Apartment Report

Year Ended 2017-12-31

120 East 36 St
#11A
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 744
Shareholders' arrears receivable 32
Miscellaneous receivables 30
Prepaid expenses (Page 12) 1,603
Contract work in progress (Note 13) 86
Reserve fund (Page 12) 5,322
Total current assets 7,816
Land, Building and Equipment (Note 2)
Land 18,214
Building 54,643
Building improvements 16,226
Fixed equipment 187
Oil burner 183
Total land, building and equipment 89,453
Less: accumulated depreciation 60,966
Net land, building, equipment 28,487
TOTAL ASSETS 36,304
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,272
Maintenance received in advance 77
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 53
Mortgage note payable- current (Note 3) 1,236
Total current liabilities 2,639
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,697
Total long term liabilities 13,697
Total liabilities 16,336
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 550
Paid in capital 57,954
Accumulated deficit (38,536)
Total stockholders equity 19,968
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,304

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,631
Shareholder operating assessment (Note 9) 1,155
Laundry income 79
Interest and dividend income 36
Late charges and miscellaneous income 6
Total Revenue 14,907
EXPENSES
Administrative expenses (Page 13) 1,101
Operating expenses (Page 13) 4,208
Maintenance expenses (Page 14) 1,195
Taxes (Page 14) 6,837
Financial expenses (Page 14) 593
Total Expenses 13,934
Net (loss) income before insurance proceeds, depreciation, and loss on securities 973
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (624)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 348
Beginning accumulated deficit (38,885)
Ending accumulated deficit (38,536)