Apartment Report

Year Ended 2018-12-31

120 East 36 St
#6B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,248
Shareholders' arrears receivable 129
Miscellaneous receivables 51
Prepaid expenses (Page 12) 158
Contract work in progress (Note 13) 1,014
Reserve fund (Page 12) 4,660
Total current assets 7,261
Land, Building and Equipment (Note 2)
Land 19,142
Building 57,425
Building improvements 17,441
Fixed equipment 196
Oil burner 193
Total land, building and equipment 94,396
Less: accumulated depreciation 64,677
Net land, building, equipment 29,719
TOTAL ASSETS 36,980
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,968
Maintenance received in advance 78
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 82
Mortgage note payable- current (Note 3) 1,342
Total current liabilities 3,469
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,122
Total long term liabilities 13,122
Total liabilities 16,592
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 578
Paid in capital 60,904
Accumulated deficit (41,094)
Total stockholders equity 20,389
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,980

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,712
Shareholder operating assessment (Note 9) 1,266
Laundry income 83
Interest and dividend income 46
Late charges and miscellaneous income 9
Total Revenue 16,116
EXPENSES
Administrative expenses (Page 13) 1,264
Operating expenses (Page 13) 4,792
Maintenance expenses (Page 14) 2,080
Taxes (Page 14) 7,487
Financial expenses (Page 14) 582
Total Expenses 16,205
Net (loss) income before insurance proceeds, depreciation, and loss on securities (89)
Add: Insurance proceeds (Page 14) 167
Less: Depreciation (Page 14) (607)
Less: Realized loss on securities (Page 14) (66)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (596)
Beginning accumulated deficit (40,498)
Ending accumulated deficit (41,094)