| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
208 |
| Accounts receivable |
364 |
| Prepaid expenses |
239 |
| Real estate tax escrow: self-controlled |
2,325 |
| Total Current Assets |
3,135 |
| Reserve Fund: (Note 4) |
5,087 |
| Total Current Assets and Reserve Fund |
8,222 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,389 |
| Building |
57,284 |
| Building improvements |
19,919 |
| Total |
82,592 |
| Less: Accumulated depreciation |
55,604 |
| Net Property and Improvements |
26,988 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
157 |
| Deferred mortgage closing costs (Note 5) |
114 |
| Total Other Assets and Deferred Charges |
271 |
| Total Assets |
35,481 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
89 |
| Accounts payable |
408 |
| Due to stockholders - real estate tax abatements |
990 |
| Advance maintenance |
114 |
| Wages and payroll taxes payable |
74 |
| Accrued real estate tax |
31 |
| Total Current Liabilities |
1,705 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
21,081 |
| Security deposits payable (contra) |
157 |
| Total Long-Term and Other Liabilities |
21,237 |
| Total Liabilities |
22,943 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
907 |
| Paid-in capital in excess of par value |
53,749 |
| Additional paid-in capital |
3,437 |
| Accumulated deficit |
(45,555) |
| Total Stockholders' Equity |
12,538 |
| Total Liabilities and Stockholders' Equity |
35,481 |