| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
924 |
| Receivables (Note 3) |
196 |
| Prepaid expenses (Note 4) |
139 |
| Total Current Assets |
1,259 |
| Reserve fund (Notes 2 and 5) |
5,929 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,369 |
| Building |
25,689 |
| Building improvements |
21,021 |
| Total |
59,079 |
| Less: accumulated depreciation |
(36,538) |
| Net Property and Improvements |
22,540 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
163 |
| Unamortized credit line finance costs |
71 |
| Utility deposit |
4 |
| Total Other Assets |
239 |
| Total Assets |
29,967 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
299 |
| Real estate tax abatements |
571 |
| Mortgage payable - current portion |
331 |
| Prepaid maintenance and laundry income |
138 |
| Building improvements payable |
52 |
| Accrued mortgage interest |
50 |
| Total Current Liabilities |
1,441 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,287 |
| Unamortized mortgage finance costs (Note 2) |
(396) |
| Total Long-Term Debt |
15,891 |
| Security deposits payable |
225 |
| Total Long-Term Liabilities |
16,116 |
| Total Liabilities |
17,557 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
608 |
| Additional paid-in capital |
35,085 |
| Accumulated deficit |
(23,282) |
| Total Stockholders’ Equity |
12,410 |
| Total Liabilities and Stockholders’ Equity |
29,967 |