Apartment Report

Year Ended 2017-12-31

120 East 36 St
#9B
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 814
Shareholders' arrears receivable 35
Miscellaneous receivables 33
Prepaid expenses (Page 12) 1,754
Contract work in progress (Note 13) 94
Reserve fund (Page 12) 5,825
Total current assets 8,555
Land, Building and Equipment (Note 2)
Land 19,936
Building 59,809
Building improvements 17,760
Fixed equipment 204
Oil burner 201
Total land, building and equipment 97,911
Less: accumulated depreciation 66,730
Net land, building, equipment 31,181
TOTAL ASSETS 39,736
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,392
Maintenance received in advance 85
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 58
Mortgage note payable- current (Note 3) 1,353
Total current liabilities 2,889
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 14,992
Total long term liabilities 14,992
Total liabilities 17,880
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 602
Paid in capital 63,433
Accumulated deficit (42,180)
Total stockholders equity 21,856
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 39,736

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 14,920
Shareholder operating assessment (Note 9) 1,264
Laundry income 86
Interest and dividend income 40
Late charges and miscellaneous income 6
Total Revenue 16,316
EXPENSES
Administrative expenses (Page 13) 1,205
Operating expenses (Page 13) 4,605
Maintenance expenses (Page 14) 1,308
Taxes (Page 14) 7,484
Financial expenses (Page 14) 649
Total Expenses 15,252
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,065
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (683)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 381
Beginning accumulated deficit (42,561)
Ending accumulated deficit (42,180)