| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
610 |
| Accounts receivable |
175 |
| Prepaid expenses |
144 |
| Real estate tax escrow: self-controlled |
1,042 |
| Total Current Assets |
1,972 |
| Reserve Fund: (Note 4) |
2,392 |
| Total Current Assets and Reserve Fund |
4,363 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,108 |
| Building |
33,036 |
| Building improvements |
11,362 |
| Total |
47,506 |
| Less: Accumulated depreciation |
30,943 |
| Net Property and Improvements |
16,563 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
141 |
| Deferred mortgage closing costs (Note 5) |
84 |
| Total Other Assets and Deferred Charges |
226 |
| Total Assets |
21,153 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
51 |
| Accounts payable |
203 |
| Due to stockholders - real estate tax abatements |
501 |
| Advance maintenance |
49 |
| Wages and payroll taxes payable |
52 |
| Accrued real estate tax |
23 |
| Total Current Liabilities |
879 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,157 |
| Security deposits payable (contra) |
141 |
| Total Long-Term and Other Liabilities |
12,299 |
| Total Liabilities |
13,178 |
| 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 |
(25,527) |
| Total Stockholders' Equity |
7,975 |
| Total Liabilities and Stockholders' Equity |
21,153 |