Apartment Report

Year Ended 2018-12-31

120 East 36 St
#4F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,360
Shareholders' arrears receivable 141
Miscellaneous receivables 56
Prepaid expenses (Page 12) 173
Contract work in progress (Note 13) 1,105
Reserve fund (Page 12) 5,080
Total current assets 7,914
Land, Building and Equipment (Note 2)
Land 20,864
Building 62,591
Building improvements 19,010
Fixed equipment 214
Oil burner 210
Total land, building and equipment 102,889
Less: accumulated depreciation 70,496
Net land, building, equipment 32,393
TOTAL ASSETS 40,307
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,145
Maintenance received in advance 85
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 89
Mortgage note payable- current (Note 3) 1,463
Total current liabilities 3,781
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,303
Total long term liabilities 14,303
Total liabilities 18,084
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 (44,791)
Total stockholders equity 22,223
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 40,307

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,035
Shareholder operating assessment (Note 9) 1,380
Laundry income 90
Interest and dividend income 50
Late charges and miscellaneous income 10
Total Revenue 17,566
EXPENSES
Administrative expenses (Page 13) 1,378
Operating expenses (Page 13) 5,223
Maintenance expenses (Page 14) 2,267
Taxes (Page 14) 8,160
Financial expenses (Page 14) 634
Total Expenses 17,663
Net (loss) income before insurance proceeds, depreciation, and loss on securities (97)
Add: Insurance proceeds (Page 14) 182
Less: Depreciation (Page 14) (662)
Less: Realized loss on securities (Page 14) (72)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (649)
Beginning accumulated deficit (44,142)
Ending accumulated deficit (44,791)