| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
22,724 |
| Accounts receivable |
39,662 |
| Prepaid expenses |
26,045 |
| Real estate tax escrow: self-controlled |
253,634 |
| Total Current Assets |
342,065 |
| Reserve Fund: (Note 4) |
555,044 |
| Total Current Assets and Reserve Fund |
897,109 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
587,944 |
| Building |
6,250,000 |
| Building improvements |
2,173,271 |
| Total |
9,011,215 |
| Less: Accumulated depreciation |
6,066,718 |
| Net Property and Improvements |
2,944,497 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
17,109 |
| Deferred mortgage closing costs (Note 5) |
12,414 |
| Total Other Assets and Deferred Charges |
29,523 |
| Total Assets |
3,871,129 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
9,705 |
| Accounts payable |
44,477 |
| Due to stockholders - real estate tax abatements |
108,019 |
| Advance maintenance |
12,426 |
| Wages and payroll taxes payable |
8,022 |
| Accrued real estate tax |
3,422 |
| Total Current Liabilities |
186,071 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
2,300,000 |
| Security deposits payable (contra) |
17,109 |
| Total Long-Term and Other Liabilities |
2,317,109 |
| Total Liabilities |
2,503,180 |
| 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 |
(4,970,253) |
| Total Stockholders' Equity |
1,367,949 |
| Total Liabilities and Stockholders' Equity |
3,871,129 |