0001580957-15-000073.txt : 20150814 0001580957-15-000073.hdr.sgml : 20150814 20150814133412 ACCESSION NUMBER: 0001580957-15-000073 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150814 DATE AS OF CHANGE: 20150814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MJ Holdings, Inc. CENTRAL INDEX KEY: 0001456857 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 208235905 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-167824 FILM NUMBER: 151054488 BUSINESS ADDRESS: STREET 1: 4141 NE 2 AVE STREET 2: SUITE 204-A CITY: MIAMI STATE: FL ZIP: 33137 BUSINESS PHONE: 305-455-1800 MAIL ADDRESS: STREET 1: 4141 NE 2 AVE STREET 2: SUITE 204-A CITY: MIAMI STATE: FL ZIP: 33137 FORMER COMPANY: FORMER CONFORMED NAME: Securitas EDGAR Filings, Inc. DATE OF NAME CHANGE: 20090223 10-Q 1 mj061510q.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

 

R   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2015

 

 or

 

 £   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

 

Commission file number: 333-167824

 

MJ HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

NEVADA
(State or other jurisdiction of 
incorporation or organization)		   20-8235905
(I.R.S. Employer
Identification No.)

 

4141 NE 2nd Avenue, Suite 204-A, Miami, Florida 33137
(Address of principal executive offices) (Zip Code)

 

(305) 455-1800
(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes þ   No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes þ   No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨   Accelerated filer ¨    Non-accelerated filer ¨    Smaller reporting company þ
        (Do not check if a smaller reporting company)    

 

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ¨   No þ

 

APPLICABLE TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class   Outstanding as of August 12, 2015
Common Stock, $0.001   14,007,939

 

 1

 

MJ HOLDINGS, INC.

 

TABLE OF CONTENTS

 

 

PART I - FINANCIAL INFORMATION   
     
Item 1. Condensed Consolidated Financial Statements  3
     
  Notes to Condensed Consolidated Financial Statements  6
     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations    12
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk  16
     
Item 4. Controls and Procedures  17
     
PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings  18
     
Item 1A. Risk Factors  18
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  18
     
Item 3. Defaults Upon Senior Securities  18
     
Item 4. Mine Safety Disclosures  18
     
Item 5. Other Information  18
     
Item 6. Exhibits  18
     
SIGNATURES  19

 

 2

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements

 

MJ HOLDINGS, INC.

Condensed Consolidated Balance Sheets

As of June 30, 2015 (unaudited) and December 31, 2014

 

 

 

   June 30,
2015		  December 31,
2014
Assets          
Real estate property:          
Land  $747,389   $551,251 
Buildings and improvements   3,141,193    2,442,188 
    3,888,582    2,993,439 
Accumulated depreciation   (82,846)   (38,173)
Real estate property, net   3,805,736    2,955,266 
Cash   151,101    175,792 
Deferred leasing costs   171,357    202,545 
Deferred rent receivable   29,170    6,936 
 Prepaid expenses and other assets   22,915    73,377 
Total Assets  $4,180,279   $3,413,916 
           
Liabilities and Stockholders’ Equity          
Liabilities:          
Notes payable - related party  $2,725,000   $1,800,000 
Security deposits   95,203    102,045 
Accounts payable and accrued liabilities   68,984    195,582 
Total Liabilities   2,889,187    2,097,627 
           
Stockholders’ Equity:          
Preferred stock, par value $0.001, 5,000,000 shares authorized; 0 shares issued and outstanding   —      —   
Common stock, par value $0.001, 95,000,000 shares authorized; 13,977,388 and 13,878,522 shares issued and outstanding, respectively   13,977    13,879 
Additional paid-in capital   2,721,272    2,640,120 
Accumulated deficit   (1,444,157)   (1,337,710)
Total Stockholders’ Equity   1,291,092    1,316,289 
Total Liabilities and Stockholders’ Equity  $4,180,279   $3,413,916 
           

 

 

 See accompanying notes to unaudited condensed consolidated financial statements

 3

 

MJ HOLDINGS, INC.

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2015 and 2014

(Unaudited)

 

 

  

Three months ended

June 30,

 

Six months ended

June 30,

   2015  2014  2015  2014
Revenues:                    
Rental income  $155,883   $4,428   $288,687   $4,428 
                     
Operating Expenses:                    
Property expenses   22,246    10,681    77,949    10,681 
General and administrative expenses   88,470    300,524    161,978    313,383 
Depreciation expense   24,510    1,924    44,673    1,924 
Total operating expenses   135,226    313,129    284,600    325,988 
Operating income (loss)   20,657    (308,701)   4,087    (321,560)
                     
 Interest expense, net - related party   (63,075)   (7,123)   (110,534)   (8,328)
                     
Loss before income taxes   (42,418)   (315,824)   (106,447)   (329,888)
                     
Provision for income taxes   —      —      —      —   
                     
Net Loss  $(42,418)  $(315,824)  $(106,447)  $(329,888)
                     
Basic and diluted net loss per common share:                    
Weighted average shares outstanding   13,912,690    13,813,403    13,899,034    13,041,482 
Net loss per common share  $(0.003)  $(0.023)  $(0.008)  $(0.025)

 

 

See accompanying notes to unaudited condensed consolidated financial statements

 4

 

 

MJ HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2015 and 2014

(unaudited)

 

 

  

Six Months Ended

June 30,

   2015  2014
 Cash flow from operating activities:          
Net loss  $(106,447)  $(329,888)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation   44,673    1,924 
Stock-based compensation   81,250    269,117 
Deferred rental income   (22,233)   —   
Amortization of deferred leasing and debt costs   19,408    301 
Changes in operating assets and liabilities:          
Deferred leasing costs   17,510    —   
Security deposits   (6,842)   —   
Prepaid and other assets   55,365    (11,738)
Accounts payable and accrued liabilities   (126,598)   34,937 
Net Cash Used in Operating Activities   (43,914)   (35,347)
           
Cash flow from investing activities:          
Acquisition of real estate property   (895,143)   (2,214,000)
Net Cash Used in Investing Activities   (895,143)   (2,214,000)
           
Cash flow from financing activities:          
Proceeds from the sale of common stock   —      1,615,000 
Proceeds from notes payable - related party   925,000    1,800,000 
Payment for debt issuance costs   (10,634)   (19,202)
Proceeds from loans from stockholders   —      200 
Net Cash Provided by Financing Activities   914,366    3,395,998 
           
Net increase (decrease) in cash   (24,691)   1,146,651 
           
Cash at beginning of period   175,792    478 
Cash at end of period  $151,101   $1,147,129 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest to related party  $97,096   $5,918 
           
Supplemental schedule of non-cash financing activities:          
Accounts payable paid by principal stockholders  $—     $7,665 

 

See accompanying notes to unaudited condensed consolidated financial statements

 5

 

 

MJ HOLDINGS, INC.

Notes to the Unaudited Condensed Consolidated Financial Statements

June 30, 2015

 

Note 1 — Interim Financial Statements

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the condensed consolidated financial statements not misleading have been included. The balance sheet at December 31, 2014, has been derived from the Company’s audited consolidated financial statements as of that date.

 

The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, that was filed with the SEC on March 30, 2015. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year.

 

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, 5353 Joliet, LLC, MJ Havana, LLC, and MJ Sheridan, LLC. Intercompany balances and transactions have been eliminated in consolidation.

 

Note 2 — Summary of Significant Accounting Policies

 

The significant accounting policies followed by the Company for interim reporting are consistent with those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. There were no material changes to our significant accounting policies during the interim period ended June 30, 2015.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the "FASB") issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In July 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements and has not determined the impact of adoption on its consolidated financial statements.

 

In August 2014, FASB issued guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Since this guidance primarily addresses certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. The Company is currently in the process of evaluating the additional disclosure requirements of the new guidance and has not determined the impact of adoption on its financial statement disclosures.

 6

 

 

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. As of June 30, 2015, we had $18,837 in debt issuance costs associated with $2.7 million of notes payable that would be reclassified from other assets to a reduction in the carrying amount of the note payable. The adoption of this standard is not expected to have a material impact on our financial position and will not impact our results of operations or cash flows.

 

Note 3 — Going Concern

 

The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business.  During the three and six months ended June 30, 2015, the Company incurred net losses of $42,418 and $106,447, respectively.  The Company had an accumulated deficit of $1,444,157 as of June 30, 2015. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company’s future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities and obtain additional financing.  Although we can provide no assurances, we believe our cash on hand, coupled with revenues generated by rental income and our ability to refinance our equity in the real estate we own, will provide sufficient liquidity and capital resources to fund our business for the next twelve months.

 

In the event the Company experiences liquidity and capital resource constraints because of unanticipated operating losses, we may need to raise additional capital in the form of equity and/or debt financing. If such additional capital is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position, results of operations, and our ability to continue in existence. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. 

 

Note 4 — Real Estate Property Acquisitions

 

5353 Joliet Street

 

In June 2014, through its wholly-owned subsidiary, 5353 Joliet LLC, the Company acquired an owner-occupied 22,144 square feet industrial building situated on 1.4 acres of land in Denver, Colorado for $2,214,000. The acquisition was funded with proceeds from the issuance of a secured promissory note in the amount of $1,800,000 and $414,000 of cash on-hand. The promissory note is held by Chemtov Mortgage Group ("CMG"), an entity wholly-owned by the Company's co-CEO, Shawn Chemtov. CMG has assigned all ownership and security interest granted to it pursuant to the promissory note to 5353 Mortgage Loan, LLC, a single purpose entity created solely for the purpose of this transaction. CMG invested $100,000 of the $1,800,000 of funds used to finance the purchase of the promissory note. CMG acts as the loan servicing entity for the promissory note, administering the note, processing payments from the Company, and transferring all payments to 5353 Mortgage Loan, LLC. CMG charges no administration fees for servicing the promissory note.

 

The promissory note bears interest at 10% per annum, provides for cash interest payments on a monthly basis, matures on June 1, 2016, and is callable at the option of the Company at any time after June 19, 2015. The Company has guaranteed the promissory note and has pledged its ownership interest in 5353 Joliet LLC, and as such its fee-simple ownership interest in the property as security for the promissory note. The promissory note does not restrict the Company's ability to incur future indebtedness. For the six months ended June 30, 2015 and 2014, the Company recorded $90,000 and $5,918, respectively, of interest expense related to the promissory note.

 

In September 2014, the Company entered into a lease agreement contingent upon the lessee obtaining city and state licenses and permits for its intended operations at the premises. The contingencies were met by the lessee, and the lease agreement became effective December 1, 2014. The lease agreement is for a term of seven years and a monthly rent obligation of $25,835, subject to annual increases of 2% per year. Insurance and real property taxes

 

 7

 

shall be paid by the Company and, subsequently, charged to the lessee as additional rent based on the actual expenses incurred - see Note 5 below for additional lease details.

 

503 Havana Street

 

In September 2014, through its wholly-owned subsidiary, MJ Havana LLC, the Company acquired an owner-occupied 1,250 square foot building situated on 23,625 square feet of land in Aurora, Colorado for $756,000, exclusive of closing costs. The acquisition was funded with cash on-hand. The property is zoned B-2 and has been approved by the city of Aurora as a retail dispensary for recreational marijuana.

 

Prior to closing on the property acquisition, the Company had pre-negotiated a 10-year lease agreement with a third-party, a licensed marijuana dispensary company serving both medical and adult (21+) customers in Colorado. Once the closing of the property was completed with the seller, the pre-negotiated lease was executed in September 2014 with the third-party. Pursuant to the terms of the lease agreement, the Company agreed to contribute $150,000 to improvements to the property - see Note 5 below for additional lease details. As of June 30, 2015, the Company had paid $146,026 towards the tenant's building improvements.

 

1126 South Sheridan Boulevard

 

In May 2015, through its wholly-owned subsidiary, MJ Sheridan LLC, the Company acquired real estate property located at 1126 South Sheridan Boulevard in Denver, Colorado, for $771,750, exclusive of closing costs. The Company funded the acquisition through the issuance of a promissory note in the amount of $925,000 of which $771,750 was used to purchase the property. The balance of the funds will be used by the Company as working capital. The newly acquired property is 17,729 square feet with a 3,828 square foot one story free-standing building. The property is zoned B-2 and has been approved by the city of Denver as a retail dispensary for recreational marijuana.

 

The promissory note is held by CMG, an entity wholly-owned by the Company's co-CEO, Shawn Chemtov. CMG has assigned all ownership and security interest granted to it pursuant to the promissory note to a single purpose entity created solely for the purpose of this transaction. CMG acts as the loan servicing entity for the promissory note, administering the note and processing payments from the Company. CMG charges no administration fees for servicing the promissory note.

 

The promissory note bears interest at 10% per annum, provides for cash interest payments on a monthly basis, matures on June 1, 2017. The promissory note is collateralized with the Company's ownership interest in the newly acquired property and its previously acquired property located at 503 Havana Street in Aurora, Colorado. The promissory note does not restrict the Company's ability to incur future indebtedness. For the six months ended June 30, 2015, the Company recorded $14,804 of interest expense related to the promissory note.

 

Prior to closing on the property acquisition, the Company had pre-negotiated a 10-year lease agreement with a third-party, a licensed marijuana dispensary company serving both medical and adult (21+) customers in Colorado. Once the closing of the property was completed with the seller, the pre-negotiated lease was executed in May 2015 with the third-party - see Note 5 below for additional lease details.

 

 A summary of real estate property at June 30, 2015, is as follows:

 

   Estimated  June 30,
   Life  2015
Buildings  30 years  $2,995,167 
Improvements  9-10 years   146,026 
Land  Not depreciated   747,389 
Total real estate property      3,888,582 
Less: Accumulated depreciation      (82,846)
Real estate property, net     $3,805,736 
         

 

Note 5 — Operating Leases

 

The Company generates revenues by leasing its acquired real estate properties through operating leasing arrangements. A summary of revenues generated from our rental properties for the three and six months ended June 30, 2015 and 2014, is as follows:

 

 8

 

 

  

Three months ended

June 30,

 

Six months ended

June 30,

   2015  2014  2015  2014
Revenues:                    
Rental payments  $129,270   $4,428   $240,524   $4,428 
Reimbursed operating expenses   14,177    —      25,930    —   
Deferred rent revenue   12,436    —      22,233    —   
Total revenues from rental properties  $155,883   $4,428   $288,687   $4,428 
                     

 

503 Havana Street

 

In September 2014, the Company entered into a non-cancelable operating lease agreement with a marijuana dispensary (the "Lessee") to move into the Company's acquired property located at 503 Havana Street in Aurora, Colorado. The lease agreement is for a term of ten years and a monthly rent obligation of $11,250, subject to annual increases of 3% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the Lessee as additional rent based on the actual expenses incurred. Pursuant to the terms of the lease agreement, the Company has agreed to contribute $150,000 to improvements to the property.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one additional ten-year term, on the same terms as provided in the lease agreement. During the third year of the lease agreement, the Lessee may exercise an option to purchase the Property.

 

5353 Joliet Street

 

In September 2014, the Company entered into a lease agreement for its property and warehouse building located at 5353 Joliet Street in Denver, Colorado. The lease agreement is for a term of seven years and a monthly rent obligation of $25,835, subject to annual increases of 2% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the lessee as additional rent based on the actual expenses incurred.

 

The lease was contingent upon the lessee, obtaining city and state licenses and permits for its intended operations at the premises, within the dates provided in the lease agreement. The contingencies were met by the lessee, and the lease agreement became effective December 1, 2014.

 

Upon the expiration of the seven-year term, the lessee has the option to renew the lease for two separate five-year terms, subject to rent reviews and adjustments, as set out in the lease agreement.

 

1126 South Sheridan Boulevard

 

In May 2015, the Company entered into a lease agreement for its acquired property located at 1126 South Sheridan Boulevard in Denver, Colorado. The lease agreement is for a term of ten years and a monthly rent obligation of $10,945, subject to annual increases of 3% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the Lessee as additional rent based on the actual expenses incurred.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one additional ten-year term, on the same terms as provided in the lease agreement. During the third year of the lease agreement, the Lessee may exercise an option to purchase the Property.

 

Future minimum rental payments, excluding the reimbursement of specified operating expenses, for non-cancelable operating lease agreements are as follows as of June 30, 2015:

 

2015 $ 282,952  
2016   575,968  
2017   590,069  
2018   604,530  
2019   619,359  
Thereafter   2,124,431  
Total minimal rental payments $ 4,797,309  
       

 9

 

 

 

Note 6 — Related Party Transactions

 

In February 2014, in connection with the change in control of the Company, the principal stockholders paid $7,665 of the Company's accounts payable, which was recorded as a capital contribution to the Company.

 

During the six months ended June 30, 2014, the Company borrowed $5,277 from its principal stockholders and repaid $5,077 of the borrowings to its principal shareholders, resulting in $200 of net borrowings from related parties. 

 

During the six months ended June 30, 2015, the Company paid $97,096 for interest due pursuant to $2,725,000 of promissory notes held by CMG, wholly-owned by the Company's co-CEO and shareholder, Shawn Chemtov - see Note 4 above for additional details regarding the promissory notes held by related party. 

 

Note 7 — Stockholder Loans Payable

 

Stockholder loans payable consisted of three promissory notes with each of two of its stockholders in which the company may borrow up to $25,000, $20,000, and $10,000, respectively.  These borrowings accrued interest at 5%, 8%, and 8% per annum, respectively.  They were due in part in December 2014 and December 2016.  

 

In February 2014, in connection with the change of control of the Company, Messrs. Chemtov and Laufer, purchased the Stock holder loans from Messrs. Peraman and Sarfoh.

 

On August 31, 2014, the outstanding balance of $99,450 for the stockholder loans and the associated accrued interest were converted to 19,890 shares of the Company's common stock at a conversion price of $5.00 per share.

 

For the six months ended June 30, 2014, the Company accrued interest expense of $2,410 related to the outstanding stockholder loans.

 

Note 8 — Sale of Unregistered Securities

 

The Company conducted a private placement of its shares of common stock, whereby we sold 1,615,000 shares of common stock for an aggregate of $1,615,000. We began accepting subscriptions on March 24, 2014 and closed the private placement on April 9, 2014.

 

For the six months ended June 30, 2014, the Company received  proceeds from the private placement of $1,615,000.

 

The shares were issued pursuant to an exemption from the registration requirements under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D promulgated thereunder (“Regulation D”) since, among other things, the transactions did not involve a public offering and the securities were acquired for investment purposes only and not with a view to or for sale in connection with any distribution thereof. Offers and sales were made solely to persons qualifying as “accredited investors” (as such term is defined by Rule 501 of Regulation D).

 

The securities offered will not be and have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 

 10

 

Note 9 — Stock Based Compensation

 

Warrants

 

A summary of warrants issued, exercised and expired during the six months ended June 30, 2015, is as follows:

      Weighted
      Avg.
      Exercise
Warrants:  Shares  Price
 Balance at January 1, 2015     166,665   $5.88 
     Issued     —      —   
    Exercised     —      —   
    Expired     —      —   
 Balance at June 30, 2015    166,665   $5.88 
             

 

Common Stock

 

During the six months ended June 30, 2015, the Company issued 98,866 shares of common stock for consulting services and recorded $81,250 of stock-based compensation expense for these consulting services, which has been classified as General and administrative expenses. The stock-based compensation expense was calculated based on the grant date fair value of the common stock shares issued in exchange for the consulting services.

 

 11

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Our Management’s Discussion and Analysis should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this quarterly report.

 

Forward-Looking Statements

 

This quarterly report contains forward-looking statements and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this report, the words “believe,” “anticipate,” “expect,” “will,” “estimate,” “intend”, “plan” and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. Although we believe that the plans, objectives, expectations and prospects reflected in or suggested by our forward-looking statements are reasonable, those statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements, and we can give no assurance that our plans, objectives, expectations and prospects will be achieved. Important factors that might cause our actual results to differ materially from the results contemplated by the forward-looking statements are contained in the “Risk Factors” section of and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in our subsequent filings with the SEC, and include, among others, the following: marijuana is illegal under federal law, competition, our business is dependent on laws pertaining to the marijuana industry, government regulation, our business model depends on the availability of private funding, we will be subject to general real estate risks and the availability, if debt payments to note holder are not made we could lose our investment in our real estate properties, terms and deployment of capital. The terms “MJ Holdings, Inc.,” “MJ Holdings,” “MJ,” “we,” “us,” “our,” and the “Company” refer to MJ Holdings, Inc. 

 

Business Overview

 

MJ Holdings owns, operates and is developing a portfolio of business units related to the regulated marijuana industry, including internet websites, mobile apps and consumer products, in addition to our portfolio of income producing real estate . As of June 30, 2015, we have acquired three real estate properties in Colorado that are leased to state licensed marijuana operators and generating $56,626 in monthly rental income.

 

We have devised our current business strategy based on certain limitations related to the legal status of marijuana under federal law and the fact that we are a public company and make certain representations and warranties in connection with our public filings with the United States Securities and Exchange Commission. We recognize the significant opportunities in the legalized marijuana space and believe that using our current business model, we can position ourselves to not only develop a significant business along our current path, but be able to leverage our position, relationships and assets to capitalize on additional opportunities in the future, if and when federal law reconciles with state law; resulting in the federal legalization of marijuana.

 

Critical Accounting Policies and Estimates

 

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles

 

 12

 

(“GAAP”). The preparation of these consolidated financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

 

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur, could materially impact the consolidated financial statements. We believe that the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of the consolidated financial statements:

 

Deferred Leasing Costs

 

Commissions and other direct costs associated with the acquisition of tenants, or lessees, are capitalized and amortized on a straight-line basis over the terms of the related leases. Costs associated with unsuccessful leasing opportunities are expensed.

 

Deferred leasing costs charged to property expenses for the six months ended June 30, 2015 and 2014, were $13,678 and $0, respectively. As of June 30, 2015, $171,357 of deferred leasing costs are included on the Balance Sheet as a deferred asset.

 

Debt Issuance Costs 

 

Costs associated with obtaining, closing, and modifying loans and/or debt instruments such as, but not limited to placement agent fees, attorney fees and state documentary fees are capitalized and charged to interest expense over the term of the loan.

 

Debt issuance costs charged to interest expense for the six months ended June 30, 2015 and 2014, were $5,731 and $301, respectively. As of June 30, 2015, $18,837 of debt issuance costs are included on the Balance Sheet within the Prepaid expenses and other assets.

 

Real Estate Property 

 

Real estate property is recorded at cost, less accumulated depreciation and amortization. Real estate property, excluding land, is depreciated using the straight-line method over the estimated useful life of the respective assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related lease term or useful life. Maintenance, repairs, and minor improvements are charged to expense as incurred; major renewals and betterments that extend the useful life of the associated asset are capitalized. When real estate property is sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in results of operations for the period.

 

Revenue Recognition 

 

Before revenue can be recognized, four basic criteria must be met: persuasive evidence of an arrangement exists; the delivery has occurred or services have been rendered; the fee is fixed or determinable; and collectability is reasonably assured.

 

The Company's revenues are rental income generated by leasing acquired real estate properties to licensed marijuana operators. All leases are classified as operating leases. Rental income is recognized on a straight-line basis over the terms of the leases. Straight-line rent is recognized for all tenants with contractual fixed increases in rent. Deferred rent receivable represents rental revenue recognized on a straight-line basis in excess of billed rents. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as rental income in the period the applicable costs are incurred. 

 13

 

 

Stock-Based Compensation 

 

The Company estimates the fair values of share-based payments on the date of grant using a Black-Scholes option pricing model, which requires assumptions for the expected volatility of the share price of our common stock, the expected dividend yield, and a risk-free interest rate over the expected term of the stock-based financial instrument.

 

Since the number of outstanding and free-trading shares of the Company’s common stock is limited and the trading volume is relatively low, we do not have sufficient company specific information regarding the volatility of our share price on which to base an estimate of expected volatility. As a result, we use the average historical volatilities of similar entities within our industry as the expected volatility of our share price.

 

The expected dividend yield is 0% as the Company has not paid any dividends on its common stock and does not anticipate it will pay any dividends in the foreseeable future.

 

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant date with a remaining term equal to the expected term of the stock-based award.

 

For stock-based financial instruments issued to parties other than employees, we use the contractual term of the financial instruments as the expected term of the stock-based financial instruments.

 

The assumptions used in calculating the fair value of stock-based financial instruments represent our best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future.

 

Results of Operations For the Three and Six Months Ended June 30, 2015 Compared to the Three and Six Months Ended June 30, 2014

 

Revenue

 

Revenue for the three and six months ended June 30, 2015, was $155,883 and $288,687, respectively, compared with revenue of $4,428 for the three and six months ended June 30, 2014. The increase in revenue for the three and six months ended June 30, 2015, was generated as a result of rental income from operating leases for three real estate properties acquired in June 2014, September 2014, and May 2015.

 

Certain property expenses are reimbursable to the Company through our existing leasing arrangements. During the three and six months ended June 30, 2015, the Company recorded $24,632 of revenue pursuant to operating lease agreements to offset a portion of the property expenses incurred during the respective periods.

 

Operating Expenses

 

Property expenses consist of those costs associated with acquiring and leasing real estate properties. These expenses include costs for commissions, appraisals, real property taxes, insurance, repairs and maintenance. For the three and six months ended June 30, 2015, we incurred property expenses of $22,246 and $77,949, respectively, compared with $10,681 for the three and six months ended June 30, 2014. The property expenses for the three and six months ended June 30, 2015, were the result of costs incurred from the three real estate properties acquired in June 2014,September 2014, and May 2015 and from costs incurred as a result of analyzing potential real estate acquisition opportunities.

 

General and administrative expenses for the three months ended June 30, 2015, decreased by $212,054 to $88,470 compared with general and administrative expenses of $300,524 for the three months ended June 30, 2014. For the six months ended June 30, 2015, general and administrative expenses decreased by $151,405 to $161,978 compared with general and administrative expenses of $313,383 for the six months ended June 30, 2014.The decreases in general and administrative expenses for the three and six months ended June 30, 2015, were primarily attributed to decreases of 207,867 and 187,867, respectively, in non-cash stock-based compensation for consulting services

 

 14

 

compared to the three and six months ended June 30, 2014, partially offset by an increases in professional fees, legal fees, and overhead expenses due to the ramp up of our business during the latter portion of 2014.

 

Depreciation expense for the three and six months ended June 30, 2015, was $24,510 and $44,673, respectively, compared with depreciation expense of $1,924 for the three and six months ended June 30, 2014. The increases in depreciation expense for the three and six months ended June 30, 2015, were associated with the depreciation of the three real estate properties acquired in June 2014, September 2014, and May 2015.

 

Other Expenses

 

Interest expense for the three months ended June 30, 2015, increased by $55,952 to $63,075 compared with interest expense of $7,123 for the three months ended June 30, 2014. Interest expense for the six months ended June 30, 2015, increased by $102,206 to $110,534 compared with interest expense of $8,328 for the six months ended June 30, 2014. The increases in interest expense were primarily attributed to $59,804 and $104,804, respectively, of interest expense incurred during the three and six months ended June 30, 2015 on $2.7 million of promissory notes from a related party used to  fund real estate property acquisitions in June 2014 and May 2015.

 

Net Loss

   

We had a net loss of $42,418, or a basic and diluted loss per share of $0.003, for the three months ended June 30, 2015, compared with a net loss of $315,824, or a basic and diluted loss per share of $0.023, for the three months ended June 30, 2014. We had a net loss of $106,447, or a basic and diluted loss per share of $0.008, for the six months ended June 30, 2015, compared with a net loss of $329,888, or a basic and diluted loss per share of $0.025, for the six months ended June 30, 2014. The decreases in the net loss was primarily due to increases in revenues as a result of rental income generated from operating leases for three real estate properties acquired in June 2014, September 2014, and May 2015, and decreases in operating expenses primarily as a result of lower non-cash stock-based compensation for consulting services during the three and six months ended June 30, 2015.

 

Liquidity and Capital Resources

 

The following table summarizes the cash flows for the six months ended June 30, 2015 and 2014:

 

  

For the Six Months Ended

June 30,

   2015  2014
Cash Flows:          
Net cash used in operating activities  $(43,914)  $(35,347)
Net cash used in investing activities   (895,143)   (2,214,000)
Net cash provided by financing activities   914,366    3,395,998 
           
Net increase (decrease) in cash   (24,691)   1,146,651 
Cash at beginning of period   175,792    478 
           
Cash at end of period  $151,101   $1,147,129 
           

 

The Company had cash of $151,101 at June 30, 2015, compared with cash of $175,792 at December 31, 2014, a decrease of $24,691. The decrease in cash during the six months ended June 30, 2015, was primarily attributed to $895,143 of cash used for the acquisition of real estate property and cash used in operating activities of $43,914, partially offset by cash provided by the net proceeds from financing activities of $914,366.

 

Operating Activities

 

We had net cash used in operating activities of $43,914 for the six months ended June 30, 2015, which consisted of a decrease of $126,598 in accounts payable and accrued liabilities, a net loss of $106,447, and a decrease in security deposits of $6,842, partially offset by non-cash charges of $123,098, a decrease in prepaid and other assets of $55,365, and a decrease in deferred leasing costs of $17,510.

 

 15

 

 

We had net cash used in operating activities of $35,347 for the six months ended June 30, 2014, which consisted of a net loss of $329,888 and an increase of $11,437 in prepaid and other assets, partially offset by non-cash charges of $271,041 and an increase of $34,937 in accounts payable, accrued liabilities, and accrued interest.

 

Investing Activities

 

During the six months ended June 30, 2015, we purchased a 3,828 square feet retail building in Denver, Colorado for $771,750. In addition, pursuant to the terms of the lease agreement for the real estate property located in Aurora, Colorado, the Company agreed to contribute $150,000 to improvements to the property. For the six months ended June 30, 2015, we incurred $123,393 for building improvements to the property in Aurora, Colorado. As of June 30, 2015, the Company had paid $146,026 of the $150,000 towards the improvements to the property.

 

During the six months ended June 30, 2014, we purchased a 22,144 square foot industrial building situated on 1.4 acres of land in Denver, Colorado for $2,214,000.

 

Financing Activities

 

We had $914,366 in net cash provided by financing activities for the six months ended June 30, 2015, which consisted of proceeds of $925,000 from the issuance of a promissory note, partially offset by debt issuance costs of $10,634.

 

We had $3,395,998 in net cash provided by financing activities for the six months ended June 30, 2014, which consisted of proceeds of $1,800,000 from the issuance of a promissory note and proceeds of $1,615,000 received from the sale of common stock, partially offset by debt issuance costs of $19,202.

 

Although we can provide no assurances, we believe our cash on hand, coupled with revenues generated by rental income and our ability to refinance our equity in the real estate we own, will provide sufficient liquidity and capital resources to fund our business for the next twelve months. In the event we experience liquidity and capital resources constraints because of unanticipated operating losses, we may need to raise additional capital in the form of equity and/or debt financing. If such additional capital is not available on terms acceptable to us or at all then we may need to curtail our operations and/or take additional measures to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our business, results of operations and financial condition.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Seasonality

 

We do not consider our business to be seasonal.

 

Inflation and Changing Prices

 

Neither inflation or changing prices for the six months ended June 30, 2015, had a material impact on our operations.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not required for smaller reporting companies.

 

 

 16

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our management, with the participation of our Co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of June 30, 2015. Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2015.

 

Changes in Internal Control Over Financial Reporting

 

During the quarter ended June 30, 2015, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rules 13a-15 or 15d-15 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

This quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal controls over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this quarterly report.

 

 17

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

There are no legal proceedings, which are pending or have been threatened against us or any of our officers, directors or control persons of which management is aware.

 

Item 1A. Risk Factors

 

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Please refer to the “Risks Factors” section in our Annual Report for a discussion of risks to which our business, financial condition, results of operations and cash flows are subject.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

During the six months ended June 30, 2015, the Company issued 98,866 shares of common stock in exchange for consulting services. The securities were issued in reliance upon the exemptions from registration provided by Section 4(2) of the Securities Act of 1933, as amended.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

The documents set forth below are filed, incorporated by reference or furnished herewith as indicated.

 

Index to Exhibits

 

Exhibit No, Description of Exhibit
31.1* Rule 13a14(a)/15d-14(a) Certification of co-Chief Executive Officer
31.2* Rule 13a14(a)/15d-14(a) Certification of Chief Financial Officer
31.3* Rule 13a14(a)/15d-14(a) Certification of co-Chief Executive Officer
32.1* Section 1350 Certification of Chief Executive Officer
32.2* Section 1350 Certification of Chief Financial Officer
32.3* Section 1350 Certification of Chief Executive Officer
101.INS** XBRL Instance Document
101.SCH** XBRL Taxonomy Extension Schema Document
101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB** XBRL Taxonomy Extension Label Linkbase Document
101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF** XBRL Taxonomy Definition Linkbase Document

 

 

* Filed Herewith
** Furnished herewith (not filed).

 

 18

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  MJ HOLDINGS, INC.
     
Date: August 14, 2015 By: /s/ Adam Laufer
  Adam Laufer
  Co-Chief Executive Officer
                (co-Principal Executive Officer )

 

  MJ HOLDINGS, INC.
     
Date: August 14, 2015 By: /s/ Shawn Chemtov
  Shawn Chemtov
  Co-Chief Executive Officer and
                Chief Financial Officer (co-Principal
                Executive Officer,  Principal Financial
                Officer and Principal Accounting Officer )

 

 19

 EX-31.1 2 mj061510qex31_1.htm EX-31.1

Exhibit 31.1

 

CO-CHIEF EXECUTIVE OFFICER CERTIFICATION

 

I, Adam Laufer, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of MJ Holdings, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Dated: August 14, 2015 /s/ Adam Laufer                            
  Name: Adam Laufer
  Title: Co-Chief Executive Officer

 

 

 

 

 

 

 

 

 

 EX-31.2 3 mj061510qex31_2.htm EX-31.2

 

Exhibit 31.2

 

CHIEF FINANCIAL OFFICER CERTIFICATION

 

I, Shawn Chemtov, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of MJ Holdings, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Dated: August 14, 2015 /s/ Shawn Chemtov                       
  Name: Shawn Chemtov
  Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 EX-31.3 4 mj061510qex31_3.htm EX-31.3

Exhibit 31.3

 

CO-CHIEF EXECUTIVE OFFICER CERTIFICATION

 

I, Shawn Chemtov, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of MJ Holdings, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

 

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Dated: August 14, 2015 /s/ Shawn Chemtov                           
  Name: Shawn Chemtov
  Title: Co-Chief Executive Officer

 

 

 

 

 

 

 

 

 EX-32.1 5 mj061510qex32_1.htm EX-32.1

 

Exhibit 32.1

 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Adam Laufer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of MJ Holdings, Inc. on Form 10-Q for the period ended June 30, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MJ Holdings, Inc.

 

 

Dated: August 14, 2015 /s/ Adam Laufer                            
  Name: Adam Laufer
  Title: Co-Chief ExecutiveOfficer 

 

 

A signed original of this written statement required by Section 906 has been provided to MJ Holdings, Inc. and will be retained by MJ Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 EX-32.2 6 mj061510qex32_2.htm EX-32.2

 

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Shawn Chemtov, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of MJ Holdings, Inc. on Form 10-Q for the period ended June 30, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MJ Holdings, Inc.

 

 

Dated: August 14, 2015 /s/ Shawn Chemtov                        
  Name: Shawn Chemtov
  Title: Chief Financial Officer

 

 

A signed original of this written statement required by Section 906 has been provided to MJ Holdings, Inc. and will be retained by MJ Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 EX-32.3 7 mj061510qex32_3.htm EX-32.3

 

Exhibit 32.3

 

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Shawn Chemtov, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of MJ Holdings, Inc. on Form 10-Q for the period ended June 30, 2015, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MJ Holdings, Inc.

 

 

Dated: August 14, 2015 /s/ Shawn Chemtov                        
  Name: Shawn Chemtov
  Title: Co-Chief Executive Officer

 

 

A signed original of this written statement required by Section 906 has been provided to MJ Holdings, Inc. and will be retained by MJ Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

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Statements of Changes in Stockholders' Equity (Deficit) [Abstract] Condensed Consolidated Statements of Cash Flows [Abstract] Equity Components [Axis] Condensed Consolidated Balance Sheets [Abstract] Common stock issued for services, shares Shares of common stock for consulting services Stock Issued During Period, Shares, Issued for Services Conversion of notes payable and accrued interest to common stock Stock Issued During Period, Value, Conversion of Convertible Securities Common stock issued for services Stock Issued During Period, Value, Issued for Services Stock Issued Stockholder loans and accrued interest converted to common stock Issued Shares of common stock issued upon exercise of warrants Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures Issuance of common stock (in shares) Sale of common stock, shares Stock Issued During Period, Shares, New Issues Conversion of notes payable and accrued interest to common stock, shares Stock Issued During Period, Shares, Conversion of Convertible Securities Issuance of common stock Sale of common stock Stock Issued During Period, Value, New Issues Balance Balance TOTAL STOCKHOLDERS' DEFICIENCY Total Stockholders' Equity Sale of Unregistered Securities [Abstract] Sale of Unregistered Securities Stockholders' Equity Note Disclosure [Text Block] Subsequent Events Subsequent Events Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Line Items] Subsequent events [Line Items] Subsequent Event [Member] Subsequent events [Member] Subsequent Event Type [Domain] Subsequent Event Type [Axis] Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Type of Arrangement and Non-arrangement Transactions [Axis] Use of Estimates Use of Estimates, Policy [Policy Text Block] Warrant [Member] Warrants [Member] Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average shares outstanding Accounts Payable Paid by Related Party Accounts payable paid by principal stockholders Represents the amount of accounts payable paid by principal stockholders in non-cash financing activities. Accounts payable paid by principal stockholders Promissory Note One [Member] Represents details pertaining to promissory note, one. Promissory Note Two [Member] Represents details pertaining to promissory note, two. Promissory Note Three [Member] Represents details pertaining to promissory note, three. Promissory Notes Aggregate [Member] Promissory Notes Aggregate [Member] Going Concern Text Block The entire disclosure of the company's going concern. Going Concern Number of Properties Acquired Number of properties acquired Represents the number of properties acquired. Document and Entity Information [Abstract] Going Concern [Abstract] Going Concern [Abstract]. Debt Issuance Costs [Abstract] Debt Issuance Costs Owner Occupied Industrial Building Situated on Land in Denver Colorado [Member] Owner-occupied industrial building situated on land in Denver, Colorado [Member] Represents information pertaining to owner-occupied industrial building situated on land in Denver, Colorado. Chemtov Mortgage Group [Member] CMG [Member] Represents information pertaining to Chemtov Mortgage Group, an entity wholly-owned by the entity's co-chief executive officer. Short Term Lease Agreement Monthly Rental Payments Monthly rent to be paid to the previous property owner The amount of the monthly rental payments due under the lease entered into with previous property owner pursuant to short-term lease agreement. Consulting Services Agreement [Member] Consulting services agreement [Member] Represents information pertaining to consulting services agreement. Wholly Owned Subsidiary of Medbox Inc [Member] Medbox, Inc [Member] Represents information pertaining to wholly-owned subsidiary of Medbox, Inc. Percentage of Management Fee Payable to Counterparty Percentage of management fee payable to counterparty The percentage of management fee payable to counterparty to the agreement. Percentage of Net Revenue Generated by Counterparty Client Payable to Counterparty Percentage of net revenue generated by counterparties client payable to counterparty The percentage of net revenue generated by counterparties client payable to counterparty to the agreement. Aggregate Number of Warrants That Can Be Issued to Counterparty Aggregate warrants that can be issued to counterparty The aggregate warrants that can be issued to counterparty to the agreement. Class of Warrant or Right Term Term of warrants The term of warrants. Period Prior to Date of Issuance Used to Calculate Volume Weighted Average Price of Common Stock Period prior to the date of issuance of warrants used to calculate the volume weighted average price of the common stock The period prior to the date of issuance of warrants used to calculate the volume weighted average price of the common stock. Agreement Term Initial term of agreement The initial term of agreement. Agreement Renewal Term Renewal term of agreement The renewal term of agreement. Period of Written Notice to Cancel Agreement by Either Party Period of written notice required to cancel agreement by either party The period of written notice required to cancel agreement by either party. Class of Warrant or Right Exercise Price of Warrants or Rights Exercised Exercise price of warrants Weighted average exercise price per share or per unit of warrants or rights exercised during the period. Exercised Class of Warrant or Right Number of Securities Called By Warrants or Rights Exercised Exercised Number of class of warrant or right exercised during the current period. Warrants exercised Class of Warrant or Right Number of Securities Called by Warrants or Rights Expired Expired Number of class of warrant or right expired during the current period. Class of Warrant or Right Exercise Price of Warrants or Rights Issued Issued Weighted average exercise price per share or per unit of warrants or rights issued during the period. Class of Warrant or Right Exercise Price of Warrants or Rights Expired Expired Weighted average exercise price per share or per unit of warrants or rights expired during the period. Class of Warrant or Right Shares [Roll Forward] Shares Class of Warrant or Right Weighted Average Exercise Price [Roll Forward] Weighted Avg. Exercise Price Owner Occupied Building Situated On Land In Aurora Colorado [Member] Owner-occupied building situated on land in Aurora, Colorado [Member] Owner-occupied building situated on land in Aurora, Colorado [Member] Operating Leases, Income Statement, Reimbursed Operating Expenses Reimbursed operating expenses The amount of lease revenue recognized for the period from reimbursed operating expenses. Operating Leases, Income Statement, Deferred Rent Revenue Deferred rental income The amount of lease revenue recognized for the period from deferred rent. Five Zero Three Havana Street Aurora Colorado [Member] 503 Havana Street in Aurora, Colorado [Member] 503 Havana Street in Aurora, Colorado [Member] Five Three Five Three Joliet Street Denver Colorado [Member] 5353 Joliet Street in Denver, Colorado [Member] 5353 Joliet Street in Denver, Colorado [Member] Lessor Leasing Arrangements, Operating Leases, Monthly Rent Obligation Monthly rent obligation The total amount of monthly rent for which the lessee is obligated under leasing arrangements regardless of any other events or conditions. Lessor Leasing Arrangements, Operating Leases, Annual Increases Annual increases percentage The annual increases percentage the lessee is subject to under leasing arrangements. Lessor Leasing Arrangements, Operating Leases, Improvements Obligation Obligation to improvements to the property The amount of improvements to the property for which the lessor is obligated to contribute under leasing arrangements. Stock Issued During Period Value Cashless Warrant Exercised Cashless exercise of warrants Value of stock issued as a result of the exercise of cashless warrants. Stock Issued During Period Shares Cashless Warrant Exercised Cashless exercise of warrants, shares Number of shares cashless warrants exercised during the current period. Amortization of Deferred Rental Income Represents the amortization of deferred rental income. Deferred rental income Amortization of Deferred Leasing Fees and Debt Costs Amortization of deferred leasing and debt costs Represents the amortization of deferred leasing fees and debt costs. Warrants to Purchase Common Stock and Other Derivative Financial Instruments [Policy Text Block] Warrants to Purchase Common Stock and Other Derivative Financial Instruments Disclosure of accounting policy for warrants to purchase common stock and other derivative financial instruments. Amount Invested to Finance Purchase of Debt Instrument Represents the amount invested to finance the purchase of the debt instrument. Amount invested to finance the purchase of the promissory note Income Tax Reconciliation Write Off of Prior Year Net Operating Losses Write-off of prior year net operating losses Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to write-off of prior year net operating losses. Operating Loss Carryforwards Expiration Period Operating loss carryforwards,expiration period Represents the expiration period of operating loss carryforward. SEC Schedule III Real Estate Additions [Abstract] Additions: SEC Schedule III Real Estate Deductions [Abstract] Deductions: Adjustments To Additional Paid In Capital, Accounts Payable Paid By Principal Stockholders Accounts payable paid by principal stockholders Amount of r increase (decrease) in additional paid in capital (APIC) resulting from accounts payable paid by principal stockholders. Real Estate Oroperty Located at South Sheridan Boulevard in Denver Colorado [Member] Real estate property located at South Sheridan Boulevard in Denver, Colorado [Member] Represents information pertaining to real estate property located at 1126 South Sheridan Boulevard in Denver, Colorado. Lessor Leasing Arrangements Operating Leases Total Rent Obligation Total rent obligation The total amount of rent for which the lessee is obligated under leasing arrangements regardless of any other events or conditions. Area of building acquired (in square feet) Area of land on which building is situated Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Building and Building Improvements [Member] Buildings and improvements [Member] Interest paid Net borrowings from related parties Deferred rent revenue One One Two Six South Sheridan Boulevard in Denver Colorado [Member] 1126 South Sheridan Boulevard in Denver, Colorado [Member] Represents information pertaining to 1126 South Sheridan Boulevard in Denver, Colorado. 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Operating Leases (Schedule of Future Minimum Rental Revenues) (Details)
Jun. 30, 2015
USD ($)
Operating Leases [Abstract]  
2015 $ 282,952
2016 575,968
2017 590,069
2018 604,530
2019 619,359
Thereafter 2,124,431
Total minimal rental payments $ 4,797,309
XML 17 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Real Estate Property Acquisitions
 6 Months Ended
Jun. 30, 2015
Real Estate Property Acquisitions [Abstract]  
Real Estate Property Acquisitions

Note 4 — Real Estate Property Acquisitions

 

5353 Joliet Street

 

In June 2014, through its wholly-owned subsidiary, 5353 Joliet LLC, the Company acquired an owner-occupied 22,144 square feet industrial building situated on 1.4 acres of land in Denver, Colorado for $2,214,000. The acquisition was funded with proceeds from the issuance of a secured promissory note in the amount of $1,800,000 and $414,000 of cash on-hand. The promissory note is held by Chemtov Mortgage Group ("CMG"), an entity wholly-owned by the Company's co-CEO, Shawn Chemtov. CMG has assigned all ownership and security interest granted to it pursuant to the promissory note to 5353 Mortgage Loan, LLC, a single purpose entity created solely for the purpose of this transaction. CMG invested $100,000 of the $1,800,000 of funds used to finance the purchase of the promissory note. CMG acts as the loan servicing entity for the promissory note, administering the note, processing payments from the Company, and transferring all payments to 5353 Mortgage Loan, LLC. CMG charges no administration fees for servicing the promissory note.

 

The promissory note bears interest at 10% per annum, provides for cash interest payments on a monthly basis, matures on June 1, 2016, and is callable at the option of the Company at any time after June 19, 2015. The Company has guaranteed the promissory note and has pledged its ownership interest in 5353 Joliet LLC, and as such its fee-simple ownership interest in the property as security for the promissory note. The promissory note does not restrict the Company's ability to incur future indebtedness. For the six months ended June 30, 2015 and 2014, the Company recorded $90,000 and $5,918, respectively, of interest expense related to the promissory note.

 

In September 2014, the Company entered into a lease agreement contingent upon the lessee obtaining city and state licenses and permits for its intended operations at the premises. The contingencies were met by the lessee, and the lease agreement became effective December 1, 2014. The lease agreement is for a term of seven years and a monthly rent obligation of $25,835, subject to annual increases of 2% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the lessee as additional rent based on the actual expenses incurred - see Note 5 below for additional lease details. 

503 Havana Street

 

In September 2014, through its wholly-owned subsidiary, MJ Havana LLC, the Company acquired an owner-occupied 1,250 square foot building situated on 23,625 square feet of land in Aurora, Colorado for $756,000, exclusive of closing costs. The acquisition was funded with cash on-hand. The property is zoned B-2 and has been approved by the city of Aurora as a retail dispensary for recreational marijuana.

 

Prior to closing on the property acquisition, the Company had pre-negotiated a 10-year lease agreement with a third-party, a licensed marijuana dispensary company serving both medical and adult (21+) customers in Colorado. Once the closing of the property was completed with the seller, the pre-negotiated lease was executed in September 2014 with the third-party. Pursuant to the terms of the lease agreement, the Company agreed to contribute $150,000 to improvements to the property - see Note 5 below for additional lease details. As of June 30, 2015, the Company had paid $146,026 towards the tenant's building improvements.

 

1126 South Sheridan Boulevard

In May 2015, through its wholly-owned subsidiary, MJ Sheridan LLC, the Company acquired real estate property located at 1126 South Sheridan Boulevard in Denver, Colorado, for $771,750, exclusive of closing costs. The Company funded the acquisition through the issuance of a promissory note in the amount of $925,000 of which $771,750 was used to purchase the property. The balance of the funds will be used by the Company as working capital. The newly acquired property is 17,729 square feet with a 3,828 square foot one story free-standing building. The property is zoned B-2 and has been approved by the city of Denver as a retail dispensary for recreational marijuana.

The promissory note is held by CMG, an entity wholly-owned by the Company's co-CEO, Shawn Chemtov. CMG has assigned all ownership and security interest granted to it pursuant to the promissory note to a single purpose entity created solely for the purpose of this transaction. CMG acts as the loan servicing entity for the promissory note, administering the note and processing payments from the Company. CMG charges no administration fees for servicing the promissory note.

The promissory note bears interest at 10% per annum, provides for cash interest payments on a monthly basis, matures on June 1, 2017. The promissory note is collateralized with the Company's ownership interest in the newly acquired property and its previously acquired property located at 503 Havana Street in Aurora, Colorado. The promissory note does not restrict the Company's ability to incur future indebtedness. For the six months ended June 30, 2015, the Company recorded $14,804 of interest expense related to the promissory note. 

Prior to closing on the property acquisition, the Company had pre-negotiated a 10-year lease agreement with a third-party, a licensed marijuana dispensary company serving both medical and adult (21+) customers in Colorado. Once the closing of the property was completed with the seller, the pre-negotiated lease was executed in May 2015 with the third-party - see Note 5 below for additional lease details.

A summary of real estate property at June 30, 2015, is as follows:

 

Estimated

  

June 30,

 

Life

  

2015

 

Buildings

 30 years     $ 2,995,167  

Improvements

      9-10 years       146,026  

Land

Not depreciated       747,389  

Total real estate property

            3,888,582  

Less: Accumulated depreciation

            (82,846 )

Real estate property, net

           $ 3,805,736  
XML 18 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Details) (Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
STOCK-BASED COMPENSATION [Line Items]    
Stock-based compensation expense $ 81,250 $ 269,117
Common Stock [Member]    
STOCK-BASED COMPENSATION [Line Items]    
Shares of common stock for consulting services 98,866  
Stock-based compensation expense $ 81,250  
XML 19 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Sale of Unregistered Securities (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Proceeds from the sale of common stock   $ 1,615,000  
Common Stock [Member]      
Issuance of common stock (in shares)     1,615,000
Issuance of common stock     $ 1,615,000
XML 20 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Schedule of Warrants Issued, Exercised and Expired) (Details) - 6 months ended Jun. 30, 2015 - Warrants [Member] - $ / shares
Total
Shares  
Balance at the beginning of the period 166,665
Issued  
Exercised  
Expired  
Balance at the end of the period 166,665
Weighted Avg. Exercise Price  
Balance at the beginning of the period $ 5.88
Issued  
Exercised  
Expired  
Balance at the end of the period $ 5.88
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Going Concern
 6 Months Ended
Jun. 30, 2015
Going Concern [Abstract]  
Going Concern

Note 3 — Going Concern

 

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business.  During the three and six months ended June 30, 2015, the Company incurred net losses of $42,418 and $106,447, respectively. The Company had an accumulated deficit of $1,444,157 as of June 30, 2015. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern.

 

The Company's future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities and obtain additional financing.  Although we can provide no assurances, we believe our cash on hand, coupled with revenues generated by rental income and our ability to refinance our equity in the real estate we own, will provide sufficient liquidity and capital resources to fund our business for the next twelve months.

 

In the event the Company experiences liquidity and capital resource constraints because of unanticipated operating losses, we may need to raise additional capital in the form of equity and/or debt financing. If such additional capital is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position, results of operations, and our ability to continue in existence. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. 

 
XML 22 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Real estate property:    
Land $ 747,389 $ 551,251
Buildings and improvements 3,141,193 2,442,188
Real estate property, gross 3,888,582 2,993,439
Accumulated depreciation (82,846) (38,173)
Real estate property, net 3,805,736 2,955,266
Cash 151,101 175,792
Deferred leasing costs 171,357 202,545
Deferred rent receivable 29,170 6,936
Prepaid expenses and other assets 22,915 73,377
Total Assets 4,180,279 3,413,916
Liabilities:    
Notes payable - related party 2,725,000 1,800,000
Security deposits 95,203 102,045
Accounts payable and accrued liabilities 68,984 195,582
Total Liabilities $ 2,889,187 $ 2,097,627
Stockholders' Equity:    
Preferred stock, par value $0.001, 5,000,000 shares authorized; 0 shares issued and outstanding    
Common stock, par value $0.001, 95,000,000 shares authorized; 13,977,388 and 13,878,522 shares issued and outstanding, respectively $ 13,977 $ 13,879
Additional paid-in capital 2,721,272 2,640,120
Accumulated deficit (1,444,157) (1,337,710)
Total Stockholders' Equity 1,291,092 1,316,289
Total Liabilities and Stockholders' Equity $ 4,180,279 $ 3,413,916
XML 23 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Interim Financial Statements
 6 Months Ended
Jun. 30, 2015
Interim Financial Statements [Abstract]  
Interim Financial Statements

Note 1 — Interim Financial Statements

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the condensed consolidated financial statements not misleading have been included. The balance sheet at December 31, 2014, has been derived from the Company's audited consolidated financial statements as of that date.

 

The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes thereto that are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, that was filed with the SEC on March 30, 2015. The results of operations for the three and six months ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year.

 

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, 5353 Joliet, LLC, MJ Havana, LLC, and MJ Sheridan, LLC. Intercompany balances and transactions have been eliminated in consolidation.
XML 24 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Real Estate Property Acquisitions (Schedule of Real Estate Property) (Details) - Jun. 30, 2015 - USD ($)
Total
Property, Plant and Equipment [Line Items]  
Total real estate property $ 3,888,582
Less: Accumulated depreciation (82,846)
Real estate property, net $ 3,805,736
Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Life 30 years
Total real estate property $ 2,995,167
Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Total real estate property $ 146,026
Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Life 9 years
Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated Life 10 years
Land [Member]  
Property, Plant and Equipment [Line Items]  
Total real estate property $ 747,389
XML 25 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Operating Leases (Schedule of Revenues From Rental Properties) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental payments $ 129,270 $ 4,428 $ 240,524 $ 4,428
Reimbursed operating expenses 14,177   25,930  
Deferred rent revenue 12,436   22,233  
Total revenues from rental properties $ 155,883 $ 4,428 $ 288,687 $ 4,428
XML 26 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 27 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

 

The significant accounting policies followed by the Company for interim reporting are consistent with those included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. There were no material changes to our significant accounting policies during the interim period ended June 30, 2015.

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the "FASB") issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In July 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017,  including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements and has not determined the impact of adoption on its consolidated financial statements.

 

In August 2014, FASB issued guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Since this guidance primarily addresses certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. The Company is currently in the process of evaluating the additional disclosure requirements of the new guidance and has not determined the impact of adoption on its financial statement disclosures.

  

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. As of June 30, 2015, we had $18,837 in debt issuance costs associated with $2.7 million of notes payable that would be reclassified from other assets to a reduction in the carrying amount of the note payable. The adoption of this standard is not expected to have a material impact on our financial position and will not impact our results of operations or cash flows.
XML 28 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2015
Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]    
Preferred stock, par value per share $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 95,000,000 95,000,000
Common stock, shares issued 13,977,388 13,878,522
Common stock, shares outstanding 13,977,388 13,878,522
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Operating Leases (Tables)
 6 Months Ended
Jun. 30, 2015
Operating Leases [Abstract]  
Summary of Revenues From Rental Properties

 

Three months ended

June 30, 

  

Six months ended
June 30,
  2015   2014  

2015

2014

 


Revenues:

 

 

 

 

 

 

 

        

Rental payments

 

$

 129,270

 

$

4,428

 

 $ 240,524   $ 4,428  

Reimbursed operating expenses

 

 

 14,177

 

 

 —

 

   25,930     —  

Deferred rent revenue

 

 

 12,436

 

 

 —

 

   22,233     —  

Total revenues from rental properties

 

$

 155,883

 

$

 4,428

 

 $ 288,687   $ 4,428  
Schedule of Future Minimum Rental Payments

2015

$ 282,952  

2016

  575,968  

2017

  590,069  

2018

  604,530  

2019

  619,359  

Thereafter

  2,124,431  

Total minimal rental payments

 $ 4,797,309  
XML 30 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2015
Aug. 12, 2015
Document and Entity Information [Abstract]    
Entity Registrant Name MJ Holdings, Inc.  
Entity Central Index Key 0001456857  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   14,007,939
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2015
Stock Based Compensation [Abstract]  
Summary of warrants issued, exercised and expired

Weighted

 

Avg.

 

Exercise

 

Warrants:

Shares

Price

 

Balance at January 1, 2015

    166,665     $ 5.88  

Issued

    —       —  

Exercised

    —       —  

Expired

    —       —  

Balance at June 30, 2015

     166,665     $ 5.88  
XML 32 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental income $ 155,883 $ 4,428 $ 288,687 $ 4,428
Operating Expenses:        
Property expenses 22,246 10,681 77,949 10,681
General and administrative expenses 88,470 300,524 161,978 313,383
Depreciation expense 24,510 1,924 44,673 1,924
Total operating expenses 135,226 313,129 284,600 325,988
Operating income (loss) 20,657 (308,701) 4,087 (321,560)
Interest expense, net - related party (63,075) (7,123) (110,534) (8,328)
Loss before income taxes $ (42,418) $ (315,824) $ (106,447) $ (329,888)
Provision for income taxes        
Net Loss $ (42,418) $ (315,824) $ (106,447) $ (329,888)
Basic and diluted net loss per common share:        
Weighted average shares outstanding 13,912,690 13,813,403 13,899,034 13,041,482
Net loss per common share $ (0.003) $ (0.023) $ (0.008) $ (0.025)
XML 33 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholder Loans Payable
 6 Months Ended
Jun. 30, 2015
Stockholder Loans Payable [Abstract]  
Stockholder Loans Payable

Note 7 — Stockholder Loans Payable

 

Stockholder loans payable consisted of two sets of three promissory notes with two of its stockholders in which the company may borrow up to $25,000, $20,000, and $10,000, respectively.  These borrowings accrued interest at 5%, 8%, and 8% per annum, respectively.  They were due in part in December 2014 and December 2016.  

 

In February 2014, in connection with the change of control of the Company, Messrs. Chemtov and Laufer, purchased the Stock holder loans from Messrs. Peraman and Sarfoh.

 

On August 31, 2014, the outstanding balance of $99,450 for the stockholder loans and the associated accrued interest were converted to 19,890 shares of the Company's common stock at a conversion price of $5.00 per share.

 

For the six months ended June 30, 2014, the Company accrued interest expense of $2,410 related to the outstanding stockholder loans.

 
XML 34 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions
 6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 6 — Related Party Transactions

 

In February 2014, in connection with the change in control of the Company, the principal stockholders paid $7,665 of the Company's accounts payable, which was recorded as a capital contribution to the Company.

 

During the six months ended June 30, 2014, the Company borrowed $5,277 from its principal stockholders and repaid $5,077 of the borrowings to its principal shareholders, resulting in $200 of net borrowings from related parties.

 

During the six months ended June 30, 2015, the Company paid $97,096 for interest due pursuant to $2,725,000 of promissory notes held by CMG, wholly-owned by the Company's co-CEO and shareholder, Shawn Chemtov - see Note 4 above for additional details regarding the promissory notes held by related party. 

 
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Operating Leases (Narrative) (Details) - USD ($)
 1 Months Ended
May. 31, 2015
Sep. 30, 2014
503 Havana Street in Aurora, Colorado [Member]    
Property Subject to or Available for Operating Lease [Line Items]    
Lease agreement term   10 years
Monthly rent obligation   $ 11,250
Annual increases percentage   3.00%
Option to renew term   10 years
Obligation to improvements to the property   $ 150,000
5353 Joliet Street in Denver, Colorado [Member]    
Property Subject to or Available for Operating Lease [Line Items]    
Lease agreement term   7 years
Monthly rent obligation   $ 25,835
Annual increases percentage   2.00%
Option to renew term   5 years
1126 South Sheridan Boulevard in Denver, Colorado [Member]    
Property Subject to or Available for Operating Lease [Line Items]    
Lease agreement term 10 years  
Monthly rent obligation $ 10,945  
Annual increases percentage 3.00%  
Option to renew term 10 years  
XML 36 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Details)
Jun. 30, 2015
USD ($)
New Accounting Pronouncements  
Debt issuance costs $ 18,837
Note payable $ 2,700,000
XML 37 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]  
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (the "FASB") issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In July 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017,  including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements and has not determined the impact of adoption on its consolidated financial statements.

 

In August 2014, FASB issued guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. Since this guidance primarily addresses certain disclosures to the financial statements, we anticipate no impact on our financial position, results of operations or cash flows from adopting this standard. The Company is currently in the process of evaluating the additional disclosure requirements of the new guidance and has not determined the impact of adoption on its financial statement disclosures.

  

In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This guidance provides that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years and interim periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. As of June 30, 2015, we had $18,837 in debt issuance costs associated with $2.7 million of notes payable that would be reclassified from other assets to a reduction in the carrying amount of the note payable. The adoption of this standard is not expected to have a material impact on our financial position and will not impact our results of operations or cash flows.
XML 38 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Sale of Unregistered Securities
 6 Months Ended
Jun. 30, 2015
Sale of Unregistered Securities [Abstract]  
Sale of Unregistered Securities

Note 8 — Sale of Unregistered Securities

 

The Company conducted a private placement of its shares of common stock, whereby we sold 1,615,000 shares of common stock for an aggregate of $1,615,000. We began accepting subscriptions on March 24, 2014 and closed the private placement on April 9, 2014.

 

For the six months ended June 30, 2014, the Company received  proceeds from the private placement of $1,615,000.

 

The shares were issued pursuant to an exemption from the registration requirements under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D promulgated thereunder (“Regulation D”) since, among other things, the transactions did not involve a public offering and the securities were acquired for investment purposes only and not with a view to or for sale in connection with any distribution thereof. Offers and sales were made solely to persons qualifying as “accredited investors” (as such term is defined by Rule 501 of Regulation D).

 

The securities offered will not be and have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 
XML 39 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stock Based Compensation
 6 Months Ended
Jun. 30, 2015
Stock Based Compensation [Abstract]  
Stock Based Compensation

Note 9 — Stock Based Compensation

 

Warrants

 

A summary of warrants issued, exercised and expired during the six months ended June 30, 2015, is as follows:

 

Weighted

 

Avg.

 

Exercise

 

Warrants:

Shares

Price

 

Balance at January 1, 2015

    166,665     $ 5.88  

Issued

    —       —  

Exercised

    —       —  

Expired

    —       —  

Balance at June 30, 2015

     166,665     $ 5.88  

 

Common Stock

 

During the six months ended June 30, 2015, the Company issued 98,866 shares of common stock for consulting services and recorded $81,250 of stock-based compensation expense for these consulting services, which has been classified as General and administrative expenses. The stock-based compensation expense was calculated based on the grant date fair value of the common stock shares issued in exchange for the consulting services.

 
XML 40 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Real Estate Property Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2015
Real Estate Property Acquisitions [Abstract]  
Summary of Real Estate Property

Estimated

  

June 30,

 

Life

  

2015

 

Buildings

 30 years     $ 2,995,167  

Improvements

      9-10 years       146,026  

Land

Not depreciated       747,389  

Total real estate property

            3,888,582  

Less: Accumulated depreciation

            (82,846 )

Real estate property, net

           $ 3,805,736  
XML 41 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Real Estate Property Acquisitions (Narrative) (Details)
 1 Months Ended 6 Months Ended
May. 31, 2015
USD ($)
ft²
Sep. 30, 2014
USD ($)
ft²
Jun. 30, 2014
USD ($)
a
ft²
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
a
ft²
PROPERTY ACQUISITION [Line Items]          
Proceeds from notes payable - related party       $ 925,000 $ 1,800,000
Owner-occupied industrial building situated on land in Denver, Colorado [Member]          
PROPERTY ACQUISITION [Line Items]          
Area of building acquired | ft²     22,144   22,144
Area of land on which building is situated | a     1.4   1.4
Purchase consideration     $ 2,214,000    
Proceeds from the issuance of a secured promissory note used to fund acquisition     1,800,000    
Cash on-hand used to fund acquisition     414,000    
Lease agreement term   7 years      
Monthly rent obligation   $ 25,835      
Annual increases percentage   2.00%      
Owner-occupied industrial building situated on land in Denver, Colorado [Member] | CMG [Member]          
PROPERTY ACQUISITION [Line Items]          
Amount invested to finance the purchase of the promissory note     $ 100,000    
Administration fees for servicing the promissory note          
Interest rate of promissory note     10.00%   10.00%
Promissory note, maturity date     Jun. 01, 2016    
Promissory note, date callable     Jun. 19, 2015    
Interest expense       90,000 $ 5,918
Owner-occupied building situated on land in Aurora, Colorado [Member]          
PROPERTY ACQUISITION [Line Items]          
Area of building acquired | ft²   1,250      
Area of land on which building is situated | ft²   23,625      
Purchase consideration   $ 756,000      
Obligation to improvements to the property       150,000  
Payment for tenant's building improvements       146,026  
Real Estate Oroperty Located at South Sheridan Boulevard in Denver Colorado [Member]          
PROPERTY ACQUISITION [Line Items]          
Area of building acquired | ft² 17,729        
Area of land on which building is situated | ft² 3,828        
Purchase consideration $ 771,750        
Proceeds from the issuance of a secured promissory note used to fund acquisition $ 771,750        
Lease agreement term 10 years        
Real Estate Oroperty Located at South Sheridan Boulevard in Denver Colorado [Member] | CMG [Member]          
PROPERTY ACQUISITION [Line Items]          
Proceeds from notes payable - related party $ 925,000        
Administration fees for servicing the promissory note          
Interest rate of promissory note 10.00%        
Promissory note, maturity date Jun. 01, 2017        
Interest expense       $ 14,804  
XML 42 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions (Details) - USD ($)
 1 Months Ended 6 Months Ended
Feb. 28, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Related Party Transaction [Line Items]        
Accounts payable paid by principal stockholders     $ 7,665  
Net borrowings from related parties     200  
Promissory note held by related party   $ 2,725,000   $ 1,800,000
Cash paid for interest to related party   97,096 5,918  
Principal Stockholders [Member]        
Related Party Transaction [Line Items]        
Accounts payable paid by principal stockholders $ 7,665      
Proceeds from loans from stockholders     5,277  
Borrowings from principal shareholders repaid     5,077  
Net borrowings from related parties     $ 200  
CMG [Member]        
Related Party Transaction [Line Items]        
Promissory note held by related party   2,725,000    
Cash paid for interest to related party   $ 97,096    
XML 43 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flow from operating activities:    
Net loss $ (106,447) $ (329,888)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 44,673 1,924
Stock-based compensation 81,250 $ 269,117
Deferred rental income (22,233)  
Amortization of deferred leasing and debt costs 19,408 $ 301
Changes in operating assets and liabilities:    
Deferred leasing costs 17,510  
Prepaid and other assets 55,365 $ (11,738)
Security deposits (6,842)  
Accounts payable and accrued liabilities (126,598) $ 34,937
Net Cash Used in Operating Activities (43,914) (35,347)
Cash flow from investing activities:    
Acquisition of real estate property (895,143) (2,214,000)
Net Cash Used in Investing Activities $ (895,143) (2,214,000)
Cash flow from financing activities:    
Proceeds from the sale of common stock   1,615,000
Proceeds from notes payable - related party $ 925,000 1,800,000
Payment for debt issuance costs $ (10,634) (19,202)
Proceeds from loans from stockholders   200
Net Cash Provided by Financing Activities $ 914,366 3,395,998
Net increase (decrease) in cash (24,691) 1,146,651
Cash at beginning of period 175,792 478
Cash at end of period 151,101 1,147,129
Supplemental disclosure of cash flow information:    
Cash paid for interest to related party $ 97,096 5,918
Supplemental schedule of non-cash financing activities:    
Accounts payable paid by principal stockholders   $ 7,665
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Operating Leases
 6 Months Ended
Jun. 30, 2015
Operating Leases [Abstract]  
Operating Leases

Note 5 — Operating Leases

 

The Company generates revenues by leasing its acquired real estate properties through operating leasing arrangements. A summary of revenues generated from our rental properties for the three and six months ended June 30, 2015 and 2014, is as follows:

 

 

Three months ended

June 30, 

  

Six months ended
June 30,
  2015   2014  

2015

2014

 


Revenues:

 

 

 

 

 

 

 

        

Rental payments

 

$

 129,270

 

$

4,428

 

 $ 240,524   $ 4,428  

Reimbursed operating expenses

 

 

 14,177

 

 

 —

 

   25,930     —  

Deferred rent revenue

 

 

 12,436

 

 

 —

 

   22,233     —  

Total revenues from rental properties

 

$

 155,883

 

$

 4,428

 

 $ 288,687   $ 4,428  

 

503 Havana Street

 

In September 2014, the Company entered into a non-cancelable operating lease agreement with a marijuana dispensary (the "Lessee") to move into the Company's acquired property located at 503 Havana Street in Aurora, Colorado. The lease agreement is for a term of ten years and a monthly rent obligation of $11,250, subject to annual increases of 3% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the Lessee as additional rent based on the actual expenses incurred. Pursuant to the terms of the lease agreement, the Company has agreed to contribute $150,000 to improvements to the property.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one additional ten-year term, on the same terms as provided in the lease agreement. During the third year of the lease agreement, the Lessee may exercise an option to purchase the Property.

 

5353 Joliet Street

 

In September 2014, the Company entered into a lease agreement for its property and warehouse building located at 5353 Joliet Street in Denver, Colorado. The lease agreement is for a term of seven years and a monthly rent obligation of $25,835, subject to annual increases of 2% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the lessee as additional rent based on the actual expenses incurred.

 

The lease was contingent upon the lessee, obtaining city and state licenses and permits for its intended operations at the premises, within the dates provided in the lease agreement. The contingencies were met by the lessee, and the lease agreement became effective December 1, 2014.

 

Upon the expiration of the seven-year term, the lessee has the option to renew the lease for two separate five-year terms, subject to rent reviews and adjustments, as set out in the lease agreement.

 

1126 South Sheridan Boulevard

In May 2015, the Company entered into a lease agreement for its acquired property located at 1126 South Sheridan Boulevard in Denver, Colorado. The lease agreement is for a term of ten years and a monthly rent obligation of $10,945, subject to annual increases of 3% per year. Insurance and real property taxes shall be paid by the Company and, subsequently, charged to the Lessee as additional rent based on the actual expenses incurred.

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one additional ten-year term, on the same terms as provided in the lease agreement. During the third year of the lease agreement, the Lessee may exercise an option to purchase the Property.

Future minimum rental payments, excluding the reimbursement of specified operating expenses, for non-cancelable operating lease agreements are as follows as of June 30, 2015:

 

2015

$ 282,952  

2016

  575,968  

2017

  590,069  

2018

  604,530  

2019

  619,359  

Thereafter

  2,124,431  

Total minimal rental payments

 $ 4,797,309  

XML 46 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
Stockholder Loans Payable (Details) - USD ($)
 1 Months Ended 6 Months Ended
Aug. 31, 2014
Jun. 30, 2014
Jun. 30, 2015
Debt Instrument [Line Items]      
Stockholder loans and accrued interest converted to common stock $ 99,450    
Stockholder loans, shares converted 19,890    
Stockholder loans, conversion price $ 5.00    
Accrued interest expense related to outstanding stockholder loans   $ 2,410  
Promissory Note One [Member]      
Debt Instrument [Line Items]      
Debt instrument, interest rate     5.00%
Promissory Note One [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 25,000
Promissory Note Two [Member]      
Debt Instrument [Line Items]      
Debt instrument, interest rate     8.00%
Promissory Note Two [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 20,000
Promissory Note Three [Member]      
Debt Instrument [Line Items]      
Debt instrument, interest rate     8.00%
Promissory Note Three [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Debt instrument, face amount     $ 10,000
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Going Concern (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Going Concern [Abstract]          
Net loss $ 42,418 $ 315,824 $ 106,447 $ 329,888  
Accumulated deficit $ 1,444,157   $ 1,444,157   $ 1,337,710