Apartment Report

Year Ended 2018-12-31

120 East 36 St
#9H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 2,289
Shareholders' arrears receivable 237
Miscellaneous receivables 94
Prepaid expenses (Page 12) 291
Contract work in progress (Note 13) 1,859
Reserve fund (Page 12) 8,547
Total current assets 13,316
Land, Building and Equipment (Note 2)
Land 35,104
Building 105,312
Building improvements 31,985
Fixed equipment 360
Oil burner 354
Total land, building and equipment 173,114
Less: accumulated depreciation 118,612
Net land, building, equipment 54,503
TOTAL ASSETS 67,819
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,608
Maintenance received in advance 143
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 150
Mortgage note payable- current (Note 3) 2,461
Total current liabilities 6,362
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 24,065
Total long term liabilities 24,065
Total liabilities 30,428
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,060
Paid in capital 111,693
Accumulated deficit (75,362)
Total stockholders equity 37,391
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 67,819

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 26,980
Shareholder operating assessment (Note 9) 2,321
Laundry income 152
Interest and dividend income 85
Late charges and miscellaneous income 17
Total Revenue 29,555
EXPENSES
Administrative expenses (Page 13) 2,319
Operating expenses (Page 13) 8,788
Maintenance expenses (Page 14) 3,814
Taxes (Page 14) 13,730
Financial expenses (Page 14) 1,067
Total Expenses 29,718
Net (loss) income before insurance proceeds, depreciation, and loss on securities (163)
Add: Insurance proceeds (Page 14) 306
Less: Depreciation (Page 14) (1,113)
Less: Realized loss on securities (Page 14) (121)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (1,092)
Beginning accumulated deficit (74,270)
Ending accumulated deficit (75,362)