Apartment Report

Year Ended 2017-12-31

120 East 36 St
#11C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,150
Shareholders' arrears receivable 50
Miscellaneous receivables 46
Prepaid expenses (Page 12) 2,477
Contract work in progress (Note 13) 133
Reserve fund (Page 12) 8,224
Total current assets 12,080
Land, Building and Equipment (Note 2)
Land 28,149
Building 84,448
Building improvements 25,077
Fixed equipment 288
Oil burner 283
Total land, building and equipment 138,246
Less: accumulated depreciation 94,220
Net land, building, equipment 44,026
TOTAL ASSETS 56,106
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,966
Maintenance received in advance 120
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 82
Mortgage note payable- current (Note 3) 1,910
Total current liabilities 4,078
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 21,168
Total long term liabilities 21,168
Total liabilities 25,247
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 850
Paid in capital 89,565
Accumulated deficit (59,556)
Total stockholders equity 30,859
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 56,106

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 21,066
Shareholder operating assessment (Note 9) 1,785
Laundry income 121
Interest and dividend income 56
Late charges and miscellaneous income 9
Total Revenue 23,038
EXPENSES
Administrative expenses (Page 13) 1,702
Operating expenses (Page 13) 6,503
Maintenance expenses (Page 14) 1,847
Taxes (Page 14) 10,567
Financial expenses (Page 14) 917
Total Expenses 21,535
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,503
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (965)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 538
Beginning accumulated deficit (60,094)
Ending accumulated deficit (59,556)