Apartment Report

Year Ended 2018-12-31

120 East 36 St
#3D
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,257
Shareholders' arrears receivable 130
Miscellaneous receivables 52
Prepaid expenses (Page 12) 160
Contract work in progress (Note 13) 1,021
Reserve fund (Page 12) 4,693
Total current assets 7,311
Land, Building and Equipment (Note 2)
Land 19,274
Building 57,822
Building improvements 17,562
Fixed equipment 197
Oil burner 194
Total land, building and equipment 95,050
Less: accumulated depreciation 65,124
Net land, building, equipment 29,925
TOTAL ASSETS 37,236
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,981
Maintenance received in advance 79
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 82
Mortgage note payable- current (Note 3) 1,351
Total current liabilities 3,493
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,213
Total long term liabilities 13,213
Total liabilities 16,707
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 582
Paid in capital 61,326
Accumulated deficit (41,378)
Total stockholders equity 20,530
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 37,236

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,814
Shareholder operating assessment (Note 9) 1,275
Laundry income 83
Interest and dividend income 47
Late charges and miscellaneous income 9
Total Revenue 16,227
EXPENSES
Administrative expenses (Page 13) 1,273
Operating expenses (Page 13) 4,825
Maintenance expenses (Page 14) 2,094
Taxes (Page 14) 7,539
Financial expenses (Page 14) 586
Total Expenses 16,317
Net (loss) income before insurance proceeds, depreciation, and loss on securities (90)
Add: Insurance proceeds (Page 14) 168
Less: Depreciation (Page 14) (611)
Less: Realized loss on securities (Page 14) (67)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (600)
Beginning accumulated deficit (40,778)
Ending accumulated deficit (41,378)