Deposit on Real Estate

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Deposit on Real Estate

6. Deposit on Real Estate

On November 2, 2017, the Company entered into an Agreement to purchase from AREP 5400 East Avenue LLC certain buildings in West Palm Beach, Florida, totaling approximately 80,000 square feet, on which the present tenant operates a substance abuse treatment center. The purchase price of the Property is $20,530,000, and the Company is obligated under the Agreement to make a series of nonrefundable down payments totaling $2,210,000.

The Company has processed several amendments to the agreement, primarily to extend the closing date of the agreement. The last amendment extended the agreement to May 23, 2018.

The company increased its deposit by a net $224,955 during the three months ended March 31, 2018 bringing the total deposit to $2,049,955.