| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
108,914 |
| Receivables (Note 3) |
23,140 |
| Prepaid expenses (Note 4) |
16,342 |
| Total Current Assets |
148,396 |
| Reserve fund (Notes 2 and 5) |
698,957 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
1,458,113 |
| Building |
3,028,388 |
| Building improvements |
2,478,155 |
| Total |
6,964,656 |
| Less: accumulated depreciation |
(4,307,410) |
| Net Property and Improvements |
2,657,246 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
19,250 |
| Unamortized credit line finance costs |
8,412 |
| Utility deposit |
495 |
| Total Other Assets |
28,157 |
| Total Assets |
3,532,756 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
35,260 |
| Real estate tax abatements |
67,275 |
| Mortgage payable - current portion |
39,072 |
| Prepaid maintenance and laundry income |
16,265 |
| Building improvements payable |
6,132 |
| Accrued mortgage interest |
5,854 |
| Total Current Liabilities |
169,858 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
1,920,041 |
| Unamortized mortgage finance costs (Note 2) |
(46,711) |
| Total Long-Term Debt |
1,873,330 |
| Security deposits payable |
26,523 |
| Total Long-Term Liabilities |
1,899,853 |
| Total Liabilities |
2,069,711 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
71,711 |
| Additional paid-in capital |
4,136,062 |
| Accumulated deficit |
(2,744,728) |
| Total Stockholders’ Equity |
1,463,045 |
| Total Liabilities and Stockholders’ Equity |
3,532,756 |