| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
931 |
|
|
| Receivables (Note 3) |
221 |
| Prepaid expenses (Note 4) |
112 |
| Total Current Assets |
1,264 |
|
|
| Reserve fund (Notes 2 and 5) |
5,496 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
12,328 |
|
|
| Building |
25,604 |
| Building improvements |
20,957 |
| Total |
58,889 |
| Less: accumulated depreciation |
(37,824) |
| Net Property and Improvements |
21,065 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
108 |
| Unamortized credit line finance costs |
63 |
| Utility deposit |
4 |
| Total Other Assets |
175 |
| Total Assets |
28,001 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
310 |
| Real estate tax abatements |
484 |
| Mortgage payable - current portion |
342 |
| Prepaid maintenance and laundry income |
101 |
| Building improvements payable |
52 |
| Accrued mortgage interest |
49 |
| Total Current Liabilities |
1,337 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
15,891 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(350) |
| Total Long-Term Debt |
15,541 |
| Security deposits payable |
233 |
| Total Long-Term Liabilities |
15,774 |
| Total Liabilities |
17,111 |
|
|
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
606 |
|
|
| Additional paid-in capital |
34,969 |
| Accumulated deficit |
(24,685) |
| Total Stockholders’ Equity |
10,890 |
|
|
| Total Liabilities and Stockholders’ Equity |
28,001 |