v3.25.4
CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2023
12 Months Ended
Dec. 31, 2023
USD ($)
REVENUE  
Total revenue $ 11,800,228
OPERATING EXPENSES  
General and administrative 5,318,338
Professional fees 1,728,146
Bad debt expense
 Total operating expense 12,608,001
LOSS FROM OPERATIONS (4,305,137)
OTHER INCOME (EXPENSE)  
Net loss (7,673,207)
Block 40 L L C 2023 [Member]  
REVENUE  
Residential rental 8,264,168
Commercial rental and tenant expense recovery 110,580
Other operating income 1,254,426
Total revenue 9,629,174
OPERATING EXPENSES  
Depreciation 7,018,047
Management and other fees 1,722,315
General and administrative 2,167,052
Insurance and property taxes 1,529,257
Common area maintenance 1,517,864
Utilities 790,016
Advertising and promotion 324,588
Professional fees 213,184
Bad debt expense 65,133
 Total operating expense 15,347,456
LOSS FROM OPERATIONS (5,718,282)
OTHER INCOME (EXPENSE)  
Preferred return dividends - HCC (1,800,000)
Interest and financing fees (5,634,603)
Change in fair value of interest rate cap (1,735,746)
Loan guarantee fees (1,260,000)
Total other income (expense) (10,430,349)
Net loss $ (16,148,631)