Apartment Report

Year Ended 2018-12-31

120 East 36 St
#12F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,371
Shareholders' arrears receivable 142
Miscellaneous receivables 56
Prepaid expenses (Page 12) 174
Contract work in progress (Note 13) 1,113
Reserve fund (Page 12) 5,120
Total current assets 7,977
Land, Building and Equipment (Note 2)
Land 21,029
Building 63,088
Building improvements 19,161
Fixed equipment 215
Oil burner 212
Total land, building and equipment 103,705
Less: accumulated depreciation 71,055
Net land, building, equipment 32,650
TOTAL ASSETS 40,627
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,162
Maintenance received in advance 86
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 90
Mortgage note payable- current (Note 3) 1,474
Total current liabilities 3,811
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,417
Total long term liabilities 14,417
Total liabilities 18,228
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 635
Paid in capital 66,911
Accumulated deficit (45,146)
Total stockholders equity 22,399
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 40,627

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,163
Shareholder operating assessment (Note 9) 1,391
Laundry income 91
Interest and dividend income 51
Late charges and miscellaneous income 10
Total Revenue 17,705
EXPENSES
Administrative expenses (Page 13) 1,389
Operating expenses (Page 13) 5,265
Maintenance expenses (Page 14) 2,285
Taxes (Page 14) 8,225
Financial expenses (Page 14) 639
Total Expenses 17,803
Net (loss) income before insurance proceeds, depreciation, and loss on securities (98)
Add: Insurance proceeds (Page 14) 183
Less: Depreciation (Page 14) (667)
Less: Realized loss on securities (Page 14) (73)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (654)
Beginning accumulated deficit (44,492)
Ending accumulated deficit (45,146)