| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
953 |
| Receivables (Note 3) |
202 |
| Prepaid expenses (Note 4) |
143 |
| Total Current Assets |
1,298 |
| Reserve fund (Notes 2 and 5) |
6,114 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,755 |
| Building |
26,491 |
| Building improvements |
21,678 |
| Total |
60,925 |
| Less: accumulated depreciation |
(37,680) |
| Net Property and Improvements |
23,245 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
168 |
| Unamortized credit line finance costs |
74 |
| Utility deposit |
4 |
| Total Other Assets |
246 |
| Total Assets |
30,903 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
308 |
| Real estate tax abatements |
589 |
| Mortgage payable - current portion |
342 |
| Prepaid maintenance and laundry income |
142 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
51 |
| Total Current Liabilities |
1,486 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,796 |
| Unamortized mortgage finance costs (Note 2) |
(409) |
| Total Long-Term Debt |
16,387 |
| Security deposits payable |
232 |
| Total Long-Term Liabilities |
16,619 |
| Total Liabilities |
18,105 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
627 |
| Additional paid-in capital |
36,181 |
| Accumulated deficit |
(24,010) |
| Total Stockholders’ Equity |
12,798 |
| Total Liabilities and Stockholders’ Equity |
30,903 |