| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
202 |
| Accounts receivable |
352 |
| Prepaid expenses |
231 |
| Real estate tax escrow: self-controlled |
2,252 |
| Total Current Assets |
3,038 |
| Reserve Fund: (Note 4) |
4,929 |
| Total Current Assets and Reserve Fund |
7,966 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,221 |
| Building |
55,500 |
| Building improvements |
19,299 |
| Total |
80,020 |
| Less: Accumulated depreciation |
53,873 |
| Net Property and Improvements |
26,147 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
152 |
| Deferred mortgage closing costs (Note 5) |
110 |
| Total Other Assets and Deferred Charges |
262 |
| Total Assets |
34,376 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
86 |
| Accounts payable |
395 |
| Due to stockholders - real estate tax abatements |
959 |
| Advance maintenance |
110 |
| Wages and payroll taxes payable |
71 |
| Accrued real estate tax |
30 |
| Total Current Liabilities |
1,652 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
20,424 |
| Security deposits payable (contra) |
152 |
| Total Long-Term and Other Liabilities |
20,576 |
| Total Liabilities |
22,228 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
879 |
| Paid-in capital in excess of par value |
52,075 |
| Additional paid-in capital |
3,330 |
| Accumulated deficit |
(44,136) |
| Total Stockholders' Equity |
12,147 |
| Total Liabilities and Stockholders' Equity |
34,376 |