| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
876 |
|
|
| Receivables (Note 3) |
208 |
| Prepaid expenses (Note 4) |
105 |
| Total Current Assets |
1,189 |
|
|
| Reserve fund (Notes 2 and 5) |
5,170 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,596 |
|
|
| Building |
24,083 |
| Building improvements |
19,712 |
| Total |
55,391 |
| Less: accumulated depreciation |
(35,577) |
| Net Property and Improvements |
19,814 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
101 |
| Unamortized credit line finance costs |
59 |
| Utility deposit |
4 |
| Total Other Assets |
164 |
| Total Assets |
26,337 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
291 |
| Real estate tax abatements |
455 |
| Mortgage payable - current portion |
322 |
| Prepaid maintenance and laundry income |
95 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
46 |
| Total Current Liabilities |
1,257 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,947 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(329) |
| Total Long-Term Debt |
14,618 |
| Security deposits payable |
219 |
| Total Long-Term Liabilities |
14,837 |
| Total Liabilities |
16,094 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
570 |
|
|
| Additional paid-in capital |
32,892 |
| Accumulated deficit |
(23,219) |
| Total Stockholders’ Equity |
10,243 |
|
|
| Total Liabilities and Stockholders’ Equity |
26,337 |