| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
836 |
|
|
| Receivables (Note 3) |
198 |
| Prepaid expenses (Note 4) |
100 |
| Total Current Assets |
1,135 |
|
|
| Reserve fund (Notes 2 and 5) |
4,934 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,067 |
|
|
| Building |
22,985 |
| Building improvements |
18,813 |
| Total |
52,864 |
| Less: accumulated depreciation |
(33,954) |
| Net Property and Improvements |
18,910 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
97 |
| Unamortized credit line finance costs |
57 |
| Utility deposit |
4 |
| Total Other Assets |
157 |
| Total Assets |
25,136 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
278 |
| Real estate tax abatements |
434 |
| Mortgage payable - current portion |
307 |
| Prepaid maintenance and laundry income |
91 |
| Building improvements payable |
47 |
| Accrued mortgage interest |
44 |
| Total Current Liabilities |
1,200 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,265 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(314) |
| Total Long-Term Debt |
13,951 |
| Security deposits payable |
209 |
| Total Long-Term Liabilities |
14,160 |
| Total Liabilities |
15,360 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
544 |
|
|
| Additional paid-in capital |
31,392 |
| Accumulated deficit |
(22,160) |
| Total Stockholders’ Equity |
9,776 |
|
|
| Total Liabilities and Stockholders’ Equity |
25,136 |