Apartment Report

Year Ended 2018-12-31

120 East 36 St
#2G
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,157
Shareholders' arrears receivable 120
Miscellaneous receivables 48
Prepaid expenses (Page 12) 147
Contract work in progress (Note 13) 940
Reserve fund (Page 12) 4,322
Total current assets 6,733
Land, Building and Equipment (Note 2)
Land 17,751
Building 53,252
Building improvements 16,174
Fixed equipment 182
Oil burner 179
Total land, building and equipment 87,537
Less: accumulated depreciation 59,977
Net land, building, equipment 27,560
TOTAL ASSETS 34,293
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,825
Maintenance received in advance 72
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 76
Mortgage note payable- current (Note 3) 1,244
Total current liabilities 3,217
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 12,169
Total long term liabilities 12,169
Total liabilities 15,386
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 536
Paid in capital 56,479
Accumulated deficit (38,108)
Total stockholders equity 18,907
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 34,293

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,643
Shareholder operating assessment (Note 9) 1,174
Laundry income 77
Interest and dividend income 43
Late charges and miscellaneous income 9
Total Revenue 14,945
EXPENSES
Administrative expenses (Page 13) 1,172
Operating expenses (Page 13) 4,444
Maintenance expenses (Page 14) 1,929
Taxes (Page 14) 6,943
Financial expenses (Page 14) 539
Total Expenses 15,027
Net (loss) income before insurance proceeds, depreciation, and loss on securities (83)
Add: Insurance proceeds (Page 14) 155
Less: Depreciation (Page 14) (563)
Less: Realized loss on securities (Page 14) (61)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (552)
Beginning accumulated deficit (37,555)
Ending accumulated deficit (38,108)