Apartment Report

Year Ended 2017-12-31

120 East 36 St
#7H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,393
Shareholders' arrears receivable 61
Miscellaneous receivables 56
Prepaid expenses (Page 12) 3,001
Contract work in progress (Note 13) 161
Reserve fund (Page 12) 9,966
Total current assets 14,638
Land, Building and Equipment (Note 2)
Land 34,111
Building 102,332
Building improvements 30,387
Fixed equipment 349
Oil burner 344
Total land, building and equipment 167,522
Less: accumulated depreciation 114,173
Net land, building, equipment 53,349
TOTAL ASSETS 67,987
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,382
Maintenance received in advance 145
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 100
Mortgage note payable- current (Note 3) 2,315
Total current liabilities 4,942
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 25,651
Total long term liabilities 25,651
Total liabilities 30,593
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,030
Paid in capital 108,532
Accumulated deficit (72,168)
Total stockholders equity 37,394
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 67,987

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 25,527
Shareholder operating assessment (Note 9) 2,163
Laundry income 147
Interest and dividend income 68
Late charges and miscellaneous income 11
Total Revenue 27,917
EXPENSES
Administrative expenses (Page 13) 2,062
Operating expenses (Page 13) 7,880
Maintenance expenses (Page 14) 2,239
Taxes (Page 14) 12,804
Financial expenses (Page 14) 1,111
Total Expenses 26,095
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,822
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,169)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 652
Beginning accumulated deficit (72,820)
Ending accumulated deficit (72,168)