| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
884 |
| Receivables (Note 3) |
188 |
| Prepaid expenses (Note 4) |
133 |
| Total Current Assets |
1,205 |
| Reserve fund (Notes 2 and 5) |
5,675 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,840 |
| Building |
24,590 |
| Building improvements |
20,122 |
| Total |
56,552 |
| Less: accumulated depreciation |
(34,976) |
| Net Property and Improvements |
21,576 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
156 |
| Unamortized credit line finance costs |
68 |
| Utility deposit |
4 |
| Total Other Assets |
229 |
| Total Assets |
28,686 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
286 |
| Real estate tax abatements |
546 |
| Mortgage payable - current portion |
317 |
| Prepaid maintenance and laundry income |
132 |
| Building improvements payable |
50 |
| Accrued mortgage interest |
48 |
| Total Current Liabilities |
1,379 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,590 |
| Unamortized mortgage finance costs (Note 2) |
(379) |
| Total Long-Term Debt |
15,211 |
| Security deposits payable |
215 |
| Total Long-Term Liabilities |
15,427 |
| Total Liabilities |
16,806 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
582 |
| Additional paid-in capital |
33,584 |
| Accumulated deficit |
(22,287) |
| Total Stockholders’ Equity |
11,880 |
| Total Liabilities and Stockholders’ Equity |
28,686 |