| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
991 |
|
|
| Receivables (Note 3) |
235 |
| Prepaid expenses (Note 4) |
119 |
| Total Current Assets |
1,346 |
|
|
| Reserve fund (Notes 2 and 5) |
5,850 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
13,121 |
|
|
| Building |
27,252 |
| Building improvements |
22,306 |
| Total |
62,679 |
| Less: accumulated depreciation |
(40,258) |
| Net Property and Improvements |
22,421 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
115 |
| Unamortized credit line finance costs |
67 |
| Utility deposit |
4 |
| Total Other Assets |
186 |
| Total Assets |
29,803 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
330 |
| Real estate tax abatements |
515 |
| Mortgage payable - current portion |
364 |
| Prepaid maintenance and laundry income |
107 |
| Building improvements payable |
55 |
| Accrued mortgage interest |
52 |
| Total Current Liabilities |
1,423 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,914 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(373) |
| Total Long-Term Debt |
16,541 |
| Security deposits payable |
248 |
| Total Long-Term Liabilities |
16,789 |
| Total Liabilities |
18,212 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
645 |
|
|
| Additional paid-in capital |
37,220 |
| Accumulated deficit |
(26,274) |
| Total Stockholders’ Equity |
11,591 |
|
|
| Total Liabilities and Stockholders’ Equity |
29,803 |