Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE (Tables)

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INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE (Tables)
6 Months Ended
Jun. 30, 2019
Investment In Undivided Interest In Real Estate  
Condensed balance sheet and condensed statement of operations for the real property

    (Unaudited)   (Unaudited)
Current assets:  

June 30,

2019

 

December 31,

2018

Cash   $ 380     $ 2,257  
Due from InnerScope     50,300       30,500  
Prepaid expenses and other current assets     63,530       72,931  
Total current assets     114,210       105,958  
 Land and Building, net     2,332,502       2,354,282  
Other Assets, net     49,634       53,323  
Total assets   $ 2,496,345     $ 2,513,563  
                 
Current portion of mortgage payable   $ 41,022     $ 40,122  
Other current liabilities     47,894       48,551  
Total current liabilities     88,916       88,673  
Mortgage payable, long-term     1,941,786       1,969,076  
Security deposits     13,064       13,064  
Total liabilities     2,043,766       2,070,813  
Total equity     452,579       442,750  
Total liabilities and equity   $ 2,496,345     $ 2,513,563  

 

    2019   2018
Rental income   $ 149,029     $ 63,211  
Expenses:                
Property taxes     4,430       6,646  
Depreciation and amortization     21,780       11,446  
Insurance     14,130       2,033  
Repairs and maintenance     13,916       3,549  
Utilities and other     20,703       10,087  
Interest expense     64,242       32,355  
Total expenses     139,201       67,916  
Net income (loss)   $ 9,828     $ (4,705 )