| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
855 |
| Receivables (Note 3) |
182 |
| Prepaid expenses (Note 4) |
128 |
| Total Current Assets |
1,166 |
| Reserve fund (Notes 2 and 5) |
5,490 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,453 |
| Building |
23,787 |
| Building improvements |
19,465 |
| Total |
54,706 |
| Less: accumulated depreciation |
(33,834) |
| Net Property and Improvements |
20,872 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
151 |
| Unamortized credit line finance costs |
66 |
| Utility deposit |
4 |
| Total Other Assets |
221 |
| Total Assets |
27,749 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
277 |
| Real estate tax abatements |
528 |
| Mortgage payable - current portion |
307 |
| Prepaid maintenance and laundry income |
128 |
| Building improvements payable |
48 |
| Accrued mortgage interest |
46 |
| Total Current Liabilities |
1,334 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,082 |
| Unamortized mortgage finance costs (Note 2) |
(367) |
| Total Long-Term Debt |
14,715 |
| Security deposits payable |
208 |
| Total Long-Term Liabilities |
14,923 |
| Total Liabilities |
16,257 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
563 |
| Additional paid-in capital |
32,488 |
| Accumulated deficit |
(21,559) |
| Total Stockholders’ Equity |
11,492 |
| Total Liabilities and Stockholders’ Equity |
27,749 |