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Mortgages Payable, Related Party
 6 Months Ended
Jun. 30, 2025
Related Party [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Mortgages Payable, Related Party

Note 7 – Mortgages Payable, Related Party

 

The Company’s mortgages payable to related parties are as follows:

 

   Principal balance         
   June 30,   December 31,   Stated   Maturity 
   2025   2024   Interest Rate   Date 
2909 South Catalina Street  $599,594   $599,594    6%    20-Apr-29 
1434 W. 22nd Street  $183,200    -    8%   31-Dec-29 
1650 S. Rimpau Ave  $250,000    -    8%   31-Dec-29 
    1,032,794   $599,594            

 

On April 10, 2017, Esteban Coaloa loaned the Company $655,000 via an All Inclusive Trust Deed (“AITD”) as part of the purchase of 2909 S. Catalina Street, Los Angeles, CA. This loan is considered a related party loan due to Esteban Coaloa’s preferred stock holding. If converted to common stock at the current share price, the conversion would result in Mr. Coaloa owning > 5% of the Company’s outstanding common stock. This is an interest only note with principal due on April 20, 2029.

 

On May 8, 2025, Jacaranda3 Investments, Inc., loaned the Company $250,000 via a Promissory Note, as part of the purchase of 1650 S. Rimpau Blvd, Los Angeles, CA. This loan is considered a related party loan due to Jacaranda3 Investments, Inc. being owned by David Behrend, our President. This is an interest only note with principal due on December 31, 2029.

 

On June 1, 2025, Jacaranda3 Investments, Inc., loaned the Company $183,200 via a Promissory Note, as part of the purchase of 1434 W. 22nd Street, Los Angeles, CA. This loan is considered a related party loan due to Jacaranda3 Investments, Inc. being owned by David Behrend, our President. This is an interest only note with principal due on December 31, 2029.

 

The Company recognized $21,908 and $17,939 of interest expense on notes payable for the six months ended June 30, 2025 and 2024, respectively.