Real Estate |
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate | Note 4 - Real Estate
Acquisitions and Dispositions
On May 8, 2025, the Company, through its subsidiary, Elata Investments, LLC, closed on the acquisition of the real property located at 1650 S Rimpau Blvd. in Los Angeles. The property was vacant at the time of purchase. The acquisition was for $650,000. The Elata purchase is subject to two loans as follows: (1) $520,000 first position note owing by Elata to Investor Mortgage Finance, LLC (“Investor Mortgage”), bearing interest on unpaid principal at the rate of 7.125% per annum. Principal and interest payable in monthly installments of $3,503.34 or more commenced on July 1, 2025 and continue until June 1, 2055, at which time the entire principal balance together with interest due thereon, shall become due and payable. (2) A $250,000 second position note owing by Elata to Jacaranda3 Investments, Inc. (“Jacaranda3”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 8.00% per annum. Interest only payable in monthly installments of $1,333 or more on the 1st day of each month beginning on the 1st day of September 2024 and continuing until the 31st day of December 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
On June 2, 2025, the Company, through its subsidiary, Elata Investments, LLC, closed on the acquisition of the real property located at 1434 W. 22nd Street in Los Angeles. The property was vacant at the time of purchase. The acquisition was for $640,000. The Elata purchase is subject to two loans as follows: (1) $512,000 first position note owing by Elata to Vontive, Inc. (“Vontive”), bearing interest on unpaid principal at the rate of 7.5% per annum. Principal and interest payable in monthly installments of $3,579.98 or more commenced on July 1, 2025 and continue until June 1, 2055, at which time the entire principal balance together with interest due thereon, shall become due and payable. (2) A $183,200 second position note owing by Elata to Jacaranda3 Investments, Inc. (“Jacaranda3”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 8.00% per annum. Interest only payable in monthly installments of $1,221.33 or more on the 1st day of each month beginning on the 1st day of July 2025 and continuing until the 31st day of December 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
Schedule of Real Estate
The Company’s real estate investments consisted of the following at June 30, 2025 and December 31, 2024:
Depreciation and amortization expense totaled $126,539 and $95,073 for the six months ended June 30, 2025 and 2024, respectively.
Summary of Changes in Real Estate Investments
The change in the real estate investments is as follows for the six months ended June 30, 2025 and the year ended December 31, 2024:
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