| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
653 |
| Accounts receivable |
188 |
| Prepaid expenses |
154 |
| Real estate tax escrow: self-controlled |
1,115 |
| Total Current Assets |
2,110 |
| Reserve Fund: (Note 4) |
2,559 |
| Total Current Assets and Reserve Fund |
4,669 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
3,325 |
| Building |
35,348 |
| Building improvements |
12,157 |
| Total |
50,831 |
| Less: Accumulated depreciation |
33,109 |
| Net Property and Improvements |
17,723 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
151 |
| Deferred mortgage closing costs (Note 5) |
90 |
| Total Other Assets and Deferred Charges |
242 |
| Total Assets |
22,633 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
55 |
| Accounts payable |
217 |
| Due to stockholders - real estate tax abatements |
536 |
| Advance maintenance |
53 |
| Wages and payroll taxes payable |
56 |
| Accrued real estate tax |
25 |
| Total Current Liabilities |
941 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
13,008 |
| Security deposits payable (contra) |
151 |
| Total Long-Term and Other Liabilities |
13,160 |
| Total Liabilities |
14,100 |
| 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 |
(27,314) |
| Total Stockholders' Equity |
8,533 |
| Total Liabilities and Stockholders' Equity |
22,633 |