| Schedule of Carrying Amount of Assets and Liabilities |
The table below outlines the gain on sale described above.
| Carrying amount of assets and liabilities: | |
| |
| Cash | |
$ | 288,099 | |
| Rent receivable | |
| 58,735 | |
| Prepaid expense | |
| 7,331 | |
| Deferred Leasing Costs | |
| 32,600 | |
| Property and equipment, net | |
| 2,473 | |
| Investment in real estate, net | |
| 6,904,683 | |
| Accrued liabilities | |
| 78,154 | |
| Tenants’ security deposit | |
| 77,033 | |
| Total carrying amount (net) | |
| 7,138,734 | |
| | |
| | |
| Consideration from sale of subsidiary | |
| 9,000,000 | |
| Gain on sale of subsidiary | |
$ | 1,861,266 | |
The
following table summarizes the assets and liabilities of the discontinued operations:
| | |
June 30,
2026 | | |
December 31,
2025 | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS | |
| | |
| |
| Cash | |
$ | - | | |
$ | 258,999 | |
| Rent receivable | |
| - | | |
| 84,898 | |
| Prepaid expense and other current assets | |
| - | | |
| 12,719 | |
| Total Current Assets | |
| - | | |
| 356,616 | |
| NON-CURRENT ASSETS: | |
| | | |
| | |
| Property and equipment, net | |
| - | | |
| 3,478 | |
| Investment in real estate, net | |
| - | | |
| 6,925,768 | |
| Deferred leasing costs and other non-current assets | |
| - | | |
| 8,523 | |
| Total Non-current Assets | |
| - | | |
| 6,937,769 | |
| Total Assets | |
$ | - | | |
$ | 7,294,385 | |
| LIABILITIES | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Accrued liabilities and other payables | |
$ | - | | |
$ | 261,077 | |
| Note payable, net | |
| - | | |
| 5,800,000 | |
| Total Current Liabilities | |
| - | | |
| 6,061,077 | |
| NON-CURRENT LIABILITIES: | |
| | | |
| | |
| Deferred rental income | |
| - | | |
| 23,515 | |
| Total Non-current Liabilities | |
| - | | |
| 23,515 | |
| Total Liabilities | |
$ | - | | |
$ | 6,084,592 | |
|
| Schedule of Net Loss From Discontinued Operations |
Details
of the net loss from discontinued operations were as follows:
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| REAL PROPERTY RENTAL REVENUE | |
$ | 253,839 | | |
$ | 350,406 | | |
$ | 253,839 | | |
$ | 700,206 | |
| REAL PROPERTY OPERATING EXPENSES | |
| (153,903 | ) | |
| (251,077 | ) | |
| (153,903 | ) | |
| (531,467 | ) |
| REAL PROPERTY OPERATING INCOME | |
| 99,936 | | |
| 99,329 | | |
| 99,936 | | |
| 168,739 | |
| OTHER OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| Professional fees | |
| 45,617 | | |
| 47,402 | | |
| 45,617 | | |
| 106,766 | |
| Compensation and related benefits | |
| 20,932 | | |
| 31,398 | | |
| 20,932 | | |
| 62,796 | |
| Total Other Operating Expenses | |
| 66,549 | | |
| 78,800 | | |
| 66,549 | | |
| 169,562 | |
| INCOME (LOSS) FROM OPERATIONS | |
| 33,387 | | |
| 20,529 | | |
| 33,387 | | |
| (823 | ) |
| OTHER (EXPENSE) INCOME | |
| | | |
| | | |
| | | |
| | |
| Interest expense - amortization of debt discount and debt issuance costs | |
| - | | |
| (29,807 | ) | |
| - | | |
| (59,614 | ) |
| Interest expense - other | |
| (136,402 | ) | |
| (164,500 | ) | |
| (136,402 | ) | |
| (329,000 | ) |
| Other (expense) income | |
| - | | |
| (209 | ) | |
| - | | |
| 19 | |
| Total Other Expense, net | |
| (136,402 | ) | |
| (194,516 | ) | |
| (136,402 | ) | |
| (388,595 | ) |
| LOSS BEFORE INCOME TAXES | |
| (103,015 | ) | |
| (173,987 | ) | |
| (103,015 | ) | |
| (389,418 | ) |
| INCOME TAXES | |
| - | | |
| - | | |
| - | | |
| - | |
| NET LOSS | |
$ | (103,015 | ) | |
$ | (173,987 | ) | |
$ | (103,015 | ) | |
$ | (389,418 | ) |
|