| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
848 |
|
|
| Receivables (Note 3) |
201 |
| Prepaid expenses (Note 4) |
102 |
| Total Current Assets |
1,152 |
|
|
| Reserve fund (Notes 2 and 5) |
5,007 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,229 |
|
|
| Building |
23,323 |
| Building improvements |
19,090 |
| Total |
53,642 |
| Less: accumulated depreciation |
(34,453) |
| Net Property and Improvements |
19,188 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
98 |
| Unamortized credit line finance costs |
57 |
| Utility deposit |
4 |
| Total Other Assets |
159 |
| Total Assets |
25,506 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
282 |
| Real estate tax abatements |
441 |
| Mortgage payable - current portion |
312 |
| Prepaid maintenance and laundry income |
92 |
| Building improvements payable |
47 |
| Accrued mortgage interest |
44 |
| Total Current Liabilities |
1,218 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,475 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(319) |
| Total Long-Term Debt |
14,156 |
| Security deposits payable |
212 |
| Total Long-Term Liabilities |
14,368 |
| Total Liabilities |
15,586 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
552 |
|
|
| Additional paid-in capital |
31,853 |
| Accumulated deficit |
(22,486) |
| Total Stockholders’ Equity |
9,920 |
|
|
| Total Liabilities and Stockholders’ Equity |
25,506 |