Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Investment in real estate:    
Land $ 4,563,852 $ 572,400
Building and improvements 51,574,271 23,801,362
Investment in real estate, gross 56,138,123 24,373,762
Less: accumulated depreciation (989,251) (329,580)
Investment in real estate, net 55,148,872 24,044,182
Cash 9,184,270 88,806
Restricted cash 447,627 197,719
Accounts receivable 0 2,793
Escrow deposits 454,310 14,877
Deferred assets 93,646 0
Total assets 65,328,725 24,348,377
Liabilities:    
Accrued expenses 683,857 338,764
Due to related party, net 847,169 330,768
Convertible debenture, due to majority stockholder 40,030,134 5,446,102
Note payable to majority stockholder 421,000 38,195
Notes payable, net of unamortized discount of $302,892 and $291,691, respectively 23,485,173 16,468,309
Total liabilities 65,467,333 22,622,138
Stockholders' (deficit) equity:    
Preferred stock, $0.001 par value, 100,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock $0.001 par value, 500,000,000 shares authorized at December 31, 2015 and December 31, 2014, respectively; 250,000 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 250 250
Additional paid-in capital 3,011,790 3,011,790
Accumulated deficit (3,150,648) (1,285,801)
Total stockholders' (deficit) equity (138,608) 1,726,239
Total liabilities and stockholders' (deficit) equity $ 65,328,725 $ 24,348,377