Apartment Report

Year Ended 2017-12-31

120 East 36 St
#3B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 749
Shareholders' arrears receivable 33
Miscellaneous receivables 30
Prepaid expenses (Page 12) 1,614
Contract work in progress (Note 13) 87
Reserve fund (Page 12) 5,360
Total current assets 7,873
Land, Building and Equipment (Note 2)
Land 18,347
Building 55,040
Building improvements 16,344
Fixed equipment 188
Oil burner 185
Total land, building and equipment 90,104
Less: accumulated depreciation 61,409
Net land, building, equipment 28,695
TOTAL ASSETS 36,568
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,281
Maintenance received in advance 78
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 54
Mortgage note payable- current (Note 3) 1,245
Total current liabilities 2,658
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,797
Total long term liabilities 13,797
Total liabilities 16,455
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 554
Paid in capital 58,376
Accumulated deficit (38,817)
Total stockholders equity 20,113
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,568

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,730
Shareholder operating assessment (Note 9) 1,163
Laundry income 79
Interest and dividend income 37
Late charges and miscellaneous income 6
Total Revenue 15,015
EXPENSES
Administrative expenses (Page 13) 1,109
Operating expenses (Page 13) 4,238
Maintenance expenses (Page 14) 1,204
Taxes (Page 14) 6,887
Financial expenses (Page 14) 597
Total Expenses 14,036
Net (loss) income before insurance proceeds, depreciation, and loss on securities 980
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (629)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 351
Beginning accumulated deficit (39,167)
Ending accumulated deficit (38,817)