| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
962 |
| Receivables (Note 3) |
204 |
| Prepaid expenses (Note 4) |
144 |
| Total Current Assets |
1,311 |
| Reserve fund (Notes 2 and 5) |
6,173 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,877 |
| Building |
26,745 |
| Building improvements |
21,886 |
| Total |
61,508 |
| Less: accumulated depreciation |
(38,040) |
| Net Property and Improvements |
23,467 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
170 |
| Unamortized credit line finance costs |
74 |
| Utility deposit |
4 |
| Total Other Assets |
249 |
| Total Assets |
31,199 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
311 |
| Real estate tax abatements |
594 |
| Mortgage payable - current portion |
345 |
| Prepaid maintenance and laundry income |
144 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
52 |
| Total Current Liabilities |
1,500 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,957 |
| Unamortized mortgage finance costs (Note 2) |
(413) |
| Total Long-Term Debt |
16,544 |
| Security deposits payable |
234 |
| Total Long-Term Liabilities |
16,778 |
| Total Liabilities |
18,278 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
633 |
| Additional paid-in capital |
36,527 |
| Accumulated deficit |
(24,240) |
| Total Stockholders’ Equity |
12,921 |
| Total Liabilities and Stockholders’ Equity |
31,199 |