| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
980 |
| Receivables (Note 3) |
208 |
| Prepaid expenses (Note 4) |
147 |
| Total Current Assets |
1,335 |
| Reserve fund (Notes 2 and 5) |
6,290 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
13,121 |
| Building |
27,252 |
| Building improvements |
22,300 |
| Total |
62,674 |
| Less: accumulated depreciation |
(38,762) |
| Net Property and Improvements |
23,912 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
173 |
| Unamortized credit line finance costs |
76 |
| Utility deposit |
4 |
| Total Other Assets |
253 |
| Total Assets |
31,791 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
317 |
| Real estate tax abatements |
605 |
| Mortgage payable - current portion |
352 |
| Prepaid maintenance and laundry income |
146 |
| Building improvements payable |
55 |
| Accrued mortgage interest |
53 |
| Total Current Liabilities |
1,529 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
17,278 |
| Unamortized mortgage finance costs (Note 2) |
(420) |
| Total Long-Term Debt |
16,858 |
| Security deposits payable |
239 |
| Total Long-Term Liabilities |
17,096 |
| Total Liabilities |
18,625 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
645 |
| Additional paid-in capital |
37,220 |
| Accumulated deficit |
(24,699) |
| Total Stockholders’ Equity |
13,166 |
| Total Liabilities and Stockholders’ Equity |
31,791 |