Apartment Report

Year Ended 2018-12-31

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 1,265
Shareholders' arrears receivable 131
Miscellaneous receivables 52
Prepaid expenses (Page 12) 161
Contract work in progress (Note 13) 1,028
Reserve fund (Page 12) 4,725
Total current assets 7,361
Land, Building and Equipment (Note 2)
Land 19,407
Building 58,220
Building improvements 17,682
Fixed equipment 199
Oil burner 195
Total land, building and equipment 95,703
Less: accumulated depreciation 65,572
Net land, building, equipment 30,131
TOTAL ASSETS 37,492
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,995
Maintenance received in advance 79
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 83
Mortgage note payable- current (Note 3) 1,360
Total current liabilities 3,517
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 13,304
Total long term liabilities 13,304
Total liabilities 16,821
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 (41,663)
Total stockholders equity 20,671
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) 14,915
Shareholder operating assessment (Note 9) 1,283
Laundry income 84
Interest and dividend income 47
Late charges and miscellaneous income 10
Total Revenue 16,339
EXPENSES
Administrative expenses (Page 13) 1,282
Operating expenses (Page 13) 4,858
Maintenance expenses (Page 14) 2,109
Taxes (Page 14) 7,591
Financial expenses (Page 14) 590
Total Expenses 16,429
Net (loss) income before insurance proceeds, depreciation, and loss on securities (90)
Add: Insurance proceeds (Page 14) 169
Less: Depreciation (Page 14) (616)
Less: Realized loss on securities (Page 14) (67)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (604)
Beginning accumulated deficit (41,059)
Ending accumulated deficit (41,663)