| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
921 |
| Receivables (Note 3) |
196 |
| Prepaid expenses (Note 4) |
138 |
| Total Current Assets |
1,255 |
| Reserve fund (Notes 2 and 5) |
5,909 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,328 |
| Building |
25,604 |
| Building improvements |
20,952 |
| Total |
58,884 |
| Less: accumulated depreciation |
(36,418) |
| Net Property and Improvements |
22,466 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
163 |
| Unamortized credit line finance costs |
71 |
| Utility deposit |
4 |
| Total Other Assets |
238 |
| Total Assets |
29,868 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
298 |
| Real estate tax abatements |
569 |
| Mortgage payable - current portion |
330 |
| Prepaid maintenance and laundry income |
138 |
| Building improvements payable |
52 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,436 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,233 |
| Unamortized mortgage finance costs (Note 2) |
(395) |
| Total Long-Term Debt |
15,838 |
| Security deposits payable |
224 |
| Total Long-Term Liabilities |
16,063 |
| Total Liabilities |
17,499 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
606 |
| Additional paid-in capital |
34,969 |
| Accumulated deficit |
(23,206) |
| Total Stockholders’ Equity |
12,370 |
| Total Liabilities and Stockholders’ Equity |
29,868 |