| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
873 |
|
|
| Receivables (Note 3) |
207 |
| Prepaid expenses (Note 4) |
105 |
| Total Current Assets |
1,185 |
|
|
| Reserve fund (Notes 2 and 5) |
5,152 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,555 |
|
|
| Building |
23,999 |
| Building improvements |
19,643 |
| Total |
55,197 |
| Less: accumulated depreciation |
(35,452) |
| Net Property and Improvements |
19,744 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
101 |
| Unamortized credit line finance costs |
59 |
| Utility deposit |
4 |
| Total Other Assets |
164 |
| Total Assets |
26,245 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
290 |
| Real estate tax abatements |
453 |
| Mortgage payable - current portion |
321 |
| Prepaid maintenance and laundry income |
95 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
45 |
| Total Current Liabilities |
1,253 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
14,895 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(328) |
| Total Long-Term Debt |
14,567 |
| Security deposits payable |
218 |
| Total Long-Term Liabilities |
14,785 |
| Total Liabilities |
16,038 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
568 |
|
|
| Additional paid-in capital |
32,776 |
| Accumulated deficit |
(23,137) |
| Total Stockholders’ Equity |
10,207 |
|
|
| Total Liabilities and Stockholders’ Equity |
26,245 |