Apartment Report

Year Ended 2017-12-31

120 East 36 St
#9C
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 920
Shareholders' arrears receivable 40
Miscellaneous receivables 37
Prepaid expenses (Page 12) 1,981
Contract work in progress (Note 13) 106
Reserve fund (Page 12) 6,580
Total current assets 9,664
Land, Building and Equipment (Note 2)
Land 22,520
Building 67,559
Building improvements 20,061
Fixed equipment 231
Oil burner 227
Total land, building and equipment 110,597
Less: accumulated depreciation 75,376
Net land, building, equipment 35,221
TOTAL ASSETS 44,885
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,572
Maintenance received in advance 96
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 66
Mortgage note payable- current (Note 3) 1,528
Total current liabilities 3,263
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 16,934
Total long term liabilities 16,934
Total liabilities 20,197
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 680
Paid in capital 71,652
Accumulated deficit (47,645)
Total stockholders equity 24,687
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 44,885

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 16,853
Shareholder operating assessment (Note 9) 1,428
Laundry income 97
Interest and dividend income 45
Late charges and miscellaneous income 7
Total Revenue 18,430
EXPENSES
Administrative expenses (Page 13) 1,361
Operating expenses (Page 13) 5,202
Maintenance expenses (Page 14) 1,478
Taxes (Page 14) 8,453
Financial expenses (Page 14) 733
Total Expenses 17,228
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,203
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (772)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 431
Beginning accumulated deficit (48,075)
Ending accumulated deficit (47,645)