| ASSETS |
|
| Current assets |
|
| Cash and cash equivalents |
548,532 |
| Accounts receivable |
54,619 |
| Prepaid expenses |
265,499 |
| Prepaid corporate taxes |
-0- |
| Total current assets |
868,650 |
| Fixed assets |
|
| Land |
993,487 |
| Building |
2,976,870 |
| Improvements |
1,719,503 |
| Furniture and fixtures |
186,649 |
|
5,876,509 |
| Less: accumulated depreciation |
3,250,873 |
| Net fixed assets |
2,625,636 |
| Other assets |
|
| Deferred financing costs, net of accumulated amortization of $44,092 and $40,173 |
49,699 |
| Total other assets |
49,699 |
| Total assets |
3,543,985 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
| Current liabilities |
|
| Accounts payable |
111,676 |
| Prepaid maintenance |
2,137 |
| Corporate taxes payable |
775 |
| Tenant securities |
6,500 |
| Mortgage payable, short-term |
144,113 |
| Total current liabilities |
265,201 |
| Long-term liabilities |
|
| Revolving line of credit |
796,000 |
| Mortgage payable, long-term |
2,729,915 |
| Total long-term liabilities |
3,525,915 |
| Total liabilities |
3,791,116 |
| Shareholders’ equity |
|
| Common stock, $.25 par value, 25,000 shares authorized 17,389 issued, and 17,146 outstanding as of December 31, 2010, (17,133 as of December 31, 2009) |
4,347 |
| Additional paid-in capital |
7,049,602 |
| Less: treasury stock, 256 shares at cost |
(70,618) |
| Accumulated deficit |
(7,230,462) |
| Total shareholders' equity |
(247,131) |
| Total liabilities and shareholders' equity |
3,543,985 |