Apartment Report

Year Ended 2017-12-31

120 East 36 St
#6H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,373
Shareholders' arrears receivable 60
Miscellaneous receivables 55
Prepaid expenses (Page 12) 2,958
Contract work in progress (Note 13) 159
Reserve fund (Page 12) 9,821
Total current assets 14,425
Land, Building and Equipment (Note 2)
Land 33,614
Building 100,841
Building improvements 29,944
Fixed equipment 344
Oil burner 339
Total land, building and equipment 165,082
Less: accumulated depreciation 112,510
Net land, building, equipment 52,572
TOTAL ASSETS 66,997
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,347
Maintenance received in advance 143
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 98
Mortgage note payable- current (Note 3) 2,281
Total current liabilities 4,870
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 25,277
Total long term liabilities 25,277
Total liabilities 30,147
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,015
Paid in capital 106,952
Accumulated deficit (71,117)
Total stockholders equity 36,850
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 66,997

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 25,155
Shareholder operating assessment (Note 9) 2,131
Laundry income 145
Interest and dividend income 67
Late charges and miscellaneous income 11
Total Revenue 27,510
EXPENSES
Administrative expenses (Page 13) 2,032
Operating expenses (Page 13) 7,765
Maintenance expenses (Page 14) 2,206
Taxes (Page 14) 12,618
Financial expenses (Page 14) 1,094
Total Expenses 25,715
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,795
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,152)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 643
Beginning accumulated deficit (71,760)
Ending accumulated deficit (71,117)