| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
115,447 |
| Accounts receivable |
33,183 |
| Prepaid expenses |
27,167 |
| Real estate tax escrow: self-controlled |
197,203 |
| Total Current Assets |
373,000 |
| Reserve Fund: (Note 4) |
452,514 |
| Total Current Assets and Reserve Fund |
825,514 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
587,944 |
| Building |
6,250,000 |
| Building improvements |
2,149,580 |
| Total |
8,987,524 |
| Less: Accumulated depreciation |
5,853,955 |
| Net Property and Improvements |
3,133,569 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
26,769 |
| Deferred mortgage closing costs (Note 5) |
15,961 |
| Total Other Assets and Deferred Charges |
42,730 |
| Total Assets |
4,001,813 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
9,705 |
| Accounts payable |
38,375 |
| Due to stockholders - real estate tax abatements |
94,734 |
| Advance maintenance |
9,308 |
| Wages and payroll taxes payable |
9,833 |
| Accrued real estate tax |
4,336 |
| Total Current Liabilities |
166,291 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
2,300,000 |
| Security deposits payable (contra) |
26,769 |
| Total Long-Term and Other Liabilities |
2,326,769 |
| Total Liabilities |
2,493,060 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
99,010 |
| Paid-in capital in excess of par value |
5,864,239 |
| Additional paid-in capital |
374,953 |
| Accumulated deficit |
(4,829,449) |
| Total Stockholders' Equity |
1,508,753 |
| Total Liabilities and Stockholders' Equity |
4,001,813 |