Balance Sheets |
|
Assets |
|
Current Assets: |
|
Cash and cash equivalents |
976 |
|
|
Receivables (Note 3) |
232 |
Prepaid expenses (Note 4) |
117 |
Total Current Assets |
1,325 |
|
|
Reserve fund (Notes 2 and 5) |
5,759 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
12,918 |
|
|
Building |
26,829 |
Building improvements |
21,960 |
Total |
61,707 |
Less: accumulated depreciation |
(39,634) |
Net Property and Improvements |
22,073 |
Other Assets: |
|
Investment in NCB stock (Note 2) |
113 |
Unamortized credit line finance costs |
66 |
Utility deposit |
4 |
Total Other Assets |
183 |
Total Assets |
29,341 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable and accrued expenses |
324 |
Real estate tax abatements |
507 |
Mortgage payable - current portion |
359 |
Prepaid maintenance and laundry income |
106 |
Building improvements payable |
54 |
Accrued mortgage interest |
51 |
Total Current Liabilities |
1,401 |
Long-Term Liabilities: |
|
Mortgage payable - net of current portion (Note 7) |
16,652 |
|
|
Unamortized mortgage finance costs (Note 2) |
(367) |
Total Long-Term Debt |
16,285 |
Security deposits payable |
244 |
Total Long-Term Liabilities |
16,529 |
Total Liabilities |
17,929 |
|
|
Stockholders’ Equity |
|
Common stock - $1.00 par value, 71,711 shares issued and outstanding |
635 |
|
|
Additional paid-in capital |
36,643 |
Accumulated deficit |
(25,867) |
Total Stockholders’ Equity |
11,411 |
|
|
Total Liabilities and Stockholders’ Equity |
29,341 |