| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
912 |
| Receivables (Note 3) |
194 |
| Prepaid expenses (Note 4) |
137 |
| Total Current Assets |
1,242 |
| Reserve fund (Notes 2 and 5) |
5,851 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,206 |
| Building |
25,351 |
| Building improvements |
20,745 |
| Total |
58,301 |
| Less: accumulated depreciation |
(36,057) |
| Net Property and Improvements |
22,244 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
161 |
| Unamortized credit line finance costs |
70 |
| Utility deposit |
4 |
| Total Other Assets |
236 |
| Total Assets |
29,573 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
295 |
| Real estate tax abatements |
563 |
| Mortgage payable - current portion |
327 |
| Prepaid maintenance and laundry income |
136 |
| Building improvements payable |
51 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,422 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,073 |
| Unamortized mortgage finance costs (Note 2) |
(391) |
| Total Long-Term Debt |
15,682 |
| Security deposits payable |
222 |
| Total Long-Term Liabilities |
15,904 |
| Total Liabilities |
17,326 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
600 |
| Additional paid-in capital |
34,623 |
| Accumulated deficit |
(22,976) |
| Total Stockholders’ Equity |
12,247 |
| Total Liabilities and Stockholders’ Equity |
29,573 |