Apartment Report

Year Ended 2017-12-31

120 East 36 St
#8F
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 906
Shareholders' arrears receivable 39
Miscellaneous receivables 36
Prepaid expenses (Page 12) 1,952
Contract work in progress (Note 13) 105
Reserve fund (Page 12) 6,483
Total current assets 9,522
Land, Building and Equipment (Note 2)
Land 22,188
Building 66,565
Building improvements 19,766
Fixed equipment 227
Oil burner 223
Total land, building and equipment 108,971
Less: accumulated depreciation 74,268
Net land, building, equipment 34,703
TOTAL ASSETS 44,225
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,549
Maintenance received in advance 94
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 65
Mortgage note payable- current (Note 3) 1,506
Total current liabilities 3,215
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 16,685
Total long term liabilities 16,685
Total liabilities 19,900
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 670
Paid in capital 70,599
Accumulated deficit (46,944)
Total stockholders equity 24,324
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 44,225

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,605
Shareholder operating assessment (Note 9) 1,407
Laundry income 96
Interest and dividend income 44
Late charges and miscellaneous income 7
Total Revenue 18,159
EXPENSES
Administrative expenses (Page 13) 1,341
Operating expenses (Page 13) 5,126
Maintenance expenses (Page 14) 1,456
Taxes (Page 14) 8,329
Financial expenses (Page 14) 722
Total Expenses 16,974
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,185
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (761)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 424
Beginning accumulated deficit (47,368)
Ending accumulated deficit (46,944)