| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
893 |
| Receivables (Note 3) |
190 |
| Prepaid expenses (Note 4) |
134 |
| Total Current Assets |
1,217 |
| Reserve fund (Notes 2 and 5) |
5,734 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,962 |
| Building |
24,844 |
| Building improvements |
20,330 |
| Total |
57,135 |
| Less: accumulated depreciation |
(35,336) |
| Net Property and Improvements |
21,799 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
158 |
| Unamortized credit line finance costs |
69 |
| Utility deposit |
4 |
| Total Other Assets |
231 |
| Total Assets |
28,981 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
289 |
| Real estate tax abatements |
552 |
| Mortgage payable - current portion |
321 |
| Prepaid maintenance and laundry income |
133 |
| Building improvements payable |
50 |
| Accrued mortgage interest |
48 |
| Total Current Liabilities |
1,393 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,751 |
| Unamortized mortgage finance costs (Note 2) |
(383) |
| Total Long-Term Debt |
15,368 |
| Security deposits payable |
218 |
| Total Long-Term Liabilities |
15,586 |
| Total Liabilities |
16,979 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
588 |
| Additional paid-in capital |
33,931 |
| Accumulated deficit |
(22,517) |
| Total Stockholders’ Equity |
12,002 |
| Total Liabilities and Stockholders’ Equity |
28,981 |