| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
154 |
| Accounts receivable |
268 |
| Prepaid expenses |
176 |
| Real estate tax escrow: self-controlled |
1,716 |
| Total Current Assets |
2,314 |
| Reserve Fund: (Note 4) |
3,755 |
| Total Current Assets and Reserve Fund |
6,070 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,978 |
| Building |
42,286 |
| Building improvements |
14,704 |
| Total |
60,968 |
| Less: Accumulated depreciation |
41,046 |
| Net Property and Improvements |
19,922 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
116 |
| Deferred mortgage closing costs (Note 5) |
84 |
| Total Other Assets and Deferred Charges |
200 |
| Total Assets |
26,191 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
66 |
| Accounts payable |
301 |
| Due to stockholders - real estate tax abatements |
731 |
| Advance maintenance |
84 |
| Wages and payroll taxes payable |
54 |
| Accrued real estate tax |
23 |
| Total Current Liabilities |
1,259 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
15,561 |
| Security deposits payable (contra) |
116 |
| Total Long-Term and Other Liabilities |
15,677 |
| Total Liabilities |
16,936 |
| 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 |
(33,628) |
| Total Stockholders' Equity |
9,255 |
| Total Liabilities and Stockholders' Equity |
26,191 |