Apartment Report

Year Ended 2017-12-31

120 East 36 St
#3A
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 801
Shareholders' arrears receivable 35
Miscellaneous receivables 32
Prepaid expenses (Page 12) 1,725
Contract work in progress (Note 13) 93
Reserve fund (Page 12) 5,728
Total current assets 8,413
Land, Building and Equipment (Note 2)
Land 19,605
Building 58,816
Building improvements 17,465
Fixed equipment 201
Oil burner 197
Total land, building and equipment 96,284
Less: accumulated depreciation 65,622
Net land, building, equipment 30,663
TOTAL ASSETS 39,076
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,369
Maintenance received in advance 83
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 57
Mortgage note payable- current (Note 3) 1,330
Total current liabilities 2,841
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,743
Total long term liabilities 14,743
Total liabilities 17,583
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 592
Paid in capital 62,380
Accumulated deficit (41,479)
Total stockholders equity 21,493
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 39,076

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,672
Shareholder operating assessment (Note 9) 1,243
Laundry income 85
Interest and dividend income 39
Late charges and miscellaneous income 6
Total Revenue 16,045
EXPENSES
Administrative expenses (Page 13) 1,185
Operating expenses (Page 13) 4,529
Maintenance expenses (Page 14) 1,287
Taxes (Page 14) 7,359
Financial expenses (Page 14) 638
Total Expenses 14,998
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,047
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (672)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 375
Beginning accumulated deficit (41,854)
Ending accumulated deficit (41,479)