| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
947 |
|
|
| Receivables (Note 3) |
225 |
| Prepaid expenses (Note 4) |
114 |
| Total Current Assets |
1,285 |
|
|
| Reserve fund (Notes 2 and 5) |
5,587 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,531 |
|
|
| Building |
26,027 |
| Building improvements |
21,303 |
| Total |
59,861 |
| Less: accumulated depreciation |
(38,448) |
| Net Property and Improvements |
21,413 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
109 |
| Unamortized credit line finance costs |
64 |
| Utility deposit |
4 |
| Total Other Assets |
178 |
| Total Assets |
28,463 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
315 |
| Real estate tax abatements |
492 |
| Mortgage payable - current portion |
348 |
| Prepaid maintenance and laundry income |
103 |
| Building improvements payable |
53 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,359 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,153 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(356) |
| Total Long-Term Debt |
15,797 |
| Security deposits payable |
237 |
| Total Long-Term Liabilities |
16,034 |
| Total Liabilities |
17,393 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
616 |
|
|
| Additional paid-in capital |
35,546 |
| Accumulated deficit |
(25,093) |
| Total Stockholders’ Equity |
11,070 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,463 |