| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
879 |
|
|
| Receivables (Note 3) |
209 |
| Prepaid expenses (Note 4) |
105 |
| Total Current Assets |
1,193 |
|
|
| Reserve fund (Notes 2 and 5) |
5,188 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,636 |
|
|
| Building |
24,168 |
| Building improvements |
19,781 |
| Total |
55,585 |
| Less: accumulated depreciation |
(35,702) |
| Net Property and Improvements |
19,883 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
102 |
| Unamortized credit line finance costs |
60 |
| Utility deposit |
4 |
| Total Other Assets |
165 |
| Total Assets |
26,430 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
292 |
| Real estate tax abatements |
457 |
| Mortgage payable - current portion |
323 |
| Prepaid maintenance and laundry income |
95 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
46 |
| Total Current Liabilities |
1,262 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,000 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(331) |
| Total Long-Term Debt |
14,669 |
| Security deposits payable |
220 |
| Total Long-Term Liabilities |
14,889 |
| Total Liabilities |
16,151 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
572 |
|
|
| Additional paid-in capital |
33,007 |
| Accumulated deficit |
(23,300) |
| Total Stockholders’ Equity |
10,279 |
|
|
| Total Liabilities and Stockholders’ Equity |
26,430 |