Apartment Report

Year Ended 2017-12-31

120 East 36 St
#8H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,413
Shareholders' arrears receivable 61
Miscellaneous receivables 56
Prepaid expenses (Page 12) 3,045
Contract work in progress (Note 13) 164
Reserve fund (Page 12) 10,111
Total current assets 14,851
Land, Building and Equipment (Note 2)
Land 34,607
Building 103,822
Building improvements 30,829
Fixed equipment 354
Oil burner 349
Total land, building and equipment 169,962
Less: accumulated depreciation 115,835
Net land, building, equipment 54,126
TOTAL ASSETS 68,977
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,416
Maintenance received in advance 147
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 101
Mortgage note payable- current (Note 3) 2,349
Total current liabilities 5,014
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 26,024
Total long term liabilities 26,024
Total liabilities 31,038
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,045
Paid in capital 110,113
Accumulated deficit (73,219)
Total stockholders equity 37,939
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 68,977

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 25,899
Shareholder operating assessment (Note 9) 2,194
Laundry income 149
Interest and dividend income 69
Late charges and miscellaneous income 11
Total Revenue 28,323
EXPENSES
Administrative expenses (Page 13) 2,092
Operating expenses (Page 13) 7,994
Maintenance expenses (Page 14) 2,271
Taxes (Page 14) 12,991
Financial expenses (Page 14) 1,127
Total Expenses 26,475
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,848
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,186)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 662
Beginning accumulated deficit (73,881)
Ending accumulated deficit (73,219)