Apartment Report

Year Ended 2017-12-31

120 East 36 St
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

ASSETS
Current Assets
Cash in bank- operating accounts 90,837
Shareholders' arrears receivable 3,949
Miscellaneous receivables 3,630
Prepaid expenses (Page 12) 195,707
Contract work in progress (Note 13) 10,509
Reserve fund (Page 12) 649,865
Total current assets 954,497
Land, Building and Equipment (Note 2)
Land 2,224,271
Building 6,672,815
Building improvements 1,981,466
Fixed equipment 22,784
Oil burner 22,400
Total land, building and equipment 10,923,736
Less: accumulated depreciation 7,444,951
Net land, building, equipment 3,478,785
TOTAL ASSETS 4,433,282
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 155,307
Maintenance received in advance 9,458
New York State Franchise tax payable (Note 5) 56
Shareholders' deposits payable 6,500
Mortgage note payable- current (Note 3) 150,947
Total current liabilities 322,268
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 1,672,625
Total long term liabilities 1,672,625
Total liabilities 1,994,893
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 67,164
Paid in capital 7,077,134
Accumulated deficit (4,705,909)
Total stockholders equity 2,438,389
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 4,433,282

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

REVENUE
Tenant-Stockholder maintenance charges (Note 2) 1,664,569
Shareholder operating assessment (Note 9) 141,044
Laundry income 9,600
Interest and dividend income 4,451
Late charges and miscellaneous income 720
Total Revenue 1,820,384
EXPENSES
Administrative expenses (Page 13) 134,457
Operating expenses (Page 13) 513,806
Maintenance expenses (Page 14) 145,969
Taxes (Page 14) 834,949
Financial expenses (Page 14) 72,421
Total Expenses 1,701,602
Net (loss) income before insurance proceeds, depreciation, and loss on securities 118,782
Add: Insurance proceeds (Page 14) -0-
Less: Depreciation (Page 14) (76,248)
Less: Realized loss on securities (Page 14) -0-
Net (loss) gain after insurance proceeds, depreciation, and loss on securities 42,534
Beginning accumulated deficit (4,748,443)
Ending accumulated deficit (4,705,909)