| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
935 |
| Receivables (Note 3) |
199 |
| Prepaid expenses (Note 4) |
140 |
| Total Current Assets |
1,273 |
| Reserve fund (Notes 2 and 5) |
5,997 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,511 |
| Building |
25,984 |
| Building improvements |
21,263 |
| Total |
59,759 |
| Less: accumulated depreciation |
(36,959) |
| Net Property and Improvements |
22,800 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
165 |
| Unamortized credit line finance costs |
72 |
| Utility deposit |
4 |
| Total Other Assets |
242 |
| Total Assets |
30,312 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
303 |
| Real estate tax abatements |
577 |
| Mortgage payable - current portion |
335 |
| Prepaid maintenance and laundry income |
140 |
| Building improvements payable |
53 |
| Accrued mortgage interest |
50 |
| Total Current Liabilities |
1,457 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,474 |
| Unamortized mortgage finance costs (Note 2) |
(401) |
| Total Long-Term Debt |
16,074 |
| Security deposits payable |
228 |
| Total Long-Term Liabilities |
16,301 |
| Total Liabilities |
17,759 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
615 |
| Additional paid-in capital |
35,489 |
| Accumulated deficit |
(23,551) |
| Total Stockholders’ Equity |
12,553 |
| Total Liabilities and Stockholders’ Equity |
30,312 |