Investment in Real Estate

3 Months Ended

Mar. 31, 2017

Banking and Thrift [Abstract]

Investment in Real Estate

	March 31, 2017	December 31, 2016
Cost of real estate properties	$      10,662,017	$      11,603,385
Accumulated depreciation	(363,982)	(354,639)
Impairment of real estate properties	(105,516)	(121,500)
Balance at the end of the period	$      10,192,519	$      11,127,246

During the three months ended March 31, 2017, the Company sold six properties for gross proceeds of $1,127,500 and recognized a gain on sale of $269,521. Of the $1,127,500 proceeds, $667,504 was used to settle debt associated with the properties and $75,000 was used to repay ARP’s manager for the advances it provided to the Company.

During the three months ended March 31, 2017, the Company recorded depreciation expense of $43,269 (2016 - $27,582) for its real estate properties and impairment of $37,071 (2016 - $nil) for its real estate properties.