Apartment Report

Year Ended 2017-12-31

120 East 36 St
#ProfH
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 1,758
Shareholders' arrears receivable 76
Miscellaneous receivables 70
Prepaid expenses (Page 12) 3,788
Contract work in progress (Note 13) 203
Reserve fund (Page 12) 12,579
Total current assets 18,475
Land, Building and Equipment (Note 2)
Land 43,052
Building 129,156
Building improvements 38,352
Fixed equipment 441
Oil burner 434
Total land, building and equipment 211,436
Less: accumulated depreciation 144,102
Net land, building, equipment 67,334
TOTAL ASSETS 85,809
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,006
Maintenance received in advance 183
New York State Franchise tax payable (Note 5) 1
Shareholders' deposits payable 126
Mortgage note payable- current (Note 3) 2,922
Total current liabilities 6,238
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 32,375
Total long term liabilities 32,375
Total liabilities 38,612
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,300
Paid in capital 136,982
Accumulated deficit (91,086)
Total stockholders equity 47,196
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 85,809

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 32,219
Shareholder operating assessment (Note 9) 2,730
Laundry income 186
Interest and dividend income 86
Late charges and miscellaneous income 14
Total Revenue 35,235
EXPENSES
Administrative expenses (Page 13) 2,602
Operating expenses (Page 13) 9,945
Maintenance expenses (Page 14) 2,825
Taxes (Page 14) 16,161
Financial expenses (Page 14) 1,402
Total Expenses 32,936
Net (loss) income before insurance proceeds, depreciation, and loss on securities 2,299
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (1,476)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 823
Beginning accumulated deficit (91,909)
Ending accumulated deficit (91,086)