Apartment Report

Year Ended 2018-12-31

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 1,468
Shareholders' arrears receivable 152
Miscellaneous receivables 60
Prepaid expenses (Page 12) 186
Contract work in progress (Note 13) 1,192
Reserve fund (Page 12) 5,483
Total current assets 8,542
Land, Building and Equipment (Note 2)
Land 22,520
Building 67,559
Building improvements 20,519
Fixed equipment 231
Oil burner 227
Total land, building and equipment 111,055
Less: accumulated depreciation 76,090
Net land, building, equipment 34,964
TOTAL ASSETS 43,506
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,315
Maintenance received in advance 92
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 96
Mortgage note payable- current (Note 3) 1,579
Total current liabilities 4,081
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 15,438
Total long term liabilities 15,438
Total liabilities 19,520
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 (48,346)
Total stockholders equity 23,987
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 43,506

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 17,308
Shareholder operating assessment (Note 9) 1,489
Laundry income 97
Interest and dividend income 54
Late charges and miscellaneous income 11
Total Revenue 18,960
EXPENSES
Administrative expenses (Page 13) 1,487
Operating expenses (Page 13) 5,638
Maintenance expenses (Page 14) 2,447
Taxes (Page 14) 8,808
Financial expenses (Page 14) 684
Total Expenses 19,064
Net (loss) income before insurance proceeds, depreciation, and loss on securities (105)
Add: Insurance proceeds (Page 14) 196
Less: Depreciation (Page 14) (714)
Less: Realized loss on securities (Page 14) (78)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (701)
Beginning accumulated deficit (47,645)
Ending accumulated deficit (48,346)