| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
830 |
| Receivables (Note 3) |
176 |
| Prepaid expenses (Note 4) |
124 |
| Total Current Assets |
1,130 |
| Reserve fund (Notes 2 and 5) |
5,324 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,107 |
| Building |
23,069 |
| Building improvements |
18,878 |
| Total |
53,054 |
| Less: accumulated depreciation |
(32,812) |
| Net Property and Improvements |
20,242 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
147 |
| Unamortized credit line finance costs |
64 |
| Utility deposit |
4 |
| Total Other Assets |
214 |
| Total Assets |
26,911 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
269 |
| Real estate tax abatements |
512 |
| Mortgage payable - current portion |
298 |
| Prepaid maintenance and laundry income |
124 |
| Building improvements payable |
47 |
| Accrued mortgage interest |
45 |
| Total Current Liabilities |
1,294 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,626 |
| Unamortized mortgage finance costs (Note 2) |
(356) |
| Total Long-Term Debt |
14,270 |
| Security deposits payable |
202 |
| Total Long-Term Liabilities |
14,472 |
| Total Liabilities |
15,766 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
546 |
| Additional paid-in capital |
31,507 |
| Accumulated deficit |
(20,908) |
| Total Stockholders’ Equity |
11,145 |
| Total Liabilities and Stockholders’ Equity |
26,911 |