Apartment Report

Year Ended 2017-12-31

120 East 36 St
#12A
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 724
Shareholders' arrears receivable 31
Miscellaneous receivables 29
Prepaid expenses (Page 12) 1,559
Contract work in progress (Note 13) 84
Reserve fund (Page 12) 5,177
Total current assets 7,603
Land, Building and Equipment (Note 2)
Land 17,718
Building 53,153
Building improvements 15,784
Fixed equipment 181
Oil burner 178
Total land, building and equipment 87,014
Less: accumulated depreciation 59,303
Net land, building, equipment 27,711
TOTAL ASSETS 35,314
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,237
Maintenance received in advance 75
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 52
Mortgage note payable- current (Note 3) 1,202
Total current liabilities 2,567
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,323
Total long term liabilities 13,323
Total liabilities 15,890
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 535
Paid in capital 56,373
Accumulated deficit (37,485)
Total stockholders equity 19,423
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 35,314

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,259
Shareholder operating assessment (Note 9) 1,123
Laundry income 76
Interest and dividend income 35
Late charges and miscellaneous income 6
Total Revenue 14,500
EXPENSES
Administrative expenses (Page 13) 1,071
Operating expenses (Page 13) 4,093
Maintenance expenses (Page 14) 1,163
Taxes (Page 14) 6,651
Financial expenses (Page 14) 577
Total Expenses 13,554
Net (loss) income before insurance proceeds, depreciation, and loss on securities 946
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (607)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 339
Beginning accumulated deficit (37,824)
Ending accumulated deficit (37,485)