Apartment Report

Year Ended 2018-12-31

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 2,159
Shareholders' arrears receivable 224
Miscellaneous receivables 89
Prepaid expenses (Page 12) 274
Contract work in progress (Note 13) 1,753
Reserve fund (Page 12) 8,063
Total current assets 12,562
Land, Building and Equipment (Note 2)
Land 33,117
Building 99,351
Building improvements 30,175
Fixed equipment 339
Oil burner 334
Total land, building and equipment 163,315
Less: accumulated depreciation 111,898
Net land, building, equipment 51,418
TOTAL ASSETS 63,980
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,404
Maintenance received in advance 135
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 141
Mortgage note payable- current (Note 3) 2,322
Total current liabilities 6,002
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 22,703
Total long term liabilities 22,703
Total liabilities 28,705
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 (71,096)
Total stockholders equity 35,274
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 63,980

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 25,453
Shareholder operating assessment (Note 9) 2,190
Laundry income 143
Interest and dividend income 80
Late charges and miscellaneous income 16
Total Revenue 27,882
EXPENSES
Administrative expenses (Page 13) 2,187
Operating expenses (Page 13) 8,291
Maintenance expenses (Page 14) 3,598
Taxes (Page 14) 12,953
Financial expenses (Page 14) 1,006
Total Expenses 28,036
Net (loss) income before insurance proceeds, depreciation, and loss on securities (154)
Add: Insurance proceeds (Page 14) 288
Less: Depreciation (Page 14) (1,050)
Less: Realized loss on securities (Page 14) (115)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (1,031)
Beginning accumulated deficit (70,066)
Ending accumulated deficit (71,096)