Apartment Report

Year Ended 2018-12-31

120 East 36 St
#2E
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,237
Shareholders' arrears receivable 128
Miscellaneous receivables 51
Prepaid expenses (Page 12) 157
Contract work in progress (Note 13) 1,005
Reserve fund (Page 12) 4,620
Total current assets 7,198
Land, Building and Equipment (Note 2)
Land 18,976
Building 56,928
Building improvements 17,290
Fixed equipment 194
Oil burner 191
Total land, building and equipment 93,580
Less: accumulated depreciation 64,117
Net land, building, equipment 29,462
TOTAL ASSETS 36,660
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,951
Maintenance received in advance 77
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 81
Mortgage note payable- current (Note 3) 1,330
Total current liabilities 3,439
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,009
Total long term liabilities 13,009
Total liabilities 16,448
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 573
Paid in capital 60,378
Accumulated deficit (40,738)
Total stockholders equity 20,212
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,660

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,584
Shareholder operating assessment (Note 9) 1,255
Laundry income 82
Interest and dividend income 46
Late charges and miscellaneous income 9
Total Revenue 15,976
EXPENSES
Administrative expenses (Page 13) 1,253
Operating expenses (Page 13) 4,751
Maintenance expenses (Page 14) 2,062
Taxes (Page 14) 7,422
Financial expenses (Page 14) 577
Total Expenses 16,065
Net (loss) income before insurance proceeds, depreciation, and loss on securities (88)
Add: Insurance proceeds (Page 14) 165
Less: Depreciation (Page 14) (602)
Less: Realized loss on securities (Page 14) (66)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (591)
Beginning accumulated deficit (40,148)
Ending accumulated deficit (40,738)