| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
781 |
| Accounts receivable |
225 |
| Prepaid expenses |
184 |
| Real estate tax escrow: self-controlled |
1,334 |
| Total Current Assets |
2,524 |
| Reserve Fund: (Note 4) |
3,062 |
| Total Current Assets and Reserve Fund |
5,585 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,978 |
| Building |
42,286 |
| Building improvements |
14,544 |
| Total |
60,807 |
| Less: Accumulated depreciation |
39,606 |
| Net Property and Improvements |
21,201 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
181 |
| Deferred mortgage closing costs (Note 5) |
108 |
| Total Other Assets and Deferred Charges |
289 |
| Total Assets |
27,075 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
66 |
| Accounts payable |
260 |
| Due to stockholders - real estate tax abatements |
641 |
| Advance maintenance |
63 |
| Wages and payroll taxes payable |
67 |
| Accrued real estate tax |
29 |
| Total Current Liabilities |
1,125 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,561 |
| Security deposits payable (contra) |
181 |
| Total Long-Term and Other Liabilities |
15,742 |
| Total Liabilities |
16,867 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
670 |
| Paid-in capital in excess of par value |
39,676 |
| Additional paid-in capital |
2,537 |
| Accumulated deficit |
(32,675) |
| Total Stockholders' Equity |
10,208 |
| Total Liabilities and Stockholders' Equity |
27,075 |