XML 20 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Investment Property    
Land $ 18,854,760 $ 11,770,605
Site and Land Improvements 35,133,079 22,029,975
Buildings and Improvements 14,666,296 6,437,251
Construction in Process 3,030,456 7,092
Total Investment Property 71,684,591 40,244,923
Accumulated Depreciation & Amortization (4,832,300) (2,779,201)
Net Investment Property 66,852,291 37,465,722
Cash and Cash Equivalents, including restricted cash of $705,195 and $339,152, respectively 2,106,329 1,988,857
Accounts Receivable, net 175,955 46,952
Other Assets 913,205 2,895,221
Total Assets 70,047,780 42,396,752
Liabilities    
Accounts Payable 477,484 236,992
Notes Payable, net of $2,064,294 and $1,096,629 debt discount 48,891,483 31,216,738
Line of Credit – Variable Interest Entity, net of $151,749 and $134,051 debt discount, respectively 6,200,607 3,214,916
Note Payable – Line of Credit Related Party 150,000  
Note Payable – Related Party 1,500,000  
Accrued Liabilities including amounts due to related parties of $250,000 and $0, respectively 1,235,001 237,442
Tenant Security Deposits 705,195 339,152
Series C Redeemable Preferred Stock, par value $0.01 per share; 47,000 and 0 shares authorized; 5,734 and 0 shares issued and outstanding; redemption value $5,734,400 and $0 as of December 31, 2021 and 2020, respectively 5,214,370
Total Liabilities 64,374,140 35,245,240
Commitments and Contingencies (See note 7)  
Redeemable Preferred Stock – subject to redemption
Series A Cumulative Redeemable Convertible Preferred Stock, par value $0.01 per share; 4,000,000 shares authorized; 1,886,000 and 1,890,000 shares issued and outstanding; redemption value $7,072,500 and $7,087,500 as of December 31, 2021 and 2020, respectively 5,841,771 5,381,500
Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share; 1,000,000 shares authorized; 758,551 and 641,254 shares issued and outstanding; redemption value $11,378,265 and $9,618,810 as of December 31, 2021 and 2020, respectively 8,518,594 6,692,076
Deficit    
Common Stock, par value $0.01 per share; 200,000,000 shares authorized; 12,403,680 and 12,398,580 shares are issued and outstanding as of December 31, 2021 and 2020, respectively 124,037 124,016
Additional Paid in Capital (3,160,712) (1,052,611)
Accumulated Deficit (4,672,537) (3,574,194)
Total Manufactured Housing Properties Inc. Deficit (7,709,212) (4,502,789)
Non-controlling interest in Variable Interest Entities (977,513) (419,275)
Total Deficit (8,686,725) (4,922,064)
TOTAL LIABILITIES AND DEFICIT $ 70,047,780 $ 42,396,752