Apartment Report

Year Ended 2018-12-31

120 East 36 St
#5B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,231
Shareholders' arrears receivable 128
Miscellaneous receivables 51
Prepaid expenses (Page 12) 156
Contract work in progress (Note 13) 999
Reserve fund (Page 12) 4,596
Total current assets 7,160
Land, Building and Equipment (Note 2)
Land 18,877
Building 56,630
Building improvements 17,200
Fixed equipment 193
Oil burner 190
Total land, building and equipment 93,090
Less: accumulated depreciation 63,782
Net land, building, equipment 29,308
TOTAL ASSETS 36,469
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,940
Maintenance received in advance 77
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 81
Mortgage note payable- current (Note 3) 1,323
Total current liabilities 3,421
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 12,941
Total long term liabilities 12,941
Total liabilities 16,362
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 570
Paid in capital 60,061
Accumulated deficit (40,525)
Total stockholders equity 20,106
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,469

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,508
Shareholder operating assessment (Note 9) 1,248
Laundry income 81
Interest and dividend income 46
Late charges and miscellaneous income 9
Total Revenue 15,893
EXPENSES
Administrative expenses (Page 13) 1,247
Operating expenses (Page 13) 4,726
Maintenance expenses (Page 14) 2,051
Taxes (Page 14) 7,383
Financial expenses (Page 14) 574
Total Expenses 15,981
Net (loss) income before insurance proceeds, depreciation, and loss on securities (88)
Add: Insurance proceeds (Page 14) 164
Less: Depreciation (Page 14) (599)
Less: Realized loss on securities (Page 14) (65)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (587)
Beginning accumulated deficit (39,938)
Ending accumulated deficit (40,525)