| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
934 |
|
|
| Receivables (Note 3) |
222 |
| Prepaid expenses (Note 4) |
112 |
| Total Current Assets |
1,268 |
|
|
| Reserve fund (Notes 2 and 5) |
5,514 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,369 |
|
|
| Building |
25,689 |
| Building improvements |
21,026 |
| Total |
59,084 |
| Less: accumulated depreciation |
(37,949) |
| Net Property and Improvements |
21,135 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
108 |
| Unamortized credit line finance costs |
63 |
| Utility deposit |
4 |
| Total Other Assets |
175 |
| Total Assets |
28,093 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
311 |
| Real estate tax abatements |
485 |
| Mortgage payable - current portion |
343 |
| Prepaid maintenance and laundry income |
101 |
| Building improvements payable |
52 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,341 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,944 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(351) |
| Total Long-Term Debt |
15,592 |
| Security deposits payable |
233 |
| Total Long-Term Liabilities |
15,826 |
| Total Liabilities |
17,167 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
608 |
|
|
| Additional paid-in capital |
35,085 |
| Accumulated deficit |
(24,767) |
| Total Stockholders’ Equity |
10,926 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,093 |