Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.4.0.3
Consolidated Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Investment in real estate:    
Land $ 7,043,852 $ 4,563,852
Building and improvements 87,040,410 51,574,271
Real Estate Investment Property, at Cost, Total 94,084,262 56,138,123
Less: accumulated depreciation (1,388,081) (989,251)
Investment in real estate, net 92,696,181 55,148,872
Cash 507,281 9,184,270
Restricted cash 1,277,831 447,627
Tenant receivables 261,955 0
Prepaid assets 27,925 0
Escrow deposits 889,519 454,310
Deferred assets 436,068 93,646
Total assets 96,096,760 65,328,725
Liabilities:    
Accrued expenses 1,568,004 683,857
Security deposits 319,499 0
Due to related parties, net 1,068,562 847,169
Convertible debenture, due to majority stockholder 25,030,134 40,030,134
Note payable to majority stockholder 421,000 421,000
Note payable to related party 450,000 0
Notes payable, net of unamortized discount of $1,302,730 and $302,892, respectively 54,488,884 23,485,173
Total liabilities 83,346,083 65,467,333
Stockholders' equity (deficit):    
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 March 31, 2016 and December 31, 2015, respectively; 1,426,656 and 250,000 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively 1,427 250
Additional paid-in capital 18,010,613 3,011,790
Accumulated deficit (5,261,363) (3,150,648)
Total stockholders' equity (deficit) 12,750,677 (138,608)
Total liabilities and stockholders' equity (deficit) $ 96,096,760 $ 65,328,725