| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
124 |
| Accounts receivable |
217 |
| Prepaid expenses |
143 |
| Real estate tax escrow: self-controlled |
1,389 |
| Total Current Assets |
1,873 |
| Reserve Fund: (Note 4) |
3,039 |
| Total Current Assets and Reserve Fund |
4,913 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,220 |
| Building |
34,225 |
| Building improvements |
11,901 |
| Total |
49,346 |
| Less: Accumulated depreciation |
33,222 |
| Net Property and Improvements |
16,124 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
94 |
| Deferred mortgage closing costs (Note 5) |
68 |
| Total Other Assets and Deferred Charges |
162 |
| Total Assets |
21,198 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
53 |
| Accounts payable |
244 |
| Due to stockholders - real estate tax abatements |
592 |
| Advance maintenance |
68 |
| Wages and payroll taxes payable |
44 |
| Accrued real estate tax |
19 |
| Total Current Liabilities |
1,019 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
12,595 |
| Security deposits payable (contra) |
94 |
| Total Long-Term and Other Liabilities |
12,689 |
| Total Liabilities |
13,707 |
| 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 |
(27,217) |
| Total Stockholders' Equity |
7,491 |
| Total Liabilities and Stockholders' Equity |
21,198 |