Apartment Report

Year Ended 2018-12-31

120 East 36 St
#2C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,317
Shareholders' arrears receivable 137
Miscellaneous receivables 54
Prepaid expenses (Page 12) 167
Contract work in progress (Note 13) 1,070
Reserve fund (Page 12) 4,918
Total current assets 7,663
Land, Building and Equipment (Note 2)
Land 20,201
Building 60,604
Building improvements 18,407
Fixed equipment 207
Oil burner 203
Total land, building and equipment 99,622
Less: accumulated depreciation 68,258
Net land, building, equipment 31,365
TOTAL ASSETS 39,028
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,077
Maintenance received in advance 82
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 86
Mortgage note payable- current (Note 3) 1,416
Total current liabilities 3,661
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,849
Total long term liabilities 13,849
Total liabilities 17,510
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 610
Paid in capital 64,276
Accumulated deficit (43,369)
Total stockholders equity 21,517
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 39,028

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,526
Shareholder operating assessment (Note 9) 1,336
Laundry income 87
Interest and dividend income 49
Late charges and miscellaneous income 10
Total Revenue 17,008
EXPENSES
Administrative expenses (Page 13) 1,334
Operating expenses (Page 13) 5,057
Maintenance expenses (Page 14) 2,195
Taxes (Page 14) 7,901
Financial expenses (Page 14) 614
Total Expenses 17,102
Net (loss) income before insurance proceeds, depreciation, and loss on securities (94)
Add: Insurance proceeds (Page 14) 176
Less: Depreciation (Page 14) (641)
Less: Realized loss on securities (Page 14) (70)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (629)
Beginning accumulated deficit (42,740)
Ending accumulated deficit (43,369)