| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
186 |
| Accounts receivable |
13,481 |
| Prepaid expenses |
216,503 |
| Total Current Assets |
230,170 |
| Reserve Fund: (Note 4) |
1,042,171 |
| Property and Improvements: (Notes 2 and 5) |
|
| Land |
1,379,896 |
| Building |
3,441,544 |
| Building improvements and equipment |
1,275,360 |
| Total |
6,096,800 |
| Less: Accumulated depreciation |
3,864,177 |
| Net Property and Improvements |
2,232,623 |
| Other Assets and Deferred Charges: |
|
| Cash security deposits |
58,077 |
| Investment in NCB Stock (Note 6) |
1,250 |
| Deferred mortgage closing costs (Note 2) |
34,013 |
| Total Other Assets and Deferred Charges |
93,340 |
| Total Assets |
3,598,304 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
8,156 |
| Accounts payable and accrued expenses |
76,326 |
| Due to stockholders - real estate tax abatements |
126,301 |
| Accrued wages and payroll taxes |
7,209 |
| Advance maintenance |
816 |
| Total Current Liabilities |
218,808 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 6) |
1,600,000 |
| Security deposits payable |
67,627 |
| Total Long-Term and Other Liabilities |
1,667,627 |
| Total Liabilities |
1,886,435 |
| Stockholders' Equity: |
|
| Common stock - $1.00 par value,130,000 shares authorized, 91,571 shares issued and outstanding |
91,571 |
| Paid-in capital in excess of par value |
4,376,440 |
| Accumulated deficit |
(2,756,142) |
| Total Stockholders' Equity |
1,711,869 |
| Total Liabilities and Stockholders' Equity |
3,598,304 |