INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE
|3 Months Ended|
Mar. 31, 2018
|Real Estate [Abstract]|
|INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE||
NOTE 8– INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE
On May 9, 2017, the Company and LLC1 purchased certain real property from an unaffiliated party. The Company and LLC1 have agreed that the Company purchased and owns 49% of the building and LLC1 purchased and owns 51% of the building. The contracted purchase price for the building was $2,420,000 and the total amount paid at closing was $2,501,783 including, fees, insurance, interest and real estate taxes. The Company paid for their building interest by delivering cash at closing of $209,971 and being a co-borrower on a note in the amount of $2,057,000, of which the Company has agreed with LLC1 to pay $1,007,930.
The allocated portion of the results in an equity method investment in a privately-held, related party, company are included in the Company’s consolidated statements of operations. For the three months ended March 31, 2018, a net loss of $2,305 is included in “Other income (expense), net”. As of March 31, 2018, the carrying value of our investment in undivided interest in real estate was $1,222,598.
The unaudited condensed balance sheet as of March 31, 2018 and the unaudited condensed statement of operation for the three months ended March 31, 2018, for the real property is as follows:
The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef