Apartment Report

Year Ended 2018-12-31

120 East 36 St
#10A
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,414
Shareholders' arrears receivable 147
Miscellaneous receivables 58
Prepaid expenses (Page 12) 180
Contract work in progress (Note 13) 1,149
Reserve fund (Page 12) 5,281
Total current assets 8,228
Land, Building and Equipment (Note 2)
Land 21,692
Building 65,075
Building improvements 19,764
Fixed equipment 222
Oil burner 218
Total land, building and equipment 106,972
Less: accumulated depreciation 73,293
Net land, building, equipment 33,679
TOTAL ASSETS 41,907
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,230
Maintenance received in advance 88
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 93
Mortgage note payable- current (Note 3) 1,521
Total current liabilities 3,931
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,871
Total long term liabilities 14,871
Total liabilities 18,802
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 655
Paid in capital 69,018
Accumulated deficit (46,568)
Total stockholders equity 23,105
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 41,907

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,672
Shareholder operating assessment (Note 9) 1,434
Laundry income 94
Interest and dividend income 52
Late charges and miscellaneous income 11
Total Revenue 18,263
EXPENSES
Administrative expenses (Page 13) 1,433
Operating expenses (Page 13) 5,431
Maintenance expenses (Page 14) 2,357
Taxes (Page 14) 8,484
Financial expenses (Page 14) 659
Total Expenses 18,364
Net (loss) income before insurance proceeds, depreciation, and loss on securities (101)
Add: Insurance proceeds (Page 14) 189
Less: Depreciation (Page 14) (688)
Less: Realized loss on securities (Page 14) (75)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (675)
Beginning accumulated deficit (45,893)
Ending accumulated deficit (46,568)