Apartment Report

Year Ended 2017-12-31

120 East 36 St
#4H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,332
Shareholders' arrears receivable 58
Miscellaneous receivables 53
Prepaid expenses (Page 12) 2,870
Contract work in progress (Note 13) 154
Reserve fund (Page 12) 9,531
Total current assets 13,998
Land, Building and Equipment (Note 2)
Land 32,620
Building 97,861
Building improvements 29,059
Fixed equipment 334
Oil burner 329
Total land, building and equipment 160,203
Less: accumulated depreciation 109,185
Net land, building, equipment 51,018
TOTAL ASSETS 65,017
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,278
Maintenance received in advance 139
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 95
Mortgage note payable- current (Note 3) 2,214
Total current liabilities 4,726
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 24,530
Total long term liabilities 24,530
Total liabilities 29,256
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 985
Paid in capital 103,790
Accumulated deficit (69,015)
Total stockholders equity 35,760
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 65,017

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 24,412
Shareholder operating assessment (Note 9) 2,068
Laundry income 141
Interest and dividend income 65
Late charges and miscellaneous income 11
Total Revenue 26,697
EXPENSES
Administrative expenses (Page 13) 1,972
Operating expenses (Page 13) 7,535
Maintenance expenses (Page 14) 2,141
Taxes (Page 14) 12,245
Financial expenses (Page 14) 1,062
Total Expenses 24,955
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,742
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,118)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 624
Beginning accumulated deficit (69,639)
Ending accumulated deficit (69,015)