Apartment Report

Year Ended 2017-12-31

120 East 36 St
#12B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 960
Shareholders' arrears receivable 42
Miscellaneous receivables 38
Prepaid expenses (Page 12) 2,069
Contract work in progress (Note 13) 111
Reserve fund (Page 12) 6,870
Total current assets 10,090
Land, Building and Equipment (Note 2)
Land 23,513
Building 70,539
Building improvements 20,946
Fixed equipment 241
Oil burner 237
Total land, building and equipment 115,476
Less: accumulated depreciation 78,702
Net land, building, equipment 36,775
TOTAL ASSETS 46,865
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,642
Maintenance received in advance 100
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 69
Mortgage note payable- current (Note 3) 1,596
Total current liabilities 3,407
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 17,682
Total long term liabilities 17,682
Total liabilities 21,088
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 710
Paid in capital 74,813
Accumulated deficit (49,747)
Total stockholders equity 25,777
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 46,865

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 17,596
Shareholder operating assessment (Note 9) 1,491
Laundry income 101
Interest and dividend income 47
Late charges and miscellaneous income 8
Total Revenue 19,244
EXPENSES
Administrative expenses (Page 13) 1,421
Operating expenses (Page 13) 5,432
Maintenance expenses (Page 14) 1,543
Taxes (Page 14) 8,826
Financial expenses (Page 14) 766
Total Expenses 17,988
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,256
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (806)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 450
Beginning accumulated deficit (50,196)
Ending accumulated deficit (49,747)