 |
| Total Current Liabilities |
1,143 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,127 |
| Security deposits payable (contra) |
105 |
| Total Long-Term and Other Liabilities |
14,232 |
| Total Liabilities |
15,375 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
608 |
| Paid-in capital in excess of par value |
36,018 |
| Additional paid-in capital |
2,303 |
| Accumulated deficit |
(30,527) |
| Total Stockholders' Equity |
8,402 |
| Total Liabilities and Stockholders' Equity |
23,777 |