Apartment Report

Year Ended 2018-12-31

120 East 36 St
#3G
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,175
Shareholders' arrears receivable 122
Miscellaneous receivables 48
Prepaid expenses (Page 12) 149
Contract work in progress (Note 13) 954
Reserve fund (Page 12) 4,386
Total current assets 6,834
Land, Building and Equipment (Note 2)
Land 18,016
Building 54,047
Building improvements 16,415
Fixed equipment 185
Oil burner 181
Total land, building and equipment 88,844
Less: accumulated depreciation 60,872
Net land, building, equipment 27,971
TOTAL ASSETS 34,805
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,852
Maintenance received in advance 73
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 77
Mortgage note payable- current (Note 3) 1,263
Total current liabilities 3,265
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 12,351
Total long term liabilities 12,351
Total liabilities 15,616
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 544
Paid in capital 57,322
Accumulated deficit (38,676)
Total stockholders equity 19,189
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 34,805

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 13,846
Shareholder operating assessment (Note 9) 1,191
Laundry income 78
Interest and dividend income 43
Late charges and miscellaneous income 9
Total Revenue 15,168
EXPENSES
Administrative expenses (Page 13) 1,190
Operating expenses (Page 13) 4,510
Maintenance expenses (Page 14) 1,957
Taxes (Page 14) 7,046
Financial expenses (Page 14) 547
Total Expenses 15,252
Net (loss) income before insurance proceeds, depreciation, and loss on securities (84)
Add: Insurance proceeds (Page 14) 157
Less: Depreciation (Page 14) (571)
Less: Realized loss on securities (Page 14) (62)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (561)
Beginning accumulated deficit (38,116)
Ending accumulated deficit (38,676)