| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
910 |
| Receivables (Note 3) |
193 |
| Prepaid expenses (Note 4) |
137 |
| Total Current Assets |
1,240 |
| Reserve fund (Notes 2 and 5) |
5,841 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,186 |
| Building |
25,308 |
| Building improvements |
20,710 |
| Total |
58,204 |
| Less: accumulated depreciation |
(35,997) |
| Net Property and Improvements |
22,207 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
161 |
| Unamortized credit line finance costs |
70 |
| Utility deposit |
4 |
| Total Other Assets |
235 |
| Total Assets |
29,523 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
295 |
| Real estate tax abatements |
562 |
| Mortgage payable - current portion |
327 |
| Prepaid maintenance and laundry income |
136 |
| Building improvements payable |
51 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,420 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,046 |
| Unamortized mortgage finance costs (Note 2) |
(390) |
| Total Long-Term Debt |
15,656 |
| Security deposits payable |
222 |
| Total Long-Term Liabilities |
15,877 |
| Total Liabilities |
17,297 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
599 |
| Additional paid-in capital |
34,565 |
| Accumulated deficit |
(22,938) |
| Total Stockholders’ Equity |
12,227 |
| Total Liabilities and Stockholders’ Equity |
29,523 |