Apartment Report

Year Ended 2017-12-31

120 East 36 St
#4D
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 799
Shareholders' arrears receivable 35
Miscellaneous receivables 32
Prepaid expenses (Page 12) 1,722
Contract work in progress (Note 13) 92
Reserve fund (Page 12) 5,718
Total current assets 8,399
Land, Building and Equipment (Note 2)
Land 19,572
Building 58,716
Building improvements 17,436
Fixed equipment 200
Oil burner 197
Total land, building and equipment 96,122
Less: accumulated depreciation 65,511
Net land, building, equipment 30,611
TOTAL ASSETS 39,010
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,367
Maintenance received in advance 83
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 57
Mortgage note payable- current (Note 3) 1,328
Total current liabilities 2,836
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,718
Total long term liabilities 14,718
Total liabilities 17,554
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 591
Paid in capital 62,274
Accumulated deficit (41,409)
Total stockholders equity 21,456
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 39,010

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,647
Shareholder operating assessment (Note 9) 1,241
Laundry income 84
Interest and dividend income 39
Late charges and miscellaneous income 6
Total Revenue 16,018
EXPENSES
Administrative expenses (Page 13) 1,183
Operating expenses (Page 13) 4,521
Maintenance expenses (Page 14) 1,284
Taxes (Page 14) 7,347
Financial expenses (Page 14) 637
Total Expenses 14,973
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,045
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (671)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 374
Beginning accumulated deficit (41,783)
Ending accumulated deficit (41,409)