| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
866 |
| Receivables (Note 3) |
184 |
| Prepaid expenses (Note 4) |
130 |
| Total Current Assets |
1,180 |
| Reserve fund (Notes 2 and 5) |
5,558 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,596 |
| Building |
24,083 |
| Building improvements |
19,707 |
| Total |
55,386 |
| Less: accumulated depreciation |
(34,254) |
| Net Property and Improvements |
21,132 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
153 |
| Unamortized credit line finance costs |
67 |
| Utility deposit |
4 |
| Total Other Assets |
224 |
| Total Assets |
28,094 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
280 |
| Real estate tax abatements |
535 |
| Mortgage payable - current portion |
311 |
| Prepaid maintenance and laundry income |
129 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
47 |
| Total Current Liabilities |
1,351 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,269 |
| Unamortized mortgage finance costs (Note 2) |
(371) |
| Total Long-Term Debt |
14,898 |
| Security deposits payable |
211 |
| Total Long-Term Liabilities |
15,108 |
| Total Liabilities |
16,459 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
570 |
| Additional paid-in capital |
32,892 |
| Accumulated deficit |
(21,827) |
| Total Stockholders’ Equity |
11,635 |
| Total Liabilities and Stockholders’ Equity |
28,094 |