Apartment Report

Year Ended 2017-12-31

120 East 36 St
#PHC
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,014
Shareholders' arrears receivable 44
Miscellaneous receivables 41
Prepaid expenses (Page 12) 2,185
Contract work in progress (Note 13) 117
Reserve fund (Page 12) 7,257
Total current assets 10,659
Land, Building and Equipment (Note 2)
Land 24,838
Building 74,513
Building improvements 22,126
Fixed equipment 254
Oil burner 250
Total land, building and equipment 121,982
Less: accumulated depreciation 83,136
Net land, building, equipment 38,847
TOTAL ASSETS 49,505
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 1,734
Maintenance received in advance 106
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 73
Mortgage note payable- current (Note 3) 1,686
Total current liabilities 3,599
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 18,678
Total long term liabilities 18,678
Total liabilities 22,276
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 (52,549)
Total stockholders equity 27,229
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 49,505

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 18,588
Shareholder operating assessment (Note 9) 1,575
Laundry income 107
Interest and dividend income 50
Late charges and miscellaneous income 8
Total Revenue 20,328
EXPENSES
Administrative expenses (Page 13) 1,501
Operating expenses (Page 13) 5,738
Maintenance expenses (Page 14) 1,630
Taxes (Page 14) 9,324
Financial expenses (Page 14) 809
Total Expenses 19,001
Net (loss) income before insurance proceeds, depreciation, and loss on securities 1,326
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (851)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 475
Beginning accumulated deficit (53,024)
Ending accumulated deficit (52,549)