| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
147 |
| Accounts receivable |
256 |
| Prepaid expenses |
168 |
| Real estate tax escrow: self-controlled |
1,636 |
| Total Current Assets |
2,206 |
| Reserve Fund: (Note 4) |
3,579 |
| Total Current Assets and Reserve Fund |
5,785 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,791 |
| Building |
40,304 |
| Building improvements |
14,015 |
| Total |
58,110 |
| Less: Accumulated depreciation |
39,122 |
| Net Property and Improvements |
18,988 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
110 |
| Deferred mortgage closing costs (Note 5) |
80 |
| Total Other Assets and Deferred Charges |
190 |
| Total Assets |
24,963 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
63 |
| Accounts payable |
287 |
| Due to stockholders - real estate tax abatements |
697 |
| Advance maintenance |
80 |
| Wages and payroll taxes payable |
52 |
| Accrued real estate tax |
22 |
| Total Current Liabilities |
1,200 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
14,832 |
| Security deposits payable (contra) |
110 |
| Total Long-Term and Other Liabilities |
14,942 |
| Total Liabilities |
16,142 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
638 |
| Paid-in capital in excess of par value |
37,816 |
| Additional paid-in capital |
2,418 |
| Accumulated deficit |
(32,051) |
| Total Stockholders' Equity |
8,821 |
| Total Liabilities and Stockholders' Equity |
24,963 |