| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
996 |
| Accounts receivable |
286 |
| Prepaid expenses |
234 |
| Real estate tax escrow: self-controlled |
1,701 |
| Total Current Assets |
3,218 |
| Reserve Fund: (Note 4) |
3,904 |
| Total Current Assets and Reserve Fund |
7,121 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,072 |
| Building |
53,915 |
| Building improvements |
18,543 |
| Total |
77,529 |
| Less: Accumulated depreciation |
50,498 |
| Net Property and Improvements |
27,031 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
231 |
| Deferred mortgage closing costs (Note 5) |
138 |
| Total Other Assets and Deferred Charges |
369 |
| Total Assets |
34,521 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
84 |
| Accounts payable |
331 |
| Due to stockholders - real estate tax abatements |
817 |
| Advance maintenance |
80 |
| Wages and payroll taxes payable |
85 |
| Accrued real estate tax |
37 |
| Total Current Liabilities |
1,434 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
19,841 |
| Security deposits payable (contra) |
231 |
| Total Long-Term and Other Liabilities |
20,072 |
| Total Liabilities |
21,506 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
854 |
| Paid-in capital in excess of par value |
50,587 |
| Additional paid-in capital |
3,234 |
| Accumulated deficit |
(41,660) |
| Total Stockholders' Equity |
13,015 |
| Total Liabilities and Stockholders' Equity |
34,521 |