Apartment Report

Year Ended 2018-12-31

120 East 36 St
#10H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 2,321
Shareholders' arrears receivable 241
Miscellaneous receivables 95
Prepaid expenses (Page 12) 295
Contract work in progress (Note 13) 1,885
Reserve fund (Page 12) 8,668
Total current assets 13,504
Land, Building and Equipment (Note 2)
Land 35,601
Building 106,802
Building improvements 32,438
Fixed equipment 365
Oil burner 359
Total land, building and equipment 175,564
Less: accumulated depreciation 120,290
Net land, building, equipment 55,274
TOTAL ASSETS 68,778
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,660
Maintenance received in advance 145
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 152
Mortgage note payable- current (Note 3) 2,496
Total current liabilities 6,452
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 24,406
Total long term liabilities 24,406
Total liabilities 30,858
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,075
Paid in capital 113,274
Accumulated deficit (76,429)
Total stockholders equity 37,920
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 68,778

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 27,362
Shareholder operating assessment (Note 9) 2,354
Laundry income 154
Interest and dividend income 86
Late charges and miscellaneous income 17
Total Revenue 29,973
EXPENSES
Administrative expenses (Page 13) 2,351
Operating expenses (Page 13) 8,913
Maintenance expenses (Page 14) 3,868
Taxes (Page 14) 13,925
Financial expenses (Page 14) 1,082
Total Expenses 30,139
Net (loss) income before insurance proceeds, depreciation, and loss on securities (166)
Add: Insurance proceeds (Page 14) 310
Less: Depreciation (Page 14) (1,129)
Less: Realized loss on securities (Page 14) (123)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (1,108)
Beginning accumulated deficit (75,321)
Ending accumulated deficit (76,429)