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Redeemable Non-Controlling Interests (Tables)
 9 Months Ended
Sep. 30, 2022
Noncontrolling Interest [Abstract]  
Summary of Redeemable Non-Controlling Interests

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2022:

 

 

 

Brown Family Trust

 

 

Irby Prop Partners

 

 

Richard Hornstrom

 

 

LMB Owenton I LLC

 

 

GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)

 

 

Total Redeemable Non-Controlling Interest

 

Non-Controlling Interest - Former GIP Fund 1 Members

 

Balance, December 31, 2021 (As corrected, see Note 2)

 

$

500,000

 

 

$

976,756

 

 

$

659,972

 

 

$

-

 

 

$

6,998,251

 

 

$

9,134,979

 

$

469,712

 

Issuance of Redeemable Operating Partnership Units for property acquisition

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,109,570

 

 

 

-

 

 

 

1,109,570

 

 

-

 

Distribution on Non-Controlling Interest

 

 

(11,260

)

 

 

(19,001

)

 

 

(13,087

)

 

 

(15,269

)

 

 

(56,686

)

 

 

(115,303

)

 

(3,938

)

Net income (loss) for the quarter (As corrected, see Note 2)

 

 

11,260

 

 

 

28,370

 

 

 

19,498

 

 

 

15,269

 

 

 

56,686

 

 

 

131,083

 

 

(1,120

)

Balance, March 31, 2022 (As corrected, see Note 2)

 

$

500,000

 

 

$

986,125

 

 

$

666,383

 

 

$

1,109,570

 

 

$

6,998,251

 

 

$

10,260,329

 

$

464,654

 

Redemption of Redeemable Non-Controlling Interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(406,652

)

 

 

(406,652

)

 

-

 

Distribution on Non-Controlling Interest

 

 

(11,260

)

 

 

(19,000

)

 

 

(13,086

)

 

 

(17,975

)

 

 

(57,235

)

 

 

(118,556

)

 

(3,938

)

Net income (loss) for the quarter

 

 

11,260

 

 

 

28,471

 

 

 

19,569

 

 

 

17,975

 

 

 

57,235

 

 

 

134,510

 

 

(4,329

)

Balance, June 30, 2022

 

$

500,000

 

 

$

995,596

 

 

$

672,866

 

 

$

1,109,570

 

 

$

6,591,599

 

 

$

9,869,631

 

$

456,387

 

Issuance of Other payable - related party for Redemption of Non-Controlling Interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,912,300

)

 

 

(2,912,300

)

 

-

 

Common stock issued to redeem non-controlling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,200,000

)

 

 

(1,200,000

)

 

-

 

Distribution on Non-Controlling Interest

 

 

(11,260

)

 

 

(19,134

)

 

 

(13,086

)

 

 

(17,975

)

 

 

(49,823

)

 

 

(111,278

)

 

(3,938

)

Net income (loss) for the quarter

 

 

11,260

 

 

 

28,815

 

 

 

19,710

 

 

 

17,975

 

 

 

49,823

 

 

 

127,583

 

 

(780

)

Balance, September 30, 2022

 

$

500,000

 

 

$

1,005,277

 

 

$

679,490

 

 

$

1,109,570

 

 

$

2,479,299

 

 

$

5,773,636

 

$

451,669

 

 

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2021:

 

 

Brown Family Trust

 

 

Irby Prop Partners

 

 

Richard Hornstrom

 

 

LMB Owenton I LLC

 

 

GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)

 

 

Total Redeemable Non-Controlling Interest

 

Non-Controlling Interest - Former GIP Fund 1 Members

 

Balance, December 31, 2020 (As corrected, see Note 2)

 

$

1,200,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

6,998,251

 

 

$

8,198,251

 

$

486,180

 

Issuance of Redeemable Operating Partnership Units for property acquisition

 

 

500,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

500,000

 

 

-

 

Distribution on Non-Controlling Interest

 

 

(37,104

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(113,722

)

 

 

(150,826

)

 

-

 

Net income (loss) for the quarter (As corrected, see Note 2)

 

 

37,104

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

113,722

 

 

 

150,826

 

 

(4,646

)

 

Balance, March 31, 2021 (As corrected, see Note 2)

 

$

1,700,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

6,998,251

 

 

$

8,698,251

 

$

481,534

 

Issuance of Redeemable Operating Partnership Units for property acquisition

 

 

-

 

 

 

950,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

950,000

 

 

-

 

Distribution on Non-Controlling Interest

 

 

(41,125

)

 

 

(15,275

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(56,400

)

 

(2,748

)

Net income (loss) for the quarter (As corrected, see Note 2)

 

 

41,125

 

 

 

15,275

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

56,400

 

 

(4,076

)

Balance, June 30, 2021 (As corrected, see Note 2)

 

$

1,700,000

 

 

$

950,000

 

 

$

-

 

 

$

-

 

 

$

6,998,251

 

 

$

9,648,251

 

$

474,710

 

Redemption of Redeemable Non-Controlling Interest for property disposal

 

 

(1,200,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,200,000

)

 

-

 

Issuance of Redeemable Non-Controlling Interest for property acquisition

 

 

-

 

 

 

-

 

 

 

650,000

 

 

 

-

 

 

 

-

 

 

 

650,000

 

 

-

 

Distribution on Non-Controlling Interest

 

 

(31,399

)

 

 

(19,081

)

 

 

(6,838

)

 

 

-

 

 

 

(113,903

)

 

 

(171,221

)

 

(7,898

)

Net income for the quarter

 

 

31,399

 

 

 

36,259

 

 

 

10,257

 

 

 

-

 

 

 

113,903

 

 

 

191,818

 

 

8,459

 

Balance, September 30, 2021 (As corrected, see Note 2)

 

 

500,000

 

 

 

967,178

 

 

 

653,419

 

 

 

-

 

 

 

6,998,251

 

 

 

9,118,848

 

 

475,271