| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
962 |
|
|
| Receivables (Note 3) |
228 |
| Prepaid expenses (Note 4) |
115 |
| Total Current Assets |
1,306 |
|
|
| Reserve fund (Notes 2 and 5) |
5,678 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,735 |
|
|
| Building |
26,449 |
| Building improvements |
21,649 |
| Total |
60,833 |
| Less: accumulated depreciation |
(39,072) |
| Net Property and Improvements |
21,761 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
111 |
| Unamortized credit line finance costs |
65 |
| Utility deposit |
4 |
| Total Other Assets |
181 |
| Total Assets |
28,925 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
320 |
| Real estate tax abatements |
500 |
| Mortgage payable - current portion |
353 |
| Prepaid maintenance and laundry income |
104 |
| Building improvements payable |
54 |
| Accrued mortgage interest |
50 |
| Total Current Liabilities |
1,381 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
16,416 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(362) |
| Total Long-Term Debt |
16,054 |
| Security deposits payable |
240 |
| Total Long-Term Liabilities |
16,294 |
| Total Liabilities |
17,675 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
626 |
|
|
| Additional paid-in capital |
36,123 |
| Accumulated deficit |
(25,500) |
| Total Stockholders’ Equity |
11,250 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,925 |