v3.25.4
CONSOLIDATED STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2024
12 Months Ended
Dec. 31, 2024
USD ($)
REVENUE  
Total revenue $ 12,787,262
OPERATING EXPENSES  
General and administrative 7,814,809
Professional fees 2,517,381
Bad debt expense, net
 Total operating expense 14,352,030
LOSS FROM OPERATIONS (3,922,882)
OTHER INCOME (EXPENSE)  
Net loss (8,658,780)
Block 40 L L C 2024 [Member]  
REVENUE  
Rental income 8,547,406
Other operating income 1,324,678
Amortization of tenant improvements (76,448)
Total revenue 9,795,636
OPERATING EXPENSES  
Depreciation 7,127,357
Insurance and property taxes 3,036,093
Common area maintenance 1,697,797
General and administrative 829,752
Utilities 873,021
Management and other fees 630,859
Advertising and promotion 319,399
Professional fees 230,863
Bad debt expense, net 26,987
 Total operating expense 14,772,128
LOSS FROM OPERATIONS (4,976,492)
OTHER INCOME (EXPENSE)  
Preferred return dividends - HCC (950,000)
Interest and financing fees (6,348,990)
Change in fair value of interest rate cap (1,249,025)
Loan guarantee fees (1,260,000)
Other income 1,045,026
Total other income (expense) (8,762,989)
Net loss $ (13,739,481)