| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
592 |
| Accounts receivable |
170 |
| Prepaid expenses |
139 |
| Real estate tax escrow: self-controlled |
1,011 |
| Total Current Assets |
1,912 |
| Reserve Fund: (Note 4) |
2,320 |
| Total Current Assets and Reserve Fund |
4,233 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,014 |
| Building |
32,045 |
| Building improvements |
11,021 |
| Total |
46,081 |
| Less: Accumulated depreciation |
30,014 |
| Net Property and Improvements |
16,066 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
137 |
| Deferred mortgage closing costs (Note 5) |
82 |
| Total Other Assets and Deferred Charges |
219 |
| Total Assets |
20,518 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
50 |
| Accounts payable |
197 |
| Due to stockholders - real estate tax abatements |
486 |
| Advance maintenance |
48 |
| Wages and payroll taxes payable |
50 |
| Accrued real estate tax |
22 |
| Total Current Liabilities |
853 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
11,793 |
| Security deposits payable (contra) |
137 |
| Total Long-Term and Other Liabilities |
11,930 |
| Total Liabilities |
12,782 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
508 |
| Paid-in capital in excess of par value |
30,067 |
| Additional paid-in capital |
1,922 |
| Accumulated deficit |
(24,761) |
| Total Stockholders' Equity |
7,736 |
| Total Liabilities and Stockholders' Equity |
20,518 |