| ASSETS |
|
| Current assets |
|
| Cash and cash equivalents |
527,795 |
| Accounts receivable |
21,096 |
| Prepaid expenses |
277,775 |
| Prepaid corporate taxes |
4,117 |
| Total current assets |
830,783 |
| Fixed assets |
|
| Land |
993,487 |
| Building |
2,976,870 |
| Improvements |
1,942,074 |
| Furniture and fixtures |
186,649 |
|
6,099,080 |
| Less: accumulated depreciation |
3,453,618 |
| Net fixed assets |
2,645,462 |
| Other assets |
|
| Deferred financing costs, net of accumulated amortization of $44,092 and $40,173 |
45,780 |
| Total other assets |
45,780 |
| Total assets |
3,522,025 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
| Current liabilities |
|
| Accounts payable |
161,397 |
| Prepaid maintenance |
14,437 |
| Corporate taxes payable |
-0- |
| Tenant securities |
24,000 |
| Mortgage payable, short-term |
155,332 |
| Total current liabilities |
355,166 |
| Long-term liabilities |
|
| Revolving line of credit |
793,600 |
| Mortgage payable, long-term |
2,574,583 |
| Total long-term liabilities |
3,368,183 |
| Total liabilities |
3,723,349 |
| 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 |
(7,184,655) |
| Total shareholders' equity |
(201,324) |
| Total liabilities and shareholders' equity |
3,522,025 |