INVESTMENT IN UNDIVIDED INTEREST IN REAL ESTATE - Condensed balance sheet and condensed statement of operations for the real property (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
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Current assets: | |||
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 | |
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) |
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