| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
805 |
| Accounts receivable |
232 |
| Prepaid expenses |
190 |
| Real estate tax escrow: self-controlled |
1,376 |
| Total Current Assets |
2,602 |
| Reserve Fund: (Note 4) |
3,157 |
| Total Current Assets and Reserve Fund |
5,760 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,102 |
| Building |
43,607 |
| Building improvements |
14,998 |
| Total |
62,708 |
| Less: Accumulated depreciation |
40,844 |
| Net Property and Improvements |
21,863 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
187 |
| Deferred mortgage closing costs (Note 5) |
111 |
| Total Other Assets and Deferred Charges |
298 |
| Total Assets |
27,921 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
68 |
| Accounts payable |
268 |
| Due to stockholders - real estate tax abatements |
661 |
| Advance maintenance |
65 |
| Wages and payroll taxes payable |
69 |
| Accrued real estate tax |
30 |
| Total Current Liabilities |
1,160 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,048 |
| Security deposits payable (contra) |
187 |
| Total Long-Term and Other Liabilities |
16,234 |
| Total Liabilities |
17,395 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
691 |
| Paid-in capital in excess of par value |
40,916 |
| Additional paid-in capital |
2,616 |
| Accumulated deficit |
(33,696) |
| Total Stockholders' Equity |
10,527 |
| Total Liabilities and Stockholders' Equity |
27,921 |