| 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 |