Apartment Report

Year Ended 2018-12-31

120 East 36 St
#10E
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,393
Shareholders' arrears receivable 144
Miscellaneous receivables 57
Prepaid expenses (Page 12) 177
Contract work in progress (Note 13) 1,131
Reserve fund (Page 12) 5,201
Total current assets 8,103
Land, Building and Equipment (Note 2)
Land 21,360
Building 64,081
Building improvements 19,463
Fixed equipment 219
Oil burner 215
Total land, building and equipment 105,338
Less: accumulated depreciation 72,174
Net land, building, equipment 33,164
TOTAL ASSETS 41,267
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,196
Maintenance received in advance 87
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 91
Mortgage note payable- current (Note 3) 1,497
Total current liabilities 3,871
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,644
Total long term liabilities 14,644
Total liabilities 18,515
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 645
Paid in capital 67,964
Accumulated deficit (45,857)
Total stockholders equity 22,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 41,267

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,417
Shareholder operating assessment (Note 9) 1,413
Laundry income 92
Interest and dividend income 52
Late charges and miscellaneous income 10
Total Revenue 17,984
EXPENSES
Administrative expenses (Page 13) 1,411
Operating expenses (Page 13) 5,348
Maintenance expenses (Page 14) 2,321
Taxes (Page 14) 8,355
Financial expenses (Page 14) 649
Total Expenses 18,083
Net (loss) income before insurance proceeds, depreciation, and loss on securities (99)
Add: Insurance proceeds (Page 14) 186
Less: Depreciation (Page 14) (677)
Less: Realized loss on securities (Page 14) (74)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (665)
Beginning accumulated deficit (45,193)
Ending accumulated deficit (45,857)