Apartment Report

Year Ended 2018-12-31

120 East 36 St
#11D
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,835
Shareholders' arrears receivable 190
Miscellaneous receivables 75
Prepaid expenses (Page 12) 233
Contract work in progress (Note 13) 1,490
Reserve fund (Page 12) 6,854
Total current assets 10,678
Land, Building and Equipment (Note 2)
Land 28,149
Building 84,448
Building improvements 25,648
Fixed equipment 288
Oil burner 283
Total land, building and equipment 138,818
Less: accumulated depreciation 95,113
Net land, building, equipment 43,705
TOTAL ASSETS 54,383
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,894
Maintenance received in advance 115
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 120
Mortgage note payable- current (Note 3) 1,973
Total current liabilities 5,102
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 19,298
Total long term liabilities 19,298
Total liabilities 24,400
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 (60,432)
Total stockholders equity 29,983
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 54,383

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 21,635
Shareholder operating assessment (Note 9) 1,861
Laundry income 121
Interest and dividend income 68
Late charges and miscellaneous income 14
Total Revenue 23,700
EXPENSES
Administrative expenses (Page 13) 1,859
Operating expenses (Page 13) 7,047
Maintenance expenses (Page 14) 3,059
Taxes (Page 14) 11,010
Financial expenses (Page 14) 855
Total Expenses 23,831
Net (loss) income before insurance proceeds, depreciation, and loss on securities (131)
Add: Insurance proceeds (Page 14) 245
Less: Depreciation (Page 14) (893)
Less: Realized loss on securities (Page 14) (97)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (876)
Beginning accumulated deficit (59,556)
Ending accumulated deficit (60,432)