Apartment Report

Year Ended 2018-12-31

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 1,339
Shareholders' arrears receivable 139
Miscellaneous receivables 55
Prepaid expenses (Page 12) 170
Contract work in progress (Note 13) 1,087
Reserve fund (Page 12) 4,999
Total current assets 7,789
Land, Building and Equipment (Note 2)
Land 20,533
Building 61,598
Building improvements 18,708
Fixed equipment 210
Oil burner 207
Total land, building and equipment 101,256
Less: accumulated depreciation 69,377
Net land, building, equipment 31,879
TOTAL ASSETS 39,668
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,111
Maintenance received in advance 84
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 88
Mortgage note payable- current (Note 3) 1,439
Total current liabilities 3,721
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,076
Total long term liabilities 14,076
Total liabilities 17,797
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 (44,080)
Total stockholders equity 21,870
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 39,668

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,781
Shareholder operating assessment (Note 9) 1,358
Laundry income 89
Interest and dividend income 50
Late charges and miscellaneous income 10
Total Revenue 17,287
EXPENSES
Administrative expenses (Page 13) 1,356
Operating expenses (Page 13) 5,140
Maintenance expenses (Page 14) 2,231
Taxes (Page 14) 8,031
Financial expenses (Page 14) 624
Total Expenses 17,382
Net (loss) income before insurance proceeds, depreciation, and loss on securities (96)
Add: Insurance proceeds (Page 14) 179
Less: Depreciation (Page 14) (651)
Less: Realized loss on securities (Page 14) (71)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (639)
Beginning accumulated deficit (43,441)
Ending accumulated deficit (44,080)