| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
151 |
| Accounts receivable |
264 |
| Prepaid expenses |
173 |
| Real estate tax escrow: self-controlled |
1,689 |
| Total Current Assets |
2,278 |
| Reserve Fund: (Note 4) |
3,697 |
| Total Current Assets and Reserve Fund |
5,975 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,916 |
| Building |
41,625 |
| Building improvements |
14,474 |
| Total |
60,015 |
| Less: Accumulated depreciation |
40,405 |
| Net Property and Improvements |
19,610 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
114 |
| Deferred mortgage closing costs (Note 5) |
83 |
| Total Other Assets and Deferred Charges |
197 |
| Total Assets |
25,782 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
65 |
| Accounts payable |
296 |
| Due to stockholders - real estate tax abatements |
719 |
| Advance maintenance |
83 |
| Wages and payroll taxes payable |
53 |
| Accrued real estate tax |
23 |
| Total Current Liabilities |
1,239 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,318 |
| Security deposits payable (contra) |
114 |
| Total Long-Term and Other Liabilities |
15,432 |
| Total Liabilities |
16,671 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
659 |
| Paid-in capital in excess of par value |
39,056 |
| Additional paid-in capital |
2,497 |
| Accumulated deficit |
(33,102) |
| Total Stockholders' Equity |
9,111 |
| Total Liabilities and Stockholders' Equity |
25,782 |