| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
161 |
| Accounts receivable |
281 |
| Prepaid expenses |
184 |
| Real estate tax escrow: self-controlled |
1,796 |
| Total Current Assets |
2,423 |
| Reserve Fund: (Note 4) |
3,931 |
| Total Current Assets and Reserve Fund |
6,354 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,164 |
| Building |
44,268 |
| Building improvements |
15,393 |
| Total |
63,826 |
| Less: Accumulated depreciation |
42,970 |
| Net Property and Improvements |
20,856 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
121 |
| Deferred mortgage closing costs (Note 5) |
88 |
| Total Other Assets and Deferred Charges |
209 |
| Total Assets |
27,419 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
69 |
| Accounts payable |
315 |
| Due to stockholders - real estate tax abatements |
765 |
| Advance maintenance |
88 |
| Wages and payroll taxes payable |
57 |
| Accrued real estate tax |
24 |
| Total Current Liabilities |
1,318 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,291 |
| Security deposits payable (contra) |
121 |
| Total Long-Term and Other Liabilities |
16,412 |
| Total Liabilities |
17,730 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
701 |
| Paid-in capital in excess of par value |
41,536 |
| Additional paid-in capital |
2,656 |
| Accumulated deficit |
(35,204) |
| Total Stockholders' Equity |
9,689 |
| Total Liabilities and Stockholders' Equity |
27,419 |