Apartment Report

Year Ended 2018-12-31

120 East 36 St
#8D
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,354
Shareholders' arrears receivable 140
Miscellaneous receivables 56
Prepaid expenses (Page 12) 172
Contract work in progress (Note 13) 1,099
Reserve fund (Page 12) 5,056
Total current assets 7,876
Land, Building and Equipment (Note 2)
Land 20,764
Building 62,293
Building improvements 18,919
Fixed equipment 213
Oil burner 209
Total land, building and equipment 102,399
Less: accumulated depreciation 70,160
Net land, building, equipment 32,239
TOTAL ASSETS 40,115
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,134
Maintenance received in advance 85
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 89
Mortgage note payable- current (Note 3) 1,456
Total current liabilities 3,763
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,235
Total long term liabilities 14,235
Total liabilities 17,998
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 627
Paid in capital 66,068
Accumulated deficit (44,578)
Total stockholders equity 22,117
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 40,115

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,959
Shareholder operating assessment (Note 9) 1,373
Laundry income 90
Interest and dividend income 50
Late charges and miscellaneous income 10
Total Revenue 17,482
EXPENSES
Administrative expenses (Page 13) 1,371
Operating expenses (Page 13) 5,198
Maintenance expenses (Page 14) 2,256
Taxes (Page 14) 8,122
Financial expenses (Page 14) 631
Total Expenses 17,579
Net (loss) income before insurance proceeds, depreciation, and loss on securities (97)
Add: Insurance proceeds (Page 14) 181
Less: Depreciation (Page 14) (659)
Less: Realized loss on securities (Page 14) (72)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (646)
Beginning accumulated deficit (43,931)
Ending accumulated deficit (44,578)