Apartment Report

Year Ended 2017-12-31

120 East 36 St
#7B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 793
Shareholders' arrears receivable 34
Miscellaneous receivables 32
Prepaid expenses (Page 12) 1,708
Contract work in progress (Note 13) 92
Reserve fund (Page 12) 5,670
Total current assets 8,328
Land, Building and Equipment (Note 2)
Land 19,407
Building 58,220
Building improvements 17,288
Fixed equipment 199
Oil burner 195
Total land, building and equipment 95,309
Less: accumulated depreciation 64,957
Net land, building, equipment 30,352
TOTAL ASSETS 38,680
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,355
Maintenance received in advance 83
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 57
Mortgage note payable- current (Note 3) 1,317
Total current liabilities 2,812
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,594
Total long term liabilities 14,594
Total liabilities 17,405
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 586
Paid in capital 61,747
Accumulated deficit (41,059)
Total stockholders equity 21,275
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 38,680

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,523
Shareholder operating assessment (Note 9) 1,231
Laundry income 84
Interest and dividend income 39
Late charges and miscellaneous income 6
Total Revenue 15,883
EXPENSES
Administrative expenses (Page 13) 1,173
Operating expenses (Page 13) 4,483
Maintenance expenses (Page 14) 1,274
Taxes (Page 14) 7,285
Financial expenses (Page 14) 632
Total Expenses 14,846
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,036
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (665)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 371
Beginning accumulated deficit (41,430)
Ending accumulated deficit (41,059)