| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
862 |
|
|
| Receivables (Note 3) |
205 |
| Prepaid expenses (Note 4) |
103 |
| Total Current Assets |
1,170 |
|
|
| Reserve fund (Notes 2 and 5) |
5,088 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,412 |
|
|
| Building |
23,703 |
| Building improvements |
19,401 |
| Total |
54,516 |
| Less: accumulated depreciation |
(35,015) |
| Net Property and Improvements |
19,501 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
100 |
| Unamortized credit line finance costs |
58 |
| Utility deposit |
4 |
| Total Other Assets |
162 |
| Total Assets |
25,921 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
287 |
| Real estate tax abatements |
448 |
| Mortgage payable - current portion |
317 |
| Prepaid maintenance and laundry income |
93 |
| Building improvements payable |
48 |
| Accrued mortgage interest |
45 |
| Total Current Liabilities |
1,238 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,711 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(324) |
| Total Long-Term Debt |
14,387 |
| Security deposits payable |
215 |
| Total Long-Term Liabilities |
14,602 |
| Total Liabilities |
15,840 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
561 |
|
|
| Additional paid-in capital |
32,372 |
| Accumulated deficit |
(22,852) |
| Total Stockholders’ Equity |
10,082 |
|
|
| Total Liabilities and Stockholders’ Equity |
25,921 |