| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,140 |
| Receivables (Note 3) |
242 |
| Prepaid expenses (Note 4) |
171 |
| Total Current Assets |
1,553 |
| Reserve fund (Notes 2 and 5) |
7,314 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
15,257 |
| Building |
31,688 |
| Building improvements |
25,931 |
| Total |
72,876 |
| Less: accumulated depreciation |
(45,072) |
| Net Property and Improvements |
27,805 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
201 |
| Unamortized credit line finance costs |
88 |
| Utility deposit |
5 |
| Total Other Assets |
295 |
| Total Assets |
36,966 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
369 |
| Real estate tax abatements |
704 |
| Mortgage payable - current portion |
409 |
| Prepaid maintenance and laundry income |
170 |
| Building improvements payable |
64 |
| Accrued mortgage interest |
61 |
| Total Current Liabilities |
1,777 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
20,091 |
| Unamortized mortgage finance costs (Note 2) |
(489) |
| Total Long-Term Debt |
19,602 |
| Security deposits payable |
278 |
| Total Long-Term Liabilities |
19,880 |
| Total Liabilities |
21,657 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
750 |
| Additional paid-in capital |
43,279 |
| Accumulated deficit |
(28,720) |
| Total Stockholders’ Equity |
15,309 |
| Total Liabilities and Stockholders’ Equity |
36,966 |