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Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 7 – SUBSEQUENT EVENTS

 

Effective on April 12, 2019, Global Tech Industries Group, Inc., a Nevada corporation (“GTII”), First Capital Master Advisor, LLC, a Delaware limited liability company (“FCMA”) and GCA Equity Partners (“GCA” and collectively referred to herein with FCMA as the “Seller”), entered into an agreement (the “Agreement) under which GTII will acquire ownership of a portfolio of residential master-plan development real estate properties (collectively, the “Assets”). The Assets are expected to be comprised of residential real estate development assets including land development sites in growth markets, single family homes (“SFR”), mixed-use master projects including SFR, high density Multi-Family and commercial and other improved and unimproved assets located primarily in Texas and California. Approximately $300 Million of the Assets are currently identified in Exhibit B of the Agreement, a copy of which is attached to the Report on Form 8-K as Exhibit 10.1, and the balance of which will be added to the schedule of Assets prior to the closing. Prior to the execution of Definitive Agreements, the Seller has the right to add and substitute different real properties to the Assets being sold to GTII in this transaction (the “Transaction”), provided they have an aggregate enterprise value of approximately $450 million. Appropriate adjustment may be made to the purchase price payable by GTII for the Assets if at the closing the estimated aggregate enterprise value of such Assets is materially different than $450 Million.