| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
900 |
| Receivables (Note 3) |
191 |
| Prepaid expenses (Note 4) |
135 |
| Total Current Assets |
1,226 |
| Reserve fund (Notes 2 and 5) |
5,773 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,043 |
| Building |
25,013 |
| Building improvements |
20,468 |
| Total |
57,524 |
| Less: accumulated depreciation |
(35,577) |
| Net Property and Improvements |
21,947 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
159 |
| Unamortized credit line finance costs |
69 |
| Utility deposit |
4 |
| Total Other Assets |
233 |
| Total Assets |
29,178 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
291 |
| Real estate tax abatements |
556 |
| Mortgage payable - current portion |
323 |
| Prepaid maintenance and laundry income |
134 |
| Building improvements payable |
51 |
| Accrued mortgage interest |
48 |
| Total Current Liabilities |
1,403 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,858 |
| Unamortized mortgage finance costs (Note 2) |
(386) |
| Total Long-Term Debt |
15,473 |
| Security deposits payable |
219 |
| Total Long-Term Liabilities |
15,692 |
| Total Liabilities |
17,095 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
592 |
| Additional paid-in capital |
34,161 |
| Accumulated deficit |
(22,670) |
| Total Stockholders’ Equity |
12,084 |
| Total Liabilities and Stockholders’ Equity |
29,178 |