Apartment Report

Year Ended 2017-12-31

120 East 36 St
#10C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 933
Shareholders' arrears receivable 41
Miscellaneous receivables 37
Prepaid expenses (Page 12) 2,011
Contract work in progress (Note 13) 108
Reserve fund (Page 12) 6,676
Total current assets 9,806
Land, Building and Equipment (Note 2)
Land 22,851
Building 68,552
Building improvements 20,356
Fixed equipment 234
Oil burner 230
Total land, building and equipment 112,223
Less: accumulated depreciation 76,485
Net land, building, equipment 35,739
TOTAL ASSETS 45,545
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,596
Maintenance received in advance 97
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 67
Mortgage note payable- current (Note 3) 1,551
Total current liabilities 3,311
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 17,183
Total long term liabilities 17,183
Total liabilities 20,494
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 690
Paid in capital 72,706
Accumulated deficit (48,346)
Total stockholders equity 25,050
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 45,545

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 17,101
Shareholder operating assessment (Note 9) 1,449
Laundry income 99
Interest and dividend income 46
Late charges and miscellaneous income 7
Total Revenue 18,701
EXPENSES
Administrative expenses (Page 13) 1,381
Operating expenses (Page 13) 5,279
Maintenance expenses (Page 14) 1,500
Taxes (Page 14) 8,578
Financial expenses (Page 14) 744
Total Expenses 17,481
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,220
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (783)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 437
Beginning accumulated deficit (48,782)
Ending accumulated deficit (48,346)