| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
988 |
| Receivables (Note 3) |
210 |
| Prepaid expenses (Note 4) |
148 |
| Total Current Assets |
1,346 |
| Reserve fund (Notes 2 and 5) |
6,339 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
13,223 |
| Building |
27,463 |
| Building improvements |
22,473 |
| Total |
63,160 |
| Less: accumulated depreciation |
(39,062) |
| Net Property and Improvements |
24,097 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
175 |
| Unamortized credit line finance costs |
76 |
| Utility deposit |
4 |
| Total Other Assets |
255 |
| Total Assets |
32,037 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
320 |
| Real estate tax abatements |
610 |
| Mortgage payable - current portion |
354 |
| Prepaid maintenance and laundry income |
148 |
| Building improvements payable |
56 |
| Accrued mortgage interest |
53 |
| Total Current Liabilities |
1,540 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
17,412 |
| Unamortized mortgage finance costs (Note 2) |
(424) |
| Total Long-Term Debt |
16,988 |
| Security deposits payable |
241 |
| Total Long-Term Liabilities |
17,229 |
| Total Liabilities |
18,769 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
650 |
| Additional paid-in capital |
37,508 |
| Accumulated deficit |
(24,891) |
| Total Stockholders’ Equity |
13,268 |
| Total Liabilities and Stockholders’ Equity |
32,037 |