Apartment Report

Year Ended 2017-12-31

120 East 36 St
#3F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 839
Shareholders' arrears receivable 36
Miscellaneous receivables 34
Prepaid expenses (Page 12) 1,807
Contract work in progress (Note 13) 97
Reserve fund (Page 12) 5,999
Total current assets 8,811
Land, Building and Equipment (Note 2)
Land 20,533
Building 61,598
Building improvements 18,291
Fixed equipment 210
Oil burner 207
Total land, building and equipment 100,838
Less: accumulated depreciation 68,725
Net land, building, equipment 32,113
TOTAL ASSETS 40,924
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,434
Maintenance received in advance 87
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 60
Mortgage note payable- current (Note 3) 1,393
Total current liabilities 2,975
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 15,440
Total long term liabilities 15,440
Total liabilities 18,415
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 620
Paid in capital 65,330
Accumulated deficit (43,441)
Total stockholders equity 22,509
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 40,924

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,366
Shareholder operating assessment (Note 9) 1,302
Laundry income 89
Interest and dividend income 41
Late charges and miscellaneous income 7
Total Revenue 16,804
EXPENSES
Administrative expenses (Page 13) 1,241
Operating expenses (Page 13) 4,743
Maintenance expenses (Page 14) 1,347
Taxes (Page 14) 7,708
Financial expenses (Page 14) 669
Total Expenses 15,708
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,096
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (704)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 393
Beginning accumulated deficit (43,834)
Ending accumulated deficit (43,441)