Apartment Report

Year Ended 2017-12-31

120 East 36 St
#6C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 879
Shareholders' arrears receivable 38
Miscellaneous receivables 35
Prepaid expenses (Page 12) 1,894
Contract work in progress (Note 13) 102
Reserve fund (Page 12) 6,289
Total current assets 9,237
Land, Building and Equipment (Note 2)
Land 21,526
Building 64,578
Building improvements 19,176
Fixed equipment 220
Oil burner 217
Total land, building and equipment 105,718
Less: accumulated depreciation 72,051
Net land, building, equipment 33,667
TOTAL ASSETS 42,904
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,503
Maintenance received in advance 92
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 63
Mortgage note payable- current (Note 3) 1,461
Total current liabilities 3,119
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 16,187
Total long term liabilities 16,187
Total liabilities 19,306
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 650
Paid in capital 68,491
Accumulated deficit (45,543)
Total stockholders equity 23,598
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 42,904

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,109
Shareholder operating assessment (Note 9) 1,365
Laundry income 93
Interest and dividend income 43
Late charges and miscellaneous income 7
Total Revenue 17,617
EXPENSES
Administrative expenses (Page 13) 1,301
Operating expenses (Page 13) 4,973
Maintenance expenses (Page 14) 1,413
Taxes (Page 14) 8,080
Financial expenses (Page 14) 701
Total Expenses 16,468
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,150
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (738)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 412
Beginning accumulated deficit (45,954)
Ending accumulated deficit (45,543)