Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 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 (1,932,083) (989,251)
Investment in real estate, net 92,152,179 55,148,872
Cash 2,574,804 9,184,270
Restricted cash 977,578 447,627
Escrow deposits 945,162 454,310
Deferred assets 1,735,973 93,646
Total assets 98,385,696 65,328,725
Liabilities:    
Accrued expenses 3,078,078 683,857
Security deposits 319,499 0
Due to related parties, net 2,493,401 847,169
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 $1,240,126 and $302,892 at June 30, 2016 and December 31, 2015, respectively 54,458,657 23,485,173
Total liabilities 86,250,769 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 June 30, 2016 and December 31, 2015, respectively; 1,426,656 and 250,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 1,427 250
Additional paid-in capital 18,010,613 3,011,790
Accumulated deficit (5,877,113) (3,150,648)
Total stockholders' equity (deficit) 12,134,927 (138,608)
Total liabilities and stockholders' equity (deficit) $ 98,385,696 $ 65,328,725