Apartment Report

Year Ended 2018-12-31

120 East 36 St
#PHA
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,598
Shareholders' arrears receivable 166
Miscellaneous receivables 66
Prepaid expenses (Page 12) 203
Contract work in progress (Note 13) 1,298
Reserve fund (Page 12) 5,967
Total current assets 9,296
Land, Building and Equipment (Note 2)
Land 24,507
Building 73,520
Building improvements 22,329
Fixed equipment 251
Oil burner 247
Total land, building and equipment 120,853
Less: accumulated depreciation 82,804
Net land, building, equipment 38,049
TOTAL ASSETS 47,345
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,519
Maintenance received in advance 100
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 105
Mortgage note payable- current (Note 3) 1,718
Total current liabilities 4,442
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 16,800
Total long term liabilities 16,800
Total liabilities 21,242
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 740
Paid in capital 77,974
Accumulated deficit (52,611)
Total stockholders equity 26,103
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 47,345

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 18,835
Shareholder operating assessment (Note 9) 1,621
Laundry income 106
Interest and dividend income 59
Late charges and miscellaneous income 12
Total Revenue 20,633
EXPENSES
Administrative expenses (Page 13) 1,619
Operating expenses (Page 13) 6,135
Maintenance expenses (Page 14) 2,663
Taxes (Page 14) 9,585
Financial expenses (Page 14) 745
Total Expenses 20,747
Net (loss) income before insurance proceeds, depreciation, and loss on securities (114)
Add: Insurance proceeds (Page 14) 213
Less: Depreciation (Page 14) (777)
Less: Realized loss on securities (Page 14) (85)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (763)
Beginning accumulated deficit (51,849)
Ending accumulated deficit (52,611)