Apartment Report

Year Ended 2018-12-31

120 East 36 St
#PHB
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,619
Shareholders' arrears receivable 168
Miscellaneous receivables 66
Prepaid expenses (Page 12) 206
Contract work in progress (Note 13) 1,315
Reserve fund (Page 12) 6,047
Total current assets 9,422
Land, Building and Equipment (Note 2)
Land 24,838
Building 74,513
Building improvements 22,631
Fixed equipment 254
Oil burner 250
Total land, building and equipment 122,487
Less: accumulated depreciation 83,923
Net land, building, equipment 38,563
TOTAL ASSETS 47,985
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,553
Maintenance received in advance 101
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 106
Mortgage note payable- current (Note 3) 1,741
Total current liabilities 4,502
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 17,027
Total long term liabilities 17,027
Total liabilities 21,529
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 750
Paid in capital 79,028
Accumulated deficit (53,322)
Total stockholders equity 26,456
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 47,985

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 19,090
Shareholder operating assessment (Note 9) 1,642
Laundry income 107
Interest and dividend income 60
Late charges and miscellaneous income 12
Total Revenue 20,911
EXPENSES
Administrative expenses (Page 13) 1,641
Operating expenses (Page 13) 6,218
Maintenance expenses (Page 14) 2,699
Taxes (Page 14) 9,715
Financial expenses (Page 14) 755
Total Expenses 21,027
Net (loss) income before insurance proceeds, depreciation, and loss on securities (116)
Add: Insurance proceeds (Page 14) 216
Less: Depreciation (Page 14) (788)
Less: Realized loss on securities (Page 14) (86)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (773)
Beginning accumulated deficit (52,549)
Ending accumulated deficit (53,322)