| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
110,156 |
|
|
| Receivables (Note 3) |
26,153 |
| Prepaid expenses (Note 4) |
13,217 |
| Total Current Assets |
149,526 |
|
|
| Reserve fund (Notes 2 and 5) |
650,090 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
1,458,113 |
|
|
| Building |
3,028,388 |
| Building improvements |
2,478,755 |
| Total |
6,965,256 |
| Less: accumulated depreciation |
(4,473,712) |
| Net Property and Improvements |
2,491,544 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
12,729 |
| Unamortized credit line finance costs |
7,460 |
| Utility deposit |
495 |
| Total Other Assets |
20,684 |
| Total Assets |
3,311,844 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
36,627 |
| Real estate tax abatements |
57,209 |
| Mortgage payable - current portion |
40,469 |
| Prepaid maintenance and laundry income |
11,938 |
| Building improvements payable |
6,132 |
| Accrued mortgage interest |
5,737 |
| Total Current Liabilities |
158,112 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
1,879,572 |
|
|
| Unamortized mortgage finance costs (Note 2) |
(41,423) |
| Total Long-Term Debt |
1,838,149 |
| Security deposits payable |
27,523 |
| Total Long-Term Liabilities |
1,865,672 |
| Total Liabilities |
2,023,784 |
|
|
| 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 |
(2,919,713) |
| Total Stockholders’ Equity |
1,288,060 |
|
|
| Total Liabilities and Stockholders’ Equity |
3,311,844 |