Apartment Report

Year Ended 2018-12-31

120 East 36 St
#11F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,403
Shareholders' arrears receivable 146
Miscellaneous receivables 58
Prepaid expenses (Page 12) 178
Contract work in progress (Note 13) 1,140
Reserve fund (Page 12) 5,241
Total current assets 8,165
Land, Building and Equipment (Note 2)
Land 21,526
Building 64,578
Building improvements 19,614
Fixed equipment 220
Oil burner 217
Total land, building and equipment 106,155
Less: accumulated depreciation 72,734
Net land, building, equipment 33,422
TOTAL ASSETS 41,587
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,213
Maintenance received in advance 88
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 92
Mortgage note payable- current (Note 3) 1,509
Total current liabilities 3,901
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,757
Total long term liabilities 14,757
Total liabilities 18,659
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 650
Paid in capital 68,491
Accumulated deficit (46,213)
Total stockholders equity 22,928
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 41,587

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,544
Shareholder operating assessment (Note 9) 1,423
Laundry income 93
Interest and dividend income 52
Late charges and miscellaneous income 11
Total Revenue 18,123
EXPENSES
Administrative expenses (Page 13) 1,422
Operating expenses (Page 13) 5,389
Maintenance expenses (Page 14) 2,339
Taxes (Page 14) 8,420
Financial expenses (Page 14) 654
Total Expenses 18,223
Net (loss) income before insurance proceeds, depreciation, and loss on securities (100)
Add: Insurance proceeds (Page 14) 187
Less: Depreciation (Page 14) (683)
Less: Realized loss on securities (Page 14) (74)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (670)
Beginning accumulated deficit (45,543)
Ending accumulated deficit (46,213)