| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
875 |
| Receivables (Note 3) |
186 |
| Prepaid expenses (Note 4) |
131 |
| Total Current Assets |
1,193 |
| Reserve fund (Notes 2 and 5) |
5,617 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,718 |
| Building |
24,337 |
| Building improvements |
19,915 |
| Total |
55,969 |
| Less: accumulated depreciation |
(34,615) |
| Net Property and Improvements |
21,354 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
155 |
| Unamortized credit line finance costs |
68 |
| Utility deposit |
4 |
| Total Other Assets |
226 |
| Total Assets |
28,390 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
283 |
| Real estate tax abatements |
541 |
| Mortgage payable - current portion |
314 |
| Prepaid maintenance and laundry income |
131 |
| Building improvements payable |
49 |
| Accrued mortgage interest |
47 |
| Total Current Liabilities |
1,365 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,430 |
| Unamortized mortgage finance costs (Note 2) |
(375) |
| Total Long-Term Debt |
15,054 |
| Security deposits payable |
213 |
| Total Long-Term Liabilities |
15,268 |
| Total Liabilities |
16,633 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
576 |
| Additional paid-in capital |
33,238 |
| Accumulated deficit |
(22,057) |
| Total Stockholders’ Equity |
11,757 |
| Total Liabilities and Stockholders’ Equity |
28,390 |