| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
149 |
| Accounts receivable |
260 |
| Prepaid expenses |
171 |
| Real estate tax escrow: self-controlled |
1,662 |
| Total Current Assets |
2,242 |
| Reserve Fund: (Note 4) |
3,638 |
| Total Current Assets and Reserve Fund |
5,880 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,854 |
| Building |
40,965 |
| Building improvements |
14,244 |
| Total |
59,062 |
| Less: Accumulated depreciation |
39,763 |
| Net Property and Improvements |
19,299 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
112 |
| Deferred mortgage closing costs (Note 5) |
81 |
| Total Other Assets and Deferred Charges |
194 |
| Total Assets |
25,373 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
64 |
| Accounts payable |
292 |
| Due to stockholders - real estate tax abatements |
708 |
| Advance maintenance |
81 |
| Wages and payroll taxes payable |
53 |
| Accrued real estate tax |
22 |
| Total Current Liabilities |
1,220 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,075 |
| Security deposits payable (contra) |
112 |
| Total Long-Term and Other Liabilities |
15,187 |
| Total Liabilities |
16,407 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
649 |
| Paid-in capital in excess of par value |
38,436 |
| Additional paid-in capital |
2,458 |
| Accumulated deficit |
(32,577) |
| Total Stockholders' Equity |
8,966 |
| Total Liabilities and Stockholders' Equity |
25,373 |