Apartment Report

Year Ended 2018-12-31

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 2,127
Shareholders' arrears receivable 221
Miscellaneous receivables 87
Prepaid expenses (Page 12) 270
Contract work in progress (Note 13) 1,727
Reserve fund (Page 12) 7,942
Total current assets 12,374
Land, Building and Equipment (Note 2)
Land 32,620
Building 97,861
Building improvements 29,722
Fixed equipment 334
Oil burner 329
Total land, building and equipment 160,866
Less: accumulated depreciation 110,219
Net land, building, equipment 50,646
TOTAL ASSETS 63,020
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,353
Maintenance received in advance 133
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 139
Mortgage note payable- current (Note 3) 2,287
Total current liabilities 5,912
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 22,363
Total long term liabilities 22,363
Total liabilities 28,275
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 (70,030)
Total stockholders equity 34,745
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 63,020

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 25,071
Shareholder operating assessment (Note 9) 2,157
Laundry income 141
Interest and dividend income 79
Late charges and miscellaneous income 16
Total Revenue 27,464
EXPENSES
Administrative expenses (Page 13) 2,155
Operating expenses (Page 13) 8,167
Maintenance expenses (Page 14) 3,544
Taxes (Page 14) 12,759
Financial expenses (Page 14) 991
Total Expenses 27,615
Net (loss) income before insurance proceeds, depreciation, and loss on securities (152)
Add: Insurance proceeds (Page 14) 284
Less: Depreciation (Page 14) (1,035)
Less: Realized loss on securities (Page 14) (113)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (1,015)
Beginning accumulated deficit (69,015)
Ending accumulated deficit (70,030)