| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
814 |
| Receivables (Note 3) |
173 |
| Prepaid expenses (Note 4) |
122 |
| Total Current Assets |
1,110 |
| Reserve fund (Notes 2 and 5) |
5,227 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
10,904 |
| Building |
22,647 |
| Building improvements |
18,532 |
| Total |
52,082 |
| Less: accumulated depreciation |
(32,211) |
| Net Property and Improvements |
19,871 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
144 |
| Unamortized credit line finance costs |
63 |
| Utility deposit |
4 |
| Total Other Assets |
211 |
| Total Assets |
26,418 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
264 |
| Real estate tax abatements |
503 |
| Mortgage payable - current portion |
292 |
| Prepaid maintenance and laundry income |
122 |
| Building improvements payable |
46 |
| Accrued mortgage interest |
44 |
| Total Current Liabilities |
1,270 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,358 |
| Unamortized mortgage finance costs (Note 2) |
(349) |
| Total Long-Term Debt |
14,009 |
| Security deposits payable |
198 |
| Total Long-Term Liabilities |
14,207 |
| Total Liabilities |
15,477 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
536 |
| Additional paid-in capital |
30,930 |
| Accumulated deficit |
(20,525) |
| Total Stockholders’ Equity |
10,941 |
| Total Liabilities and Stockholders’ Equity |
26,418 |