| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
839 |
| Receivables (Note 3) |
178 |
| Prepaid expenses (Note 4) |
126 |
| Total Current Assets |
1,143 |
| Reserve fund (Notes 2 and 5) |
5,383 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,229 |
| Building |
23,323 |
| Building improvements |
19,085 |
| Total |
53,637 |
| Less: accumulated depreciation |
(33,173) |
| Net Property and Improvements |
20,464 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
148 |
| Unamortized credit line finance costs |
65 |
| Utility deposit |
4 |
| Total Other Assets |
217 |
| Total Assets |
27,207 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
272 |
| Real estate tax abatements |
518 |
| Mortgage payable - current portion |
301 |
| Prepaid maintenance and laundry income |
125 |
| Building improvements payable |
47 |
| Accrued mortgage interest |
45 |
| Total Current Liabilities |
1,308 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,787 |
| Unamortized mortgage finance costs (Note 2) |
(360) |
| Total Long-Term Debt |
14,427 |
| Security deposits payable |
204 |
| Total Long-Term Liabilities |
14,631 |
| Total Liabilities |
15,940 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
552 |
| Additional paid-in capital |
31,853 |
| Accumulated deficit |
(21,138) |
| Total Stockholders’ Equity |
11,267 |
| Total Liabilities and Stockholders’ Equity |
27,207 |