| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
117 |
| Accounts receivable |
203 |
| Prepaid expenses |
134 |
| Real estate tax escrow: self-controlled |
1,300 |
| Total Current Assets |
1,754 |
| Reserve Fund: (Note 4) |
2,846 |
| Total Current Assets and Reserve Fund |
4,600 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,014 |
| Building |
32,045 |
| Building improvements |
11,143 |
| Total |
46,202 |
| Less: Accumulated depreciation |
31,105 |
| Net Property and Improvements |
15,097 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
88 |
| Deferred mortgage closing costs (Note 5) |
64 |
| Total Other Assets and Deferred Charges |
151 |
| Total Assets |
19,848 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
50 |
| Accounts payable |
228 |
| Due to stockholders - real estate tax abatements |
554 |
| Advance maintenance |
64 |
| Wages and payroll taxes payable |
41 |
| Accrued real estate tax |
18 |
| Total Current Liabilities |
954 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
11,793 |
| Security deposits payable (contra) |
88 |
| Total Long-Term and Other Liabilities |
11,880 |
| Total Liabilities |
12,834 |
| 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 |
(25,483) |
| Total Stockholders' Equity |
7,014 |
| Total Liabilities and Stockholders' Equity |
19,848 |