Apartment Report

Year Ended 2018-12-31

120 East 36 St
#ProfG
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,814
Shareholders' arrears receivable 188
Miscellaneous receivables 74
Prepaid expenses (Page 12) 230
Contract work in progress (Note 13) 1,473
Reserve fund (Page 12) 6,773
Total current assets 10,552
Land, Building and Equipment (Note 2)
Land 27,818
Building 83,455
Building improvements 25,347
Fixed equipment 285
Oil burner 280
Total land, building and equipment 137,185
Less: accumulated depreciation 93,994
Net land, building, equipment 43,191
TOTAL ASSETS 53,743
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 2,860
Maintenance received in advance 113
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 119
Mortgage note payable- current (Note 3) 1,950
Total current liabilities 5,042
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 19,071
Total long term liabilities 19,071
Total liabilities 24,113
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 840
Paid in capital 88,512
Accumulated deficit (59,721)
Total stockholders equity 29,631
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 53,743

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 21,380
Shareholder operating assessment (Note 9) 1,840
Laundry income 120
Interest and dividend income 67
Late charges and miscellaneous income 14
Total Revenue 23,421
EXPENSES
Administrative expenses (Page 13) 1,837
Operating expenses (Page 13) 6,964
Maintenance expenses (Page 14) 3,023
Taxes (Page 14) 10,881
Financial expenses (Page 14) 845
Total Expenses 23,550
Net (loss) income before insurance proceeds, depreciation, and loss on securities (129)
Add: Insurance proceeds (Page 14) 242
Less: Depreciation (Page 14) (882)
Less: Realized loss on securities (Page 14) (96)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (866)
Beginning accumulated deficit (58,855)
Ending accumulated deficit (59,721)