Apartment Report

Year Ended 2018-12-31

120 East 36 St
#5F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,382
Shareholders' arrears receivable 143
Miscellaneous receivables 57
Prepaid expenses (Page 12) 175
Contract work in progress (Note 13) 1,122
Reserve fund (Page 12) 5,160
Total current assets 8,040
Land, Building and Equipment (Note 2)
Land 21,195
Building 63,585
Building improvements 19,312
Fixed equipment 217
Oil burner 213
Total land, building and equipment 104,522
Less: accumulated depreciation 71,615
Net land, building, equipment 32,907
TOTAL ASSETS 40,947
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,179
Maintenance received in advance 86
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 91
Mortgage note payable- current (Note 3) 1,486
Total current liabilities 3,841
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,530
Total long term liabilities 14,530
Total liabilities 18,371
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 640
Paid in capital 67,437
Accumulated deficit (45,502)
Total stockholders equity 22,576
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 40,947

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,290
Shareholder operating assessment (Note 9) 1,402
Laundry income 91
Interest and dividend income 51
Late charges and miscellaneous income 10
Total Revenue 17,844
EXPENSES
Administrative expenses (Page 13) 1,400
Operating expenses (Page 13) 5,306
Maintenance expenses (Page 14) 2,303
Taxes (Page 14) 8,290
Financial expenses (Page 14) 644
Total Expenses 17,943
Net (loss) income before insurance proceeds, depreciation, and loss on securities (99)
Add: Insurance proceeds (Page 14) 185
Less: Depreciation (Page 14) (672)
Less: Realized loss on securities (Page 14) (73)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (660)
Beginning accumulated deficit (44,842)
Ending accumulated deficit (45,502)