| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
142 |
| Accounts receivable |
248 |
| Prepaid expenses |
163 |
| Real estate tax escrow: self-controlled |
1,585 |
| Total Current Assets |
2,137 |
| Reserve Fund: (Note 4) |
3,468 |
| Total Current Assets and Reserve Fund |
5,605 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,673 |
| Building |
39,048 |
| Building improvements |
13,578 |
| Total |
56,300 |
| Less: Accumulated depreciation |
37,903 |
| Net Property and Improvements |
18,396 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
107 |
| Deferred mortgage closing costs (Note 5) |
78 |
| Total Other Assets and Deferred Charges |
184 |
| Total Assets |
24,186 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
61 |
| Accounts payable |
278 |
| Due to stockholders - real estate tax abatements |
675 |
| Advance maintenance |
78 |
| Wages and payroll taxes payable |
50 |
| Accrued real estate tax |
21 |
| Total Current Liabilities |
1,163 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,370 |
| Security deposits payable (contra) |
107 |
| Total Long-Term and Other Liabilities |
14,477 |
| Total Liabilities |
15,639 |
| 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 |
(31,053) |
| Total Stockholders' Equity |
8,547 |
| Total Liabilities and Stockholders' Equity |
24,186 |