| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
964 |
|
|
| Receivables (Note 3) |
229 |
| Prepaid expenses (Note 4) |
116 |
| Total Current Assets |
1,308 |
|
|
| Reserve fund (Notes 2 and 5) |
5,687 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,755 |
|
|
| Building |
26,491 |
| Building improvements |
21,683 |
| Total |
60,930 |
| Less: accumulated depreciation |
(39,135) |
| Net Property and Improvements |
21,795 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
111 |
| Unamortized credit line finance costs |
65 |
| Utility deposit |
4 |
| Total Other Assets |
181 |
| Total Assets |
28,971 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
320 |
| Real estate tax abatements |
500 |
| Mortgage payable - current portion |
354 |
| Prepaid maintenance and laundry income |
104 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
50 |
| Total Current Liabilities |
1,383 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,442 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(362) |
| Total Long-Term Debt |
16,080 |
| Security deposits payable |
241 |
| Total Long-Term Liabilities |
16,320 |
| Total Liabilities |
17,703 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
627 |
|
|
| Additional paid-in capital |
36,181 |
| Accumulated deficit |
(25,541) |
| Total Stockholders’ Equity |
11,268 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,971 |