Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Investment in real estate:    
Land $ 11,733,852 $ 4,563,852
Building and improvements 113,094,766 51,574,271
Real Estate Investment Property, at Cost, Total 124,828,618 56,138,123
Less: accumulated depreciation (2,517,532) (989,251)
Investment in real estate, net 122,311,086 55,148,872
Cash 81,347,992 9,184,270
Restricted cash 805,776 447,627
Tenant receivables 177,369 0
Escrow deposits 903,636 454,310
Deferred assets 245,619 93,646
Total assets 205,791,478 65,328,725
Liabilities:    
Accrued expenses 416,230 683,857
Dividends payable 3,592,786 0
Security deposits 597,593 0
Due to related parties, net 1,135,302 847,169
Convertible debenture, due to related party 0 40,030,134
Notes payable to related parties 421,000 421,000
Notes payable, net of unamortized discount of $1,177,522 and $302,892 at September 30, 2016 and December 31, 2015, respectively 39,920,275 23,485,173
Total liabilities 46,083,186 65,467,333
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock $0.001 par value, 500,000,000 shares authorized at September 30, 2016 and December 31, 2015, respectively; 17,605,675 and 250,000 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 17,606 250
Additional paid-in capital 171,143,411 3,011,790
Accumulated deficit (11,452,725) (3,150,648)
Total stockholders' equity (deficit) 159,708,292 (138,608)
Total liabilities and stockholders' equity (deficit) $ 205,791,478 $ 65,328,725