| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
120 |
| Accounts receivable |
210 |
| Prepaid expenses |
138 |
| Real estate tax escrow: self-controlled |
1,341 |
| Total Current Assets |
1,808 |
| Reserve Fund: (Note 4) |
2,934 |
| Total Current Assets and Reserve Fund |
4,742 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,108 |
| Building |
33,036 |
| Building improvements |
11,487 |
| Total |
47,631 |
| Less: Accumulated depreciation |
32,067 |
| Net Property and Improvements |
15,564 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
90 |
| Deferred mortgage closing costs (Note 5) |
66 |
| Total Other Assets and Deferred Charges |
156 |
| Total Assets |
20,462 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
51 |
| Accounts payable |
235 |
| Due to stockholders - real estate tax abatements |
571 |
| Advance maintenance |
66 |
| Wages and payroll taxes payable |
42 |
| Accrued real estate tax |
18 |
| Total Current Liabilities |
984 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,157 |
| Security deposits payable (contra) |
90 |
| Total Long-Term and Other Liabilities |
12,248 |
| Total Liabilities |
13,231 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
523 |
| Paid-in capital in excess of par value |
30,997 |
| Additional paid-in capital |
1,982 |
| Accumulated deficit |
(26,272) |
| Total Stockholders' Equity |
7,231 |
| Total Liabilities and Stockholders' Equity |
20,462 |