Apartment Report

Year Ended 2018-12-31

120 East 36 St
#2B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,179
Shareholders' arrears receivable 122
Miscellaneous receivables 48
Prepaid expenses (Page 12) 150
Contract work in progress (Note 13) 957
Reserve fund (Page 12) 4,402
Total current assets 6,859
Land, Building and Equipment (Note 2)
Land 18,082
Building 54,246
Building improvements 16,475
Fixed equipment 185
Oil burner 182
Total land, building and equipment 89,170
Less: accumulated depreciation 61,096
Net land, building, equipment 28,074
TOTAL ASSETS 34,933
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,859
Maintenance received in advance 74
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 77
Mortgage note payable- current (Note 3) 1,268
Total current liabilities 3,277
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 12,396
Total long term liabilities 12,396
Total liabilities 15,673
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 546
Paid in capital 57,533
Accumulated deficit (38,819)
Total stockholders equity 19,260
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 34,933

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,897
Shareholder operating assessment (Note 9) 1,196
Laundry income 78
Interest and dividend income 44
Late charges and miscellaneous income 9
Total Revenue 15,224
EXPENSES
Administrative expenses (Page 13) 1,194
Operating expenses (Page 13) 4,527
Maintenance expenses (Page 14) 1,965
Taxes (Page 14) 7,072
Financial expenses (Page 14) 549
Total Expenses 15,308
Net (loss) income before insurance proceeds, depreciation, and loss on securities (84)
Add: Insurance proceeds (Page 14) 157
Less: Depreciation (Page 14) (574)
Less: Realized loss on securities (Page 14) (63)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (563)
Beginning accumulated deficit (38,256)
Ending accumulated deficit (38,819)