Apartment Report

Year Ended 2017-12-31

120 East 36 St
#ProfC
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,704
Shareholders' arrears receivable 74
Miscellaneous receivables 68
Prepaid expenses (Page 12) 3,671
Contract work in progress (Note 13) 197
Reserve fund (Page 12) 12,191
Total current assets 17,906
Land, Building and Equipment (Note 2)
Land 41,727
Building 125,182
Building improvements 37,172
Fixed equipment 427
Oil burner 420
Total land, building and equipment 204,930
Less: accumulated depreciation 139,668
Net land, building, equipment 65,262
TOTAL ASSETS 83,169
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,914
Maintenance received in advance 177
New York State Franchise tax payable (Note 5) 1
Shareholders' deposits payable 122
Mortgage note payable- current (Note 3) 2,832
Total current liabilities 6,046
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 31,379
Total long term liabilities 31,379
Total liabilities 37,424
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,260
Paid in capital 132,767
Accumulated deficit (88,283)
Total stockholders equity 45,744
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 83,169

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 31,227
Shareholder operating assessment (Note 9) 2,646
Laundry income 180
Interest and dividend income 84
Late charges and miscellaneous income 14
Total Revenue 34,150
EXPENSES
Administrative expenses (Page 13) 2,522
Operating expenses (Page 13) 9,639
Maintenance expenses (Page 14) 2,738
Taxes (Page 14) 15,664
Financial expenses (Page 14) 1,359
Total Expenses 31,922
Net (loss) income before insurance proceeds, depreciation, and loss on securities 2,228
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,430)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 798
Beginning accumulated deficit (89,081)
Ending accumulated deficit (88,283)