Apartment Report

Year Ended 2017-12-31

120 East 36 St
#6G
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 768
Shareholders' arrears receivable 33
Miscellaneous receivables 31
Prepaid expenses (Page 12) 1,655
Contract work in progress (Note 13) 89
Reserve fund (Page 12) 5,496
Total current assets 8,072
Land, Building and Equipment (Note 2)
Land 18,810
Building 56,431
Building improvements 16,757
Fixed equipment 193
Oil burner 189
Total land, building and equipment 92,381
Less: accumulated depreciation 62,961
Net land, building, equipment 29,420
TOTAL ASSETS 37,492
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,313
Maintenance received in advance 80
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 55
Mortgage note payable- current (Note 3) 1,277
Total current liabilities 2,725
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,145
Total long term liabilities 14,145
Total liabilities 16,871
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 568
Paid in capital 59,851
Accumulated deficit (39,797)
Total stockholders equity 20,621
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 37,492

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,077
Shareholder operating assessment (Note 9) 1,193
Laundry income 81
Interest and dividend income 38
Late charges and miscellaneous income 6
Total Revenue 15,395
EXPENSES
Administrative expenses (Page 13) 1,137
Operating expenses (Page 13) 4,345
Maintenance expenses (Page 14) 1,234
Taxes (Page 14) 7,061
Financial expenses (Page 14) 612
Total Expenses 14,390
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,005
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (645)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 360
Beginning accumulated deficit (40,157)
Ending accumulated deficit (39,797)