| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,109 |
| Receivables (Note 3) |
236 |
| Prepaid expenses (Note 4) |
166 |
| Total Current Assets |
1,511 |
| Reserve fund (Notes 2 and 5) |
7,119 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
14,850 |
| Building |
30,843 |
| Building improvements |
25,239 |
| Total |
70,933 |
| Less: accumulated depreciation |
(43,870) |
| Net Property and Improvements |
27,063 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
196 |
| Unamortized credit line finance costs |
86 |
| Utility deposit |
5 |
| Total Other Assets |
287 |
| Total Assets |
35,980 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
359 |
| Real estate tax abatements |
685 |
| Mortgage payable - current portion |
398 |
| Prepaid maintenance and laundry income |
166 |
| Building improvements payable |
62 |
| Accrued mortgage interest |
60 |
| Total Current Liabilities |
1,730 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
19,555 |
| Unamortized mortgage finance costs (Note 2) |
(476) |
| Total Long-Term Debt |
19,079 |
| Security deposits payable |
270 |
| Total Long-Term Liabilities |
19,349 |
| Total Liabilities |
21,079 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
730 |
| Additional paid-in capital |
42,125 |
| Accumulated deficit |
(27,954) |
| Total Stockholders’ Equity |
14,901 |
| Total Liabilities and Stockholders’ Equity |
35,980 |