| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
129 |
| Accounts receivable |
224 |
| Prepaid expenses |
147 |
| Real estate tax escrow: self-controlled |
1,434 |
| Total Current Assets |
1,935 |
| Reserve Fund: (Note 4) |
3,139 |
| Total Current Assets and Reserve Fund |
5,074 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,325 |
| Building |
35,348 |
| Building improvements |
12,291 |
| Total |
50,965 |
| Less: Accumulated depreciation |
34,312 |
| Net Property and Improvements |
16,653 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
97 |
| Deferred mortgage closing costs (Note 5) |
70 |
| Total Other Assets and Deferred Charges |
167 |
| Total Assets |
21,894 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
55 |
| Accounts payable |
252 |
| Due to stockholders - real estate tax abatements |
611 |
| Advance maintenance |
70 |
| Wages and payroll taxes payable |
45 |
| Accrued real estate tax |
19 |
| Total Current Liabilities |
1,052 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,008 |
| Security deposits payable (contra) |
97 |
| Total Long-Term and Other Liabilities |
13,105 |
| Total Liabilities |
14,157 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
560 |
| Paid-in capital in excess of par value |
33,167 |
| Additional paid-in capital |
2,121 |
| Accumulated deficit |
(28,111) |
| Total Stockholders' Equity |
7,737 |
| Total Liabilities and Stockholders' Equity |
21,894 |