| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
156 |
| Accounts receivable |
273 |
| Prepaid expenses |
179 |
| Real estate tax escrow: self-controlled |
1,743 |
| Total Current Assets |
2,350 |
| Reserve Fund: (Note 4) |
3,814 |
| Total Current Assets and Reserve Fund |
6,164 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,040 |
| Building |
42,947 |
| Building improvements |
14,934 |
| Total |
61,920 |
| Less: Accumulated depreciation |
41,687 |
| Net Property and Improvements |
20,233 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
118 |
| Deferred mortgage closing costs (Note 5) |
85 |
| Total Other Assets and Deferred Charges |
203 |
| Total Assets |
26,600 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
67 |
| Accounts payable |
306 |
| Due to stockholders - real estate tax abatements |
742 |
| Advance maintenance |
85 |
| Wages and payroll taxes payable |
55 |
| Accrued real estate tax |
24 |
| Total Current Liabilities |
1,279 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,804 |
| Security deposits payable (contra) |
118 |
| Total Long-Term and Other Liabilities |
15,922 |
| Total Liabilities |
17,201 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
680 |
| Paid-in capital in excess of par value |
40,296 |
| Additional paid-in capital |
2,576 |
| Accumulated deficit |
(34,153) |
| Total Stockholders' Equity |
9,400 |
| Total Liabilities and Stockholders' Equity |
26,600 |