Apartment Report

Year Ended 2017-12-31

120 East 36 St
#4C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 852
Shareholders' arrears receivable 37
Miscellaneous receivables 34
Prepaid expenses (Page 12) 1,836
Contract work in progress (Note 13) 99
Reserve fund (Page 12) 6,096
Total current assets 8,953
Land, Building and Equipment (Note 2)
Land 20,864
Building 62,591
Building improvements 18,586
Fixed equipment 214
Oil burner 210
Total land, building and equipment 102,465
Less: accumulated depreciation 69,834
Net land, building, equipment 32,631
TOTAL ASSETS 41,584
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,457
Maintenance received in advance 89
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 61
Mortgage note payable- current (Note 3) 1,416
Total current liabilities 3,023
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 15,689
Total long term liabilities 15,689
Total liabilities 18,712
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 630
Paid in capital 66,384
Accumulated deficit (44,142)
Total stockholders equity 22,872
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 41,584

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,614
Shareholder operating assessment (Note 9) 1,323
Laundry income 90
Interest and dividend income 42
Late charges and miscellaneous income 7
Total Revenue 17,075
EXPENSES
Administrative expenses (Page 13) 1,261
Operating expenses (Page 13) 4,820
Maintenance expenses (Page 14) 1,369
Taxes (Page 14) 7,832
Financial expenses (Page 14) 679
Total Expenses 15,961
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,114
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (715)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 399
Beginning accumulated deficit (44,541)
Ending accumulated deficit (44,142)