| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
159 |
| Accounts receivable |
277 |
| Prepaid expenses |
182 |
| Real estate tax escrow: self-controlled |
1,770 |
| Total Current Assets |
2,387 |
| Reserve Fund: (Note 4) |
3,873 |
| Total Current Assets and Reserve Fund |
6,259 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
4,102 |
| Building |
43,607 |
| Building improvements |
15,163 |
| Total |
62,873 |
| Less: Accumulated depreciation |
42,329 |
| Net Property and Improvements |
20,544 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
119 |
| Deferred mortgage closing costs (Note 5) |
87 |
| Total Other Assets and Deferred Charges |
206 |
| Total Assets |
27,010 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
68 |
| Accounts payable |
310 |
| Due to stockholders - real estate tax abatements |
754 |
| Advance maintenance |
87 |
| Wages and payroll taxes payable |
56 |
| Accrued real estate tax |
24 |
| Total Current Liabilities |
1,298 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
16,048 |
| Security deposits payable (contra) |
119 |
| Total Long-Term and Other Liabilities |
16,167 |
| Total Liabilities |
17,465 |
| 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 |
(34,678) |
| Total Stockholders' Equity |
9,544 |
| Total Liabilities and Stockholders' Equity |
27,010 |