| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
632 |
| Accounts receivable |
182 |
| Prepaid expenses |
149 |
| Real estate tax escrow: self-controlled |
1,080 |
| Total Current Assets |
2,043 |
| Reserve Fund: (Note 4) |
2,478 |
| Total Current Assets and Reserve Fund |
4,521 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,220 |
| Building |
34,225 |
| Building improvements |
11,771 |
| Total |
49,216 |
| Less: Accumulated depreciation |
32,056 |
| Net Property and Improvements |
17,160 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
147 |
| Deferred mortgage closing costs (Note 5) |
87 |
| Total Other Assets and Deferred Charges |
234 |
| Total Assets |
21,914 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
53 |
| Accounts payable |
210 |
| Due to stockholders - real estate tax abatements |
519 |
| Advance maintenance |
51 |
| Wages and payroll taxes payable |
54 |
| Accrued real estate tax |
24 |
| Total Current Liabilities |
911 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,595 |
| Security deposits payable (contra) |
147 |
| Total Long-Term and Other Liabilities |
12,741 |
| Total Liabilities |
13,652 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
542 |
| Paid-in capital in excess of par value |
32,113 |
| Additional paid-in capital |
2,053 |
| Accumulated deficit |
(26,446) |
| Total Stockholders' Equity |
8,262 |
| Total Liabilities and Stockholders' Equity |
21,914 |