| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
951 |
| Receivables (Note 3) |
202 |
| Prepaid expenses (Note 4) |
143 |
| Total Current Assets |
1,296 |
| Reserve fund (Notes 2 and 5) |
6,105 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,735 |
| Building |
26,449 |
| Building improvements |
21,644 |
| Total |
60,828 |
| Less: accumulated depreciation |
(37,620) |
| Net Property and Improvements |
23,208 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
168 |
| Unamortized credit line finance costs |
73 |
| Utility deposit |
4 |
| Total Other Assets |
246 |
| Total Assets |
30,854 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
308 |
| Real estate tax abatements |
588 |
| Mortgage payable - current portion |
341 |
| Prepaid maintenance and laundry income |
142 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
51 |
| Total Current Liabilities |
1,483 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,769 |
| Unamortized mortgage finance costs (Note 2) |
(408) |
| Total Long-Term Debt |
16,361 |
| Security deposits payable |
232 |
| Total Long-Term Liabilities |
16,593 |
| Total Liabilities |
18,076 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
626 |
| Additional paid-in capital |
36,123 |
| Accumulated deficit |
(23,972) |
| Total Stockholders’ Equity |
12,778 |
| Total Liabilities and Stockholders’ Equity |
30,854 |