Balance Sheets |
|
Assets |
|
Current Assets: |
|
Cash and cash equivalents |
880 |
Receivables (Note 3) |
187 |
Prepaid expenses (Note 4) |
132 |
Total Current Assets |
1,199 |
Reserve fund (Notes 2 and 5) |
5,646 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
11,779 |
Building |
24,463 |
Building improvements |
20,019 |
Total |
56,261 |
Less: accumulated depreciation |
(34,795) |
Net Property and Improvements |
21,465 |
Other Assets: |
|
Investment in NCB stock (Note 2) |
156 |
Unamortized credit line finance costs |
68 |
Utility deposit |
4 |
Total Other Assets |
227 |
Total Assets |
28,538 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable and accrued expenses |
285 |
Real estate tax abatements |
543 |
Mortgage payable - current portion |
316 |
Prepaid maintenance and laundry income |
131 |
Building improvements payable |
50 |
Accrued mortgage interest |
47 |
Total Current Liabilities |
1,372 |
Long-Term Liabilities: |
|
Mortgage payable - net of current portion (Note 7) |
15,510 |
Unamortized mortgage finance costs (Note 2) |
(377) |
Total Long-Term Debt |
15,133 |
Security deposits payable |
214 |
Total Long-Term Liabilities |
15,347 |
Total Liabilities |
16,719 |
Stockholders’ Equity |
|
Common stock - $1.00 par value, 71,711 shares issued and outstanding |
579 |
Additional paid-in capital |
33,411 |
Accumulated deficit |
(22,172) |
Total Stockholders’ Equity |
11,819 |
Total Liabilities and Stockholders’ Equity |
28,538 |