Apartment Report

Year Ended 2017-12-31

120 East 36 St
#8E
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 848
Shareholders' arrears receivable 37
Miscellaneous receivables 34
Prepaid expenses (Page 12) 1,827
Contract work in progress (Note 13) 98
Reserve fund (Page 12) 6,067
Total current assets 8,911
Land, Building and Equipment (Note 2)
Land 20,764
Building 62,293
Building improvements 18,498
Fixed equipment 213
Oil burner 209
Total land, building and equipment 101,977
Less: accumulated depreciation 69,501
Net land, building, equipment 32,476
TOTAL ASSETS 41,386
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,450
Maintenance received in advance 88
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 61
Mortgage note payable- current (Note 3) 1,409
Total current liabilities 3,008
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 15,615
Total long term liabilities 15,615
Total liabilities 18,623
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 (43,931)
Total stockholders equity 22,763
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 41,386

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 15,539
Shareholder operating assessment (Note 9) 1,317
Laundry income 90
Interest and dividend income 42
Late charges and miscellaneous income 7
Total Revenue 16,994
EXPENSES
Administrative expenses (Page 13) 1,255
Operating expenses (Page 13) 4,797
Maintenance expenses (Page 14) 1,363
Taxes (Page 14) 7,795
Financial expenses (Page 14) 676
Total Expenses 15,885
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,109
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (712)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 397
Beginning accumulated deficit (44,328)
Ending accumulated deficit (43,931)