| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
825 |
| Receivables (Note 3) |
175 |
| Prepaid expenses (Note 4) |
124 |
| Total Current Assets |
1,124 |
| Reserve fund (Notes 2 and 5) |
5,295 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,046 |
| Building |
22,942 |
| Building improvements |
18,774 |
| Total |
52,763 |
| Less: accumulated depreciation |
(32,632) |
| Net Property and Improvements |
20,131 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
146 |
| Unamortized credit line finance costs |
64 |
| Utility deposit |
4 |
| Total Other Assets |
213 |
| Total Assets |
26,763 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
267 |
| Real estate tax abatements |
510 |
| Mortgage payable - current portion |
296 |
| Prepaid maintenance and laundry income |
123 |
| Building improvements payable |
46 |
| Accrued mortgage interest |
44 |
| Total Current Liabilities |
1,287 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,546 |
| Unamortized mortgage finance costs (Note 2) |
(354) |
| Total Long-Term Debt |
14,192 |
| Security deposits payable |
201 |
| Total Long-Term Liabilities |
14,393 |
| Total Liabilities |
15,680 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
543 |
| Additional paid-in capital |
31,334 |
| Accumulated deficit |
(20,793) |
| Total Stockholders’ Equity |
11,084 |
| Total Liabilities and Stockholders’ Equity |
26,763 |