| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
883 |
| Receivables (Note 3) |
188 |
| Prepaid expenses (Note 4) |
132 |
| Total Current Assets |
1,203 |
| Reserve fund (Notes 2 and 5) |
5,666 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,819 |
| Building |
24,548 |
| Building improvements |
20,088 |
| Total |
56,455 |
| Less: accumulated depreciation |
(34,916) |
| Net Property and Improvements |
21,539 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
156 |
| Unamortized credit line finance costs |
68 |
| Utility deposit |
4 |
| Total Other Assets |
228 |
| Total Assets |
28,636 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
286 |
| Real estate tax abatements |
545 |
| Mortgage payable - current portion |
317 |
| Prepaid maintenance and laundry income |
132 |
| Building improvements payable |
50 |
| Accrued mortgage interest |
47 |
| Total Current Liabilities |
1,377 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,564 |
| Unamortized mortgage finance costs (Note 2) |
(379) |
| Total Long-Term Debt |
15,185 |
| Security deposits payable |
215 |
| Total Long-Term Liabilities |
15,400 |
| Total Liabilities |
16,777 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
581 |
| Additional paid-in capital |
33,527 |
| Accumulated deficit |
(22,249) |
| Total Stockholders’ Equity |
11,859 |
| Total Liabilities and Stockholders’ Equity |
28,636 |