| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
824 |
|
|
| Receivables (Note 3) |
196 |
| Prepaid expenses (Note 4) |
99 |
| Total Current Assets |
1,118 |
|
|
| Reserve fund (Notes 2 and 5) |
4,861 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
10,904 |
|
|
| Building |
22,647 |
| Building improvements |
18,536 |
| Total |
52,087 |
| Less: accumulated depreciation |
(33,455) |
| Net Property and Improvements |
18,632 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
95 |
| Unamortized credit line finance costs |
56 |
| Utility deposit |
4 |
| Total Other Assets |
155 |
| Total Assets |
24,766 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
274 |
| Real estate tax abatements |
428 |
| Mortgage payable - current portion |
303 |
| Prepaid maintenance and laundry income |
89 |
| Building improvements payable |
46 |
| Accrued mortgage interest |
43 |
| Total Current Liabilities |
1,182 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,056 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(310) |
| Total Long-Term Debt |
13,746 |
| Security deposits payable |
206 |
| Total Long-Term Liabilities |
13,952 |
| Total Liabilities |
15,134 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
536 |
|
|
| Additional paid-in capital |
30,930 |
| Accumulated deficit |
(21,834) |
| Total Stockholders’ Equity |
9,632 |
|
|
| Total Liabilities and Stockholders’ Equity |
24,766 |