Apartment Report

Year Ended 2018-12-31

120 East 36 St
#2H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 2,062
Shareholders' arrears receivable 214
Miscellaneous receivables 85
Prepaid expenses (Page 12) 262
Contract work in progress (Note 13) 1,675
Reserve fund (Page 12) 7,700
Total current assets 11,997
Land, Building and Equipment (Note 2)
Land 31,627
Building 94,880
Building improvements 28,817
Fixed equipment 324
Oil burner 319
Total land, building and equipment 155,966
Less: accumulated depreciation 106,862
Net land, building, equipment 49,104
TOTAL ASSETS 61,101
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,251
Maintenance received in advance 129
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 135
Mortgage note payable- current (Note 3) 2,217
Total current liabilities 5,732
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 21,682
Total long term liabilities 21,682
Total liabilities 27,414
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 955
Paid in capital 100,629
Accumulated deficit (67,897)
Total stockholders equity 33,687
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 61,101

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 24,307
Shareholder operating assessment (Note 9) 2,091
Laundry income 137
Interest and dividend income 76
Late charges and miscellaneous income 15
Total Revenue 26,627
EXPENSES
Administrative expenses (Page 13) 2,089
Operating expenses (Page 13) 7,918
Maintenance expenses (Page 14) 3,436
Taxes (Page 14) 12,370
Financial expenses (Page 14) 961
Total Expenses 26,774
Net (loss) income before insurance proceeds, depreciation, and loss on securities (147)
Add: Insurance proceeds (Page 14) 275
Less: Depreciation (Page 14) (1,003)
Less: Realized loss on securities (Page 14) (109)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (984)
Beginning accumulated deficit (66,913)
Ending accumulated deficit (67,897)