| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
190 |
| Accounts receivable |
332 |
| Prepaid expenses |
218 |
| Real estate tax escrow: self-controlled |
2,126 |
| Total Current Assets |
2,868 |
| Reserve Fund: (Note 4) |
4,653 |
| Total Current Assets and Reserve Fund |
7,521 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,929 |
| Building |
52,395 |
| Building improvements |
18,219 |
| Total |
75,543 |
| Less: Accumulated depreciation |
50,858 |
| Net Property and Improvements |
24,684 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
143 |
| Deferred mortgage closing costs (Note 5) |
104 |
| Total Other Assets and Deferred Charges |
247 |
| Total Assets |
32,452 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
81 |
| Accounts payable |
373 |
| Due to stockholders - real estate tax abatements |
906 |
| Advance maintenance |
104 |
| Wages and payroll taxes payable |
67 |
| Accrued real estate tax |
29 |
| Total Current Liabilities |
1,560 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
19,281 |
| Security deposits payable (contra) |
143 |
| Total Long-Term and Other Liabilities |
19,425 |
| Total Liabilities |
20,985 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
830 |
| Paid-in capital in excess of par value |
49,161 |
| Additional paid-in capital |
3,143 |
| Accumulated deficit |
(41,667) |
| Total Stockholders' Equity |
11,468 |
| Total Liabilities and Stockholders' Equity |
32,452 |