Apartment Report

Year Ended 2017-12-31

120 East 36 St
#5H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,352
Shareholders' arrears receivable 59
Miscellaneous receivables 54
Prepaid expenses (Page 12) 2,914
Contract work in progress (Note 13) 156
Reserve fund (Page 12) 9,676
Total current assets 14,211
Land, Building and Equipment (Note 2)
Land 33,117
Building 99,351
Building improvements 29,502
Fixed equipment 339
Oil burner 334
Total land, building and equipment 162,643
Less: accumulated depreciation 110,847
Net land, building, equipment 51,795
TOTAL ASSETS 66,007
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,312
Maintenance received in advance 141
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 97
Mortgage note payable- current (Note 3) 2,247
Total current liabilities 4,798
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 24,904
Total long term liabilities 24,904
Total liabilities 29,702
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,000
Paid in capital 105,371
Accumulated deficit (70,066)
Total stockholders equity 36,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 66,007

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 24,784
Shareholder operating assessment (Note 9) 2,100
Laundry income 143
Interest and dividend income 66
Late charges and miscellaneous income 11
Total Revenue 27,104
EXPENSES
Administrative expenses (Page 13) 2,002
Operating expenses (Page 13) 7,650
Maintenance expenses (Page 14) 2,173
Taxes (Page 14) 12,431
Financial expenses (Page 14) 1,078
Total Expenses 25,335
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,769
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,135)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 633
Beginning accumulated deficit (70,699)
Ending accumulated deficit (70,066)