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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: March 31, 2024
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
Commission
File No. 000-55611
Hubilu
Venture Corporation
(Exact
Name of Registrant as Specified in its Charter)
Delaware
|
|
47-3342387
|
(State
or other Jurisdiction of
Incorporation
or Organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
205
South Beverly Drive, Suite 205
Beverly
Hills, CA |
|
90212
|
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (310) 308-7887
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§230.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated file,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
|
Accelerated
filer ☐ |
|
Non-accelerated
filer ☒ |
|
Smaller
reporting company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A
|
|
HBUV
|
|
OTC
Pink |
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of May 14, 2024 the number of shares outstanding of the issuer’s sole class of common stock, $0.001 par value per share, is 26,237,125.
TABLE
OF CONTENTS
Part
I – FINANCIAL INFORMATION
Item 1. Financial Statements
HUBILU
VENTURE CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 14,838 | | |
$ | 24,564 | |
Accounts receivable | |
| 2,801 | | |
| 2,100 | |
Prepaid expenses | |
| 1,490 | | |
| 9,500 | |
Total current assets | |
| 19,129 | | |
| 36,164 | |
| |
| | | |
| | |
Real estate: | |
| | | |
| | |
Land | |
| 11,800,304 | | |
| 11,800,304 | |
Building and capital improvements | |
| 5,475,304 | | |
| 5,458,695 | |
Property acquisition and financing | |
| 296,463 | | |
| 296,463 | |
Less: accumulated depreciation | |
| (802,486 | ) | |
| (762,406 | ) |
Total real estate, net | |
| 16,769,585 | | |
| 16,793,056 | |
| |
| | | |
| | |
Security deposits | |
| 52,825 | | |
| 6,600 | |
| |
| | | |
| | |
Total assets | |
$ | 16,841,539 | | |
$ | 16,835,820 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 16,224 | | |
$ | 21,250 | |
Advanced rents received | |
| 3,684 | | |
| 10,124 | |
Accrued interest | |
| 40,860 | | |
| 39,402 | |
Security deposits payable | |
| 308,740 | | |
| 300,383 | |
Due to related party, current maturities | |
| 474,271 | | |
| 474,271 | |
Mortgages payable, current maturities | |
| 200,777 | | |
| 768,961 | |
Dividends payable | |
| 185,932 | | |
| 179,463 | |
Total current liabilities | |
| 1,230,488 | | |
| 1,793,854 | |
| |
| | | |
| | |
Mortgages payable, related party | |
| 599,594 | | |
| 599,594 | |
Mortgages payable, net of $14,040 and $-0- of debt discounts at March 31, 2024 and 2023, respectively | |
| 15,656,628 | | |
| 15,104,744 | |
Mortgages payable | |
| 15,656,628 | | |
| 15,104,744 | |
Convertible preferred stock payable | |
| 520,400 | | |
| 520,400 | |
| |
| | | |
| | |
Total liabilities | |
| 18,007,110 | | |
| 18,018,592 | |
| |
| | | |
| | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,237,125 shares issued and
outstanding | |
| 26,237 | | |
| 26,237 | |
Additional paid-in capital | |
| 934,310 | | |
| 911,894 | |
Accumulated deficit | |
| (2,126,118 | ) | |
| (2,120,903 | ) |
Total stockholders’ equity (deficit) | |
| (1,165,571 | ) | |
| (1,182,772 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ equity (deficit) | |
$ | 16,841,539 | | |
$ | 16,835,820 | |
See
accompanying notes to financial statements.
HUBILU
VENTURE CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Rental Income | |
$ | 518,978 | | |
$ | 408,838 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
General and administrative | |
| 53,563 | | |
| 27,695 | |
Salaries and benefits | |
| 14,400 | | |
| 15,900 | |
Utilities | |
| 14,846 | | |
| 17,400 | |
Professional fees | |
| 24,717 | | |
| 18,800 | |
Property taxes | |
| 44,360 | | |
| 41,546 | |
Repairs and maintenance | |
| 70,116 | | |
| - | |
Depreciation | |
| 40,080 | | |
| 56,022 | |
Total operating expenses | |
| 262,082 | | |
| 177,363 | |
| |
| | | |
| | |
Net operating income | |
| 256,896 | | |
| 231,475 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Dividends expense | |
| (6,469 | ) | |
| (6,398 | ) |
Interest expense | |
| (247,895 | ) | |
| (228,804 | ) |
Loss on early extinguishment of debt | |
| (7,747 | ) | |
| - | |
Total other income (expense) | |
| (262,111 | ) | |
| (235,202 | ) |
| |
| | | |
| | |
Net loss | |
$ | (5,215 | ) | |
$ | (3,727 | ) |
| |
| | | |
| | |
Weighted average common shares outstanding - basic and diluted | |
| 26,237,125 | | |
| 26,237,125 | |
Net loss per common share - basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
See
accompanying notes to financial statements.
HUBILU
VENTURE CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
For the Three Months Ended March 31, 2024 | |
| |
Common Stock | | |
Additional Paid-In | | |
Accumulated | | |
Total Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2023 | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 911,894 | | |
$ | (2,120,903 | ) | |
$ | (1,182,772 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Imputed interest | |
| - | | |
| - | | |
| 22,416 | | |
| - | | |
| 22,416 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (5,215 | ) | |
| (5,215 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2024 | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 934,310 | | |
$ | (2,126,118 | ) | |
$ | (1,165,571 | ) |
| |
For the Three Months Ended March 31, 2023 | |
| |
Common Stock | | |
Additional Paid-In | | |
Accumulated | | |
Total Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 (Revised) | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 821,981 | | |
$ | (1,845,571 | ) | |
$ | (997,353 | ) |
Balance | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 821,981 | | |
$ | (1,845,571 | ) | |
$ | (997,353 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Imputed interest | |
| - | | |
| - | | |
| 12,933 | | |
| - | | |
| 12,933 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (3,727 | ) | |
| (3,727 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 834,914 | | |
$ | (1,849,298 | ) | |
$ | (988,147 | ) |
Balance | |
| 26,237,125 | | |
$ | 26,237 | | |
$ | 834,914 | | |
$ | (1,849,298 | ) | |
$ | (988,147 | ) |
See
accompanying notes to financial statements.
HUBILU
VENTURE CORPORATION
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (5,215 | ) | |
$ | (3,727 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 40,080 | | |
| 56,022 | |
Imputed interest | |
| 22,416 | | |
| 12,933 10 | |
Cumulative preferred stock dividends payable | |
| 6,469 | | |
| 6,398 | |
Amortization of debt discounts | |
| 47 | | |
| - | |
Loss on early extinguishment of debt | |
| 7,747 | | |
| - | |
Decrease (increase) in current assets: | |
| | | |
| | |
Accounts receivable | |
| (701 | ) | |
| - | |
Prepaid expenses | |
| 8,010 | | |
| - | |
Security deposits | |
| (46,225 | ) | |
| - | |
Increase (decrease) in current liabilities: | |
| | | |
| | |
Accounts payable | |
| (5,026 | ) | |
| - | |
Advanced rents received | |
| (6,440 | ) | |
| 82,150 | |
Accrued expenses | |
| 1,458 | | |
| 774 | |
Security deposits payable | |
| 8,357 | | |
| (8,120 | ) |
Net cash provided by operating activities | |
| 30,977 | | |
| 146,430 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of property and equipment | |
| (16,609 | ) | |
| (106,984 | ) |
Net cash used in investing activities | |
| (16,609 | ) | |
| (106,984 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds received from mortgages payable | |
| 25,000 | | |
| 10,100 | |
Repayments on mortgages payable | |
| (49,094 | ) | |
| (53,133 | ) |
Net cash used in financing activities | |
| (24,094 | ) | |
| (43,033 | ) |
| |
| | | |
| | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | |
| (9,726 | ) | |
| (3,587 | ) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |
| 24,564 | | |
| 92,068 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | |
$ | 14,838 | | |
$ | 88,481 | |
| |
| | | |
| | |
SUPPLEMENTAL INFORMATION: | |
| | | |
| | |
Interest paid | |
$ | 223,974 | | |
$ | 221,495 | |
Income taxes paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash investing and financing transactions: | |
| | | |
| | |
Debt discounts on refinanced mortgages | |
$ | 14,087 | | |
$ | - | |
See
accompanying notes to financial statements.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Note
1 – Nature of Business and Significant Accounting Policies
Nature of Business
Hubilu
Venture Corporation (“the Company,” “we,” “our” or “us”) was incorporated under the laws
of the state of Delaware on March 2, 2015 and is a real estate consulting, asset management and business acquisition company, which specializes
in acquiring student housing and corporate income properties and development/business opportunities located near the Los Angeles Metro/subway
stations and within the Los Angeles area.
Basis of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions
have been eliminated.
The
unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on
Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated
Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements,
and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The interim Condensed Consolidated Financial Statements should
be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative
of the results that might be expected for the entire fiscal year.
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control
and ownership at March 31, 2024:
Schedule
of Common Control and Ownership
|
|
State
of |
|
|
Name
of Entity |
|
Incorporation |
|
Relationship |
Hubilu
Venture Corporation(1) |
|
Delaware |
|
Parent |
Akebia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Boabab
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Elata
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Kapok
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Lantana
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Mopane
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Sunza
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Trilosa
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Zinnia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Reclassifications
Certain
reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications
had no effect on previously reported results of operations or retained earnings.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s management organizes segments within the company for making operating decisions
and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it
expands its operations.
Fair
Value of Financial Instruments
The
Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures
(ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles
and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute.
The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying
amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management
to approximate fair value primarily due to the short-term nature of the instruments.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customer. Under ASC 606, the Company recognizes
revenue from leases with its various tenants under operating leases in accordance with a five-step model in which the Company evaluates
the performance obligations in an amount that reflects the consideration which the Company expects to be entitled to receive in exchange
for those services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the
Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in
the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract
and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
Company’s sales are predominantly generated from leasing its properties to various tenants under operating leases. These sales
contain a single performance obligation, and revenue is recognized on a straight-line basis using the effective interest method, based
on the Company’s borrowing rate, over the life of the leases. The Company records adjustments to revenue for incidentals and move
out, or janitorial reimbursements in the same period that the related revenue is recorded.
Basic
and Diluted Loss Per Share
The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted
net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average
number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had
an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted
by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards,
which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.
Note
2 – Going Concern
As shown in the accompanying condensed consolidated financial statements as of March 31, 2024, our
balance of cash on hand was $14,838, and we had negative working capital of $1,211,359 and an accumulated deficit of $2,126,118. The
Company expects to incur further losses in the development of its business, and may not be able to generate sufficient funds to sustain
our operations for the next twelve months. Accordingly, we may need to raise additional cash to fund our operations. These factors raise
substantial doubt about the Company’s ability to continue as a going concern. In the event revenues do not materialize at the expected
rates, management would seek additional financing and would attempt to conserve cash by further reducing expenses. There can be no assurance
that we will be successful in achieving these objectives.
The
condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to
the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments
relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might
be necessary should the Company be unable to continue as a going concern. Our ability to acquire new properties and increase revenues
is largely dependent on our success in raising additional capital.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Note
3 – Significant Concentrations
The
Company had certain customers whose revenue individually represented 10% or more of the Company’s total net revenue, or whose accounts
receivable balances individually represented 10% or more of the Company’s total accounts receivable, as follows:
For
the three months ended March 31, 2024, one customer accounted for 65% and 63% of revenue for the three months ended March 31, 2024 and
2023, respectively.
Note 4 – Fair Value of Financial
Instruments
Under
FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates
a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures.
Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required
for items measured at fair value.
The
Company has cash and debts that must be measured under the fair value standard. The Company’s financial assets and liabilities
are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:
Level
1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access at the measurement date.
Level
2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets
or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g.,
interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation
or other means (market corroborated inputs).
Level
3 – Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset
or liability.
The
following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balances sheet as of March
31, 2024 and December 31, 2023:
Schedule of Valuation of Financial Instruments at Fair Value Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 14,838 | | |
$ | - | | |
$ | - | |
Total assets | |
| 14,838 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable, net of $14,040 of discounts | |
| - | | |
| 15,857,405 | | |
| - | |
Dividends payable | |
| - | | |
| 185,932 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,117,202 | | |
| 520,400 | |
Net Asset Liability | |
$ | 14,838 | | |
$ | (17,117,202 | ) | |
$ | (520,400 | ) |
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 24,564 | | |
$ | - | | |
$ | - | |
Total assets | |
| 24,564 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable | |
| - | | |
| 15,873,705 | | |
| - | |
Dividends payable | |
| - | | |
| 179,463 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,127,033 | | |
| 520,400 | |
Net Asset Liability | |
$ | 24,564 | | |
$ | (17,127,033 | ) | |
$ | (520,400 | ) |
There
were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the three months ended March 31, 2024 or
the year ended December 31, 2023.
Note
5 - Real Estate
Acquisitions and Dispositions
The
Company didn’t acquire, or dispose of any properties during the three months ended March 31, 2024.
Schedule
of Real Estate
The
Company’s real estate investments consisted of the following at March 31, 2024 and December 31, 2023:
Schedule
of Real Estate
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 11,800,304 | | |
$ | 11,800,304 | |
Buildings and capital improvements | |
| 5,475,304 | | |
| 5,458,695 | |
Property acquisition and financing | |
| 296,463 | | |
| 296,463 | |
Real estate gross | |
| 17,572,071 | | |
| 17,555,462 | |
Less: accumulated depreciation | |
| (802,486 | ) | |
| (762,406 | ) |
Total real estate, net | |
$ | 16,769,585 | | |
$ | 16,793,056 | |
Depreciation
and amortization expense totaled $40,080 and $56,022 for the three months ended March 31, 2024 and 2023, respectively.
Summary
of Changes in Real Estate Investments
The
change in the real estate investments is as follows for the three months ended March 31, 2024 and the year ended December 31, 2023:
Summary
of Changes in Real Estate Property Investments
| |
Three months ended | | |
Year ended | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Balance, prior period | |
$ | 17,555,462 | | |
$ | 17,555,462 | |
Acquisitions: | |
| - | | |
| - | |
Real estate investment property, at cost | |
| 17,555,462 | | |
| 17,555,462 | |
Capital improvements | |
| 16,609 | | |
| - | |
Balance, end of period | |
$ | 17,572,071 | | |
$ | 17,555,462 | |
Note
6 – Security Deposits
Security
deposits included the following as of March 31, 2024 and December 31, 2023, respectively:
Schedule
of Security Deposits
| |
March 31, 2024 | | |
December 31, 2023 | |
Down payment on purchase of properties | |
$ | 46,225 | | |
$ | - | |
Security deposits on office lease | |
| 6,600 | | |
| 6,600 | |
Security
deposits | |
$ | 52,825 | | |
$ | 6,600 | |
Note
7 – Due to Related Party
As
of March 31, 2024 and December 31, 2023, Jacaranda Investments, Inc., had provided total advances of $474,271. These advances are unsecured
and do not carry a contractual interest rate or repayment terms. In connection with these advances, the Company has recorded imputed
interest charges of $22,416 and $12,933 for the three months ended March 31, 2024 and 2023, respectively, which was credited to additional
paid-in capital.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Note
8 – Mortgages Payable, Related Party
The
Company’s mortgages payable to related parties are as follows:
Schedule
of Mortgages Payable to Related Parties
| |
Principal balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
2909 South Catalina Street | |
$ | 599,594 | | |
$ | 599,594 | | |
| 6.00 | % | |
April 20, 2029 |
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.
The
Company recognized $8,969 and $8,994 of interest expense on notes payable for the three months ended March 31, 2024 and 2023, respectively.
Note
9 - Mortgages Payable
Mortgages
payable consists of the following at March 31, 2024 and December 31, 2023, respectively:
Schedule
of Mortgages Payable
| |
March 31, 2024 | | |
December 31, 2023 | | |
Interest rate | | |
Maturity Date |
| |
Principal Balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
3711 South Western Avenue | |
$ | 643,585 | | |
$ | 643,585 | | |
| 5.00 | % | |
December 1, 2029 |
3910 Walton Avenue | |
| 526,681 | | |
| 529,258 | | |
| 5.00 | % | |
August 1, 2049 |
3910 Wisconsin Street | |
| 676,802 | | |
| 679,788 | | |
| 5.225 | % | |
March 1, 2052 |
1557 West 29 Street | |
| 591,075 | | |
| 593,956 | | |
| 4.975 | % | |
June 1, 2051 |
1267 West 38 Street | |
| 593,642 | | |
| 596,195 | | |
| 4.95 | % | |
June 1, 2051 |
4016 Dalton Avenue | |
| 597,469 | | |
| 600,038 | | |
| 4.975 | % | |
June 1, 2051 |
1618 West 38 Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 475,635 | | |
| 477,482 | | |
| 6.30 | % | |
January 1, 2050 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 6.00 | % | |
December 10, 2025 |
1981 Estrella Avenue | |
| 879,939 | | |
| 883,908 | | |
| 5.225 | % | |
June 1, 2051 |
717 West 42 Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 334,867 | | |
| 335,167 | | |
| 6.85 | % | |
November 1, 2048 |
- Second Note | |
| 134,968 | | |
| 134,968 | | |
| 6.85 | % | |
April 30, 2029 |
2115 Portland Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 579,999 | | |
| 582,438 | | |
| 6.00 | % | |
June 1, 2049 |
- Second Note | |
| 319,776 | | |
| 319,776 | | |
| 5.00 | % | |
July 31, 2029 |
3906 Denker | |
| | | |
| | | |
| | | |
|
- First Note | |
| 393,596 | | |
| 395,159 | | |
| 6.00 | % | |
March 1, 2050 |
- Second Note | |
| 185,000 | | |
| 185,000 | | |
| 6.85 | % | |
February 14, 2025 |
3408 Budlong | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,666 | | |
| 598,527 | | |
| 4.875 | % | |
December 1, 2051 |
- Second Note | |
| 120,000 | | |
| 120,000 | | |
| 5.00 | % | |
November 1, 2029 |
3912 S. Hill Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 494,426 | | |
| 496,174 | | |
| 6.425 | % | |
December 1, 2050 |
- Second Note | |
| 152,000 | | |
| 152,000 | | |
| 6.425 | % | |
November 1, 2026 |
4009 Brighton Avenue | |
| 705,367 | | |
| 708,367 | | |
| 4.875 | % | |
November 1, 2051 |
3908 Denker Avenue | |
| 617,977 | | |
| 620,547 | | |
| 4.975 | % | |
December 1, 2051 |
4021 Halldale Avenue | |
| 752,892 | | |
| 755,111 | | |
| 6.75 | % | |
October 1, 2052 |
1284 W. 38th Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 634,237 | | |
| 637,267 | | |
| 4.625 | % | |
March 1, 2052 |
- Second Note | |
| 188,000 | | |
| 188,000 | | |
| 5.25 | % | |
June 30, 2029 |
4505 Orchard Avenue | |
| 634,810 | | |
| 637,567 | | |
| 5.00 | % | |
March 1, 2052 |
3777 Ruthelen Street | |
| 696,034 | | |
| 699,061 | | |
| 4.625 | % | |
March 1, 2052 |
3791 S. Normandie Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 604,213 | | |
| 606,567 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 5.00 | % | |
March 1, 2029 |
2029 W. 41st Place | |
| 820,000 | | |
| 820,000 | | |
| 6.00 | % | |
December 31, 2029 |
4517 Orchard Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 469,790 | | |
| 471,632 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 158,000 | | |
| 158,000 | | |
| 5.00 | % | |
March 1, 2029 |
1733 W. 37th Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,000 | | |
| 573,167 | | |
| 7.225 | % | |
April 1, 2054 |
- Second Note | |
| 100,000 | | |
| 100,000 | | |
| 6.00 | % | |
May 1, 2029 |
| |
| | | |
| | | |
| | | |
|
Hubilu General Loan | |
| 300,000 | | |
| 275,000 | | |
| 6.00 | % | |
On Demand |
| |
| | | |
| | | |
| | | |
|
Total mortgages payable | |
$ | 15,871,445 | | |
$ | 15,873,705 | | |
| | | |
|
Less: unamortized debt discounts | |
| 14,040 | | |
| - | | |
| | | |
|
Mortgages payable, net of discounts | |
| 15,857,405 | | |
| 15,873,705 | | |
| | | |
|
Less: current maturities | |
| 200,777 | | |
| 768,961 | | |
| | | |
|
Mortgages payable, long-term portion | |
$ | 15,656,628 | | |
$ | 15,104,744 | | |
| | | |
|
On
March 16, 2024, the first note for 1733 W. 37th Place was refinanced for $595,000
with Investor Mortgage Finance, LLC, whose terms of payments due are principal and interest, on unpaid principal at the rate of 7.225%
per annum. Principal
and interest payable in monthly installments of $4,049
or more starting on May 1, 2024, and continuing until the 1st day of April 2054, at which time the entire principal
balance together with interest due thereon, shall become due and payable.
The
Company recognized $238,926 and $219,810 of interest expense on notes payable for the three months ended March 31, 2024 and 2023,
respectively.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Note
10 – Convertible Preferred Stock Payable
The
Company has authorized 10,000,000 shares of preferred stock, and designated 100,000 and 2,000,000 shares of 5% voting, cumulative convertible
Series A (“Series A”) and Series 1 (“Series 1”) preferred stock (collectively, “Preferred Stock”),
respectively.
The
Series A matures on September 30, 2030, and Series 1 matures on September 30, 2029.
The
Preferred Stock has the following rights and privileges:
Voting
– The holders of the Preferred Stock shall be entitled to the number of votes equal to the number of shares of common stock
into which such shares of Preferred Stock could be converted.
Conversion
– Each share of Series A preferred stock, is convertible at the option of the holder, into shares of common stock, equal to
three hundred thirty-three and 33/100 (333 1/3) shares of common stock, calculated by dividing the number of Series A preferred shares
by $0.003. The Series A preferred stock is also subject to certain adjustments for dilution, if any, resulting from future stock issuances,
including for any subsequent issuance of common stock at a price per share less than that paid by the holders of the preferred stock.
Each
share of Series 1 preferred stock, is convertible at the option of the holder, into shares of common stock, at the lesser of $0.50 per
share or a ten percent (10%) discount to the average closing bid price of the common stock 5 days prior to the notice of conversion.
The Series 1 preferred stock is also subject to certain adjustments for dilution, if any, resulting from future stock issuances, including
for any subsequent issuance of common stock at a price per share less than that paid by the holders of the preferred stock.
Dividends
– The holders of the Preferred Stock in preference to the holders of common stock, are entitled to receive dividends at the
rate of 5% per annum, in kind, which shall accrue quarterly. Such dividends are cumulative. No such dividends have been declared to date.
Liquidation
– In the event of any liquidation, dissolution, winding-up or sale or merger of the Company, whether voluntarily or involuntarily,
each holder of Preferred Stock is entitled to receive, in preference to the holders of common stock, a per-share amount equal to the
original issue price of $1.00 (as adjusted, as defined), plus all declared but unpaid dividends.
No
shares of Series A preferred stock have been issued to date. Outstanding Series 1 preferred stock is as follows:
Schedule
of Outstanding Series 1 Preferred Stock
| |
Shares | | |
Amount | | |
Dividend in Arrears | | |
Total | |
| |
| | |
| | |
| | |
| |
Balance, December 31, 2023 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 179,463 | | |
$ | 699,863 | |
Dividends accrued | |
| - | | |
| - | | |
| 6,469 | | |
| 6,469 | |
Balance, March 31, 2024 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 185,932 | | |
$ | 706,332 | |
Note
11 – Commitments and Contingencies
Legal
Matters
From
time to time, the Company may be a party to various legal matters, threatened claims, or proceedings in the normal course of business.
Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal
counsel, the need to record a liability for litigation and contingencies. Legal accruals are recorded when and if it is determined that
a loss related to a certain matter is both probable and reasonably estimable.
Note
12 – Changes in Stockholders’ Equity (Deficit)
Common
Stock
The
Company has authorized 100,000,000 shares of $0.001 par value common stock. As of March 31, 2024, a total of 26,237,125 shares of common
stock had been issued. Each holder of common stock is entitled to one vote for each share of common stock held.
No
shares of common stock were issued during the three months ended, March 31, 2024.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Note
13 – Income Taxes
The
Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that
deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes, referred to as temporary differences.
For
the three months ended March 31, 2024, and the year ended December 31, 2023, the Company incurred a net operating loss and, accordingly,
no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of
the realization of any tax assets. At March 31, 2024, the Company had approximately $1,113,000 of federal net operating losses. The net
operating loss carry forwards, if not utilized, will begin to expire in 2025.
Based
on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not
that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against
its net deferred tax assets at March 31, 2024 and December 31, 2023, respectively.
In
accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.
Note
14 - Subsequent Events
On
May 8, 2024, the Company, through its subsidiary, Mopane Investments, LLC, closed on the acquisition of the real property located at
4700 S. Budlong Avenue in Los Angeles. The property was vacant at the time of purchase. The acquisition was for $649,000. The Mopane
purchase is subject to two loans as follows: (1) $594,150 first position note owing by Mopane to Center Street Lending VIII SPE, LLC.
(“Center Street”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 10.990% per
annum. Interest only payable in monthly installments of $4,984 or more on the 1st day of each month beginning on the 1st day of June
2024 and continuing until the 15th day of April 2025, at which time the entire principal balance together with interest due thereon,
shall become due and payable. (2) A $175,000 second position note owing by Mopane to Belladonna Lily Investments, Inc. (“Belladonna”),
whose terms of payments due were interest only, payable on unpaid principal at the rate of 6% per annum. Interest only payable in monthly
installments of $875, or more, on the 1st day of each month beginning on the 1st day of May 2024 and continuing until the 31st day of
March 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
Item
2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations
You
should read the following discussion of our financial condition and results of operations in conjunction with the condensed consolidated
financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and with our audited financial statements
included in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition to historical condensed financial information,
the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could
differ materially from those discussed in the forward-looking statements.
Overview
We
were incorporated under the laws of the state of Delaware on March 2, 2015, and are a real estate consulting, asset management and business
acquisition company, that specializes in acquiring student housing and corporate income properties and development/business opportunities
located near the Los Angeles Metro/subway stations and within the Los Angeles area.
Due
to high demand for houses from students, non- profit, and for-profit corporate tenants around the USC Campus and neighboring Metro/subway
stations, we have focused on acquiring multiple houses, remodeling and renting out. Rents have increased dramatically for houses in our
target areas, allowing us to target larger and higher priced houses, while factoring in current interest rates.
With
multiple properties within a small radius, we’re able to take advantage of economies of scale and benefit from property
management efficiencies. Our focus is to continue acquiring houses and expand rental operations.
Going
Concern Uncertainty
As
of March 31, 2024, our balance of cash on hand was $14,838, and we had negative working capital of $1,211,359 and an accumulated deficit
of $2,126,118. We expect to incur further losses in the development of its business; therefore, we may not have sufficient funds to sustain
our operations for the next twelve months and we may need to raise additional cash to fund our operations. These factors raise substantial
doubt about the Company’s ability to continue as a going concern. In the event revenues do not materialize at the expected rates,
management would seek additional financing and would attempt to conserve cash by further reducing expenses. There can be no assurance
that we will be successful in achieving these objectives.
The
condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to
the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments
relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might
be necessary should the Company be unable to continue as a going concern. Our ability to acquire new properties and increase revenues
is largely dependent on our success in raising additional capital.
Results
of Operations for the Three Months Ended March 31, 2024 and 2023
The
following table summarizes selected items from the statement of operations for the three months ended March 31, 2024 and 2023, respectively.
| |
Three Months Ended | | |
| |
| |
March 31, | | |
Increase / | |
| |
2024 | | |
2023 | | |
(Decrease) | |
| |
| | |
| | |
| |
Rental income | |
$ | 518,978 | | |
$ | 408,838 | | |
$ | 110,140 | |
| |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | |
General and administrative | |
| 53,563 | | |
| 27,695 | | |
| 25,868 | |
Salaries and benefits | |
| 14,400 | | |
| 15,900 | | |
| (1,500 | ) |
Utilities | |
| 14,846 | | |
| 17,400 | | |
| (2,554 | ) |
Professional fees | |
| 24,717 | | |
| 18,800 | | |
| 5,917 | |
Property taxes | |
| 44,360 | | |
| 41,546 | | |
| 2,814 | |
Repairs and maintenance | |
| 70,116 | | |
| - | | |
| 70,116 | |
Depreciation | |
| 40,080 | | |
| 56,022 | | |
| (15,942 | ) |
Total operating expenses | |
| 262,082 | | |
| 177,363 | | |
| 84,719 | |
| |
| | | |
| | | |
| | |
Net operating income | |
| 256,896 | | |
| 231,475 | | |
| 25,421 | |
| |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | |
Dividends expense | |
| (6,469 | ) | |
| (6,398 | ) | |
| 71 | |
Interest expense | |
| (247,895 | ) | |
| (228,804 | ) | |
| 19,091 | |
Loss on early extinguishment of debt | |
| (7,747 | ) | |
| - | | |
| 7,747 | |
Total other income (expense) | |
| (262,111 | ) | |
| (235,202 | ) | |
| 26,909 | |
| |
| | | |
| | | |
| | |
Net loss | |
$ | (5,215 | ) | |
$ | (3,727 | ) | |
$ | 1,488 | |
Revenues
Our
revenues increased to $518,978 for the three months ended March 31, 2024, compared to $408,838 for the three months ended March 31, 2023,
an increase of $110,140, or 27%. The increase is due to a change in City of Los Angeles rent control which allowed for a stronger rent
collection.
General
and Administrative
General
and administrative expenses for the three months ended March 31, 2024 was $53,563, compared to $27,695 for the three months ended March
31, 2023, an increase of $25,868, or 93%. General and administrative expenses increased primarily due to increased property management
costs incurred during the current period.
Salaries
and Benefits
Salaries
and benefits expenses for the three months ended March 31, 2024 was $14,400, compared to $15,900 for the three months ended March 31,
2023, a decrease of $1,500, or 9%.
Utilities
Utilities
expense for the three months ended March 31, 2024 was $14,846, compared to $17,400 for the three months ended March 31, 2023, a decrease
of $2,554, or 15%. Utilities expense decreased due to additional tenants reimbursing the Company for their own utilities.
Professional
Fees
Professional
fees expense for the three months ended March 31, 2024 was $24,717, compared to $18,800 for the three months ended March 31, 2023, an
increase of $5,917, or 31%. Professional fees consisted of legal, audit and accounting fees, which increased primarily due to increased
compliance costs surrounding our year-end audited incurred during the current year.
Property
Taxes
Property
tax expense for the three months ended March 31, 2024 was $44,360, compared to $41,546 for the three months ended March 31, 2023, an
increase of $2,814, or 7%.
Repairs
and Maintenance
Repairs
and maintenance expense for the three months ended March 31, 2024 was $70,116, compared to $-0- for the three months ended March 31,
2023, an increase of $70,116. Repairs and maintenance expense increased due to greater repairs on certain properties during the current
period.
Depreciation
Depreciation
expense for the three months ended March 31, 2024 was $40,080, compared to $56,022 for the three months ended March 31, 2023, a decrease
of $159,42, or 28%. Depreciation decreased during the current period due to some assets reaching the end of their useful lives.
Other
Income (Expense)
Other
expense for the three months ended March 31, 2024 was $262,111, compared to $235,202 for the three months ended March 31, 2023, an increase
of $26,909, or 11%. During the three months ended March 31, 2024, other expense consisted of $6,469 of dividends expense, $247,895 of
interest expense, and a $7,747 loss on early extinguishment of debt related to the refinancing of one of our mortgages. For the three
months ended March 31, 2023, other expense increased primarily due to increased interest rates and our loss on early extinguishment of
debt incurred during the current period.
Net
Loss
Net
loss for the three months ended March 31, 2024 was $5,215, compared to $3,727 for the three months ended March 31, 2023, an increase
of $1,488, or 40%. The increased net loss was primarily due to increased repairs and maintenance costs and interest expense, as partially
offset by increased revenues during the current period.
Liquidity
and Capital Resources
The
following table summarizes our total current assets, liabilities and working capital as of March 31, 2024 and December 31, 2023.
| |
March 31, 2024 | | |
December 31, 2023 | |
Current Assets | |
$ | 19,129 | | |
$ | 36,164 | |
| |
| | | |
| | |
Current Liabilities | |
$ | 1,230,488 | | |
$ | 1,793,854 | |
| |
| | | |
| | |
Working Capital Deficit | |
$ | (1,211,359 | ) | |
$ | (1,757,690 | ) |
As
of March 31, 2024, we had negative working capital of $1,211,359. We have incurred net losses since our inception and we anticipate net
losses and negative operating cash flows for the near future, and we may not be profitable or realize growth in the value of our assets.
To date, our primary sources of capital have been cash generated from rental income and debt financing. As of March 31, 2024, we had
cash of $14,838, total liabilities of $18,007,110, and an accumulated deficit of $2,126,118. As of December 31, 2023, we had cash of
$24,564, total liabilities of $18,018,592, and an accumulated deficit of $1,182,772.
Cash
Flow
Comparison
of the Three Months Ended March 31, 2024 and the Three Months Ended March 31, 2023
The
following table sets forth the primary sources and uses of cash for the periods presented below:
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Net cash provided by operating activities | |
$ | 30,977 | | |
$ | 146,430 | |
Net cash used in investing activities | |
| (16,609 | ) | |
| (106,984 | ) |
Net cash used in financing activities | |
| (24,094 | ) | |
| (43,033 | ) |
| |
| | | |
| | |
Net change in cash | |
$ | (9,726 | ) | |
$ | (3,587 | ) |
Net
Cash Provided by Operating Activities
Net
cash provided by operating activities was $30,977 for the three months ended March 31, 2024, compared to $146,430 for the three months
ended March 31, 2023, a decrease of $115,453, or 473%. The decrease was primarily due to deposits paid on upcoming property acquisitions
and fewer rents received in advance during the current period.
Net
Cash Used in Investing Activities
Net
cash used in investing activities was $16,609 for the three months ended March 31, 2024, compared to $106,984 for the three months ended
March 31, 2023, a decrease of $90,375. This decrease was primarily attributable to fewer capital improvement costs in the current period,
compared to the prior period.
Net
Cash Used in Financing Activities
Net
cash used in financing activities was $24,094 for the three months ended March 31, 2024, compared to $43,033 for the three months ended
March 31, 2023, a decrease of $18,939, or 179%. Our decreased cash used in financing activities was primarily from $14,900 of increased
proceeds received on debt financing received in the current period.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
Our
financial results are affected by the selection and application of accounting policies and methods. In the three-month period ended March
31, 2024 there were no changes to the application of critical accounting policies disclosed in our Annual Report on Form 10-K for the
year ended December 31, 2023.
CAUTIONARY
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This
report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements in this report, other
than statements of historical fact, are “forward-looking statements” for purposes of these provisions, including any projections
of earnings, revenues or other financial items, any statements of the plans and objectives of our management for future operations, any
statements concerning proposed new products or services, any statements regarding the integration, development or commercialization of
the business or any assets acquired from other parties, any statements regarding future economic conditions or performance, and any statements
of assumptions underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology
such as “may,” “will,” “expects,” “plans,” “anticipates,” “intends,”
“seeks,” “believes,” “estimates,” “potential,” “forecasts,” “continue,”
or other forms of these words or similar words or expressions, or the negative thereof or other comparable terminology. Although we believe
that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such
expectations or any of the forward-looking statements will prove to be correct, and actual results will likely differ, and could differ
materially, from those projected or assumed in the forward-looking statements. Investors are cautioned not to unduly rely on any such
forward-looking statements.
All
subsequent forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by
these cautionary statements. Our actual results will likely differ, and may differ materially, from anticipated results. Financial estimates
are subject to change and are not intended to be relied upon as predictions of future operating results. All forward-looking statements
included in this report are made as of the date hereof and are based on information available to us as of such date. We assume no obligation
to update any forward-looking statement. If we do update or correct one or more forward-looking statements, investors and others should
not conclude that we will make additional updates or corrections.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
The
Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined
in Rule 12b-2 of the Exchange Act.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer,
who are one in the same, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(f) under the Securities
Exchange Act of 1934 as amended (the “Exchange Act”)). Based on this evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that, as of such date, our disclosure controls and procedures were not effective.
Changes
in Internal Control Over Financial Reporting
During
the three-month period ended March 31, 2024, there has been no change in internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
We
may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. We
are not currently party to any pending legal proceedings that we believe would, individually or in the aggregate, have a material adverse
effect on our financial condition, cash flows or results of operations.
Item
1A. Risk Factors
The
Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined
in Rule 12b-2 of the Exchange Act.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
None.
Item
5. Other Information
None.
Item
6. Exhibits
Exhibit |
|
Description |
3.1 |
|
Certificate of Incorporation (incorporate by reference to Exhibit 3.1 of Form S-1 filed with the Securities and Exchange Commission by Hubilu Venture Corporation on May 21, 2015) |
3.2 |
|
Certificate of Correction of Certificate of Incorporation (incorporate by reference to Exhibit 3.1a of Form S-1 filed with the Securities and Exchange Commission by Hubilu Venture Corporation on May 21, 2015) |
3.3 |
|
Bylaws (incorporate by reference to Exhibit 3.2 of Form S-1 filed with the Securities and Exchange Commission by Hubilu Venture Corporation on May 21, 2015) |
3.4 |
|
Form of Stock Certificate (incorporated by reference to Exhibit 3.3 of Form 8-A12G filed with the Securities and Exchange Commission by Hubilu Venture Corporation on April 21, 2016) |
4.1 |
|
Certificate of Designations of 5% Voting, Cumulative Convertible Series A Preferred Stock (incorporated by reference to Exhibit 4.1 of Form 10-Q filed with the Securities and Exchange Commission by Hubilu Venture Corporation on November 21, 2016) |
4.2 |
|
Certificate of Designations of 5% Voting, Cumulative Convertible Series 1 Preferred Stock (incorporated by reference to Exhibit 4.2 of Form 10-Q filed with the Securities and Exchange Commission by Hubilu Venture Corporation on November 21, 2016) |
4.3* |
|
Amended and Restated Certificate of Designations of 5% Voting, Cumulative Convertible Series 1 Preferred Stock |
4.4 |
|
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Incorporated by reference to Exhibit 4.3 of Form 10-K filed with the Securities and Exchange Commission by Hubilu Venture Corporation on April 16, 2024) |
10.1* |
|
Promissory Note, dated as of February 27, 2024, among Hubilu Venture Corporation and Belladonna Lily Investments, Inc. |
10.2* |
|
Fixed Rate Note, dated as of March 16, 2024, among Hubilu Venture Corporation and Investor Mortgage Finance LLC |
21.1 |
|
Subsidiaries of Hubilu Venture Corporation (9) (Incorporated by reference to Exhibit 21.1 of Form 10-K filed with the Securities and Exchange Commission by Hubilu Venture Corporation on April 16, 2024) |
31.1* |
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 |
31.2* |
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 |
32.1* |
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2* |
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS* |
|
Inline
XBRL Instance Document |
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema |
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase |
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase |
101.PRE* |
|
Inline
XBRL Taxonomy Presentation Linkbase |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* |
|
Filed
herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
HUBILU
VENTURE CORPORATION |
|
|
May
15, 2024 |
/s/
David Behrend |
|
David
Behrend |
|
Chairman
and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Accounting and Financial Officer)
|
Exhibit 4.3
Exhibit 10.1
Exhibit 10.2
![](https://www.sec.gov/Archives/edgar/data/1639068/000149315224019679/ex10-2_001.jpg)
![](https://www.sec.gov/Archives/edgar/data/1639068/000149315224019679/ex10-2_003.jpg)
Exhibit
31.1
CERTIFICATION
PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I,
David Behrend, Chairman and Chief Executive Officer, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Hubilu Venture Corporation (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this quarterly report;
3.
Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly presents in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within the entity, particularly during
the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting.
Dated:
May 15, 2024 |
/s/
David Behrend |
|
David
Behrend |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I,
David Behrend, Chief Financial Officer of Hubilu Venture Corporation, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Hubilu Venture Corporation (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this quarterly report;
3.
Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly presents in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others within the entity, particularly during
the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting.
Dated:
May 15, 2024 |
/s/
David Behrend |
|
David
Behrend |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Hubilu Venture Corporation (the “Company”) for the period ending March
31, 2024, as filed with the Securities and Exchange Commission on or about the date hereof (“Report”), I, David Behrend,
the Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Dated:
May 15, 2024 |
/s/
David Behrend |
|
David
Behrend |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ENACTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Hubilu Venture Corporation (the “Company”) for the period ending March
31, 2024 as filed with the Securities and Exchange Commission on or about the date hereof (“Report”), I, David Behrend, Chief
Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as enacted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Dated:
May 15, 2024 |
/s/
David Behrend |
|
David
Behrend |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
v3.24.1.1.u2
Cover - shares
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3 Months Ended |
|
Mar. 31, 2024 |
May 14, 2024 |
Cover [Abstract] |
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|
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|
|
Document Fiscal Year Focus |
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|
|
Current Fiscal Year End Date |
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|
|
Entity File Number |
000-55611
|
|
Entity Registrant Name |
Hubilu
Venture Corporation
|
|
Entity Central Index Key |
0001639068
|
|
Entity Tax Identification Number |
47-3342387
|
|
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DE
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 14,838
|
$ 24,564
|
Accounts receivable |
2,801
|
2,100
|
Prepaid expenses |
1,490
|
9,500
|
Total current assets |
19,129
|
36,164
|
Real estate: |
|
|
Land |
11,800,304
|
11,800,304
|
Building and capital improvements |
5,475,304
|
5,458,695
|
Property acquisition and financing |
296,463
|
296,463
|
Less: accumulated depreciation |
(802,486)
|
(762,406)
|
Total real estate, net |
16,769,585
|
16,793,056
|
Security deposits |
52,825
|
6,600
|
Total assets |
16,841,539
|
16,835,820
|
Current liabilities: |
|
|
Accounts payable |
16,224
|
21,250
|
Advanced rents received |
3,684
|
10,124
|
Accrued interest |
40,860
|
39,402
|
Security deposits payable |
308,740
|
300,383
|
Due to related party, current maturities |
474,271
|
474,271
|
Mortgages payable, current maturities |
200,777
|
768,961
|
Dividends payable |
185,932
|
179,463
|
Total current liabilities |
1,230,488
|
1,793,854
|
Convertible preferred stock payable |
520,400
|
520,400
|
Total liabilities |
18,007,110
|
18,018,592
|
Stockholders’ equity (deficit): |
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,237,125 shares issued and outstanding |
26,237
|
26,237
|
Additional paid-in capital |
934,310
|
911,894
|
Accumulated deficit |
(2,126,118)
|
(2,120,903)
|
Total stockholders’ equity (deficit) |
(1,165,571)
|
(1,182,772)
|
Total liabilities and stockholders’ equity (deficit) |
16,841,539
|
16,835,820
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Mortgages payable |
599,594
|
599,594
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Mortgages payable |
$ 15,656,628
|
$ 15,104,744
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Debt discount |
$ 14,040
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
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26,237,125
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26,237,125
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26,237,125
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26,237,125
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Rental Income |
$ 518,978
|
$ 408,838
|
Operating expenses: |
|
|
General and administrative |
53,563
|
27,695
|
Salaries and benefits |
14,400
|
15,900
|
Utilities |
14,846
|
17,400
|
Professional fees |
24,717
|
18,800
|
Property taxes |
44,360
|
41,546
|
Repairs and maintenance |
70,116
|
|
Depreciation |
40,080
|
56,022
|
Total operating expenses |
262,082
|
177,363
|
Net operating income |
256,896
|
231,475
|
Other income (expense): |
|
|
Dividends expense |
(6,469)
|
(6,398)
|
Interest expense |
(247,895)
|
(228,804)
|
Loss on early extinguishment of debt |
(7,747)
|
|
Total other income (expense) |
(262,111)
|
(235,202)
|
Net loss |
$ (5,215)
|
$ (3,727)
|
Weighted average common shares outstanding - basic |
26,237,125
|
26,237,125
|
Weighted average common shares outstanding - diluted |
26,237,125
|
26,237,125
|
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$ (0.00)
|
$ (0.00)
|
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$ (0.00)
|
$ (0.00)
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v3.24.1.1.u2
Condensed Consolidated Statements of Changes In Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 26,237
|
$ 821,981
|
$ (1,845,571)
|
$ (997,353)
|
Balance, shares at Dec. 31, 2022 |
26,237,125
|
|
|
|
Imputed interest |
|
12,933
|
|
12,933
|
Net loss |
|
|
(3,727)
|
(3,727)
|
Balance at Mar. 31, 2023 |
$ 26,237
|
834,914
|
(1,849,298)
|
(988,147)
|
Balance, shares at Mar. 31, 2023 |
26,237,125
|
|
|
|
Balance at Dec. 31, 2023 |
$ 26,237
|
911,894
|
(2,120,903)
|
(1,182,772)
|
Balance, shares at Dec. 31, 2023 |
26,237,125
|
|
|
|
Imputed interest |
|
22,416
|
|
22,416
|
Net loss |
|
|
(5,215)
|
(5,215)
|
Balance at Mar. 31, 2024 |
$ 26,237
|
$ 934,310
|
$ (2,126,118)
|
$ (1,165,571)
|
Balance, shares at Mar. 31, 2024 |
26,237,125
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (5,215)
|
$ (3,727)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
40,080
|
56,022
|
Imputed interest |
22,416
|
12,933
|
Cumulative preferred stock dividends payable |
6,469
|
6,398
|
Amortization of debt discounts |
47
|
|
Loss on early extinguishment of debt |
7,747
|
|
Decrease (increase) in current assets: |
|
|
Accounts receivable |
(701)
|
|
Prepaid expenses |
8,010
|
|
Security deposits |
(46,225)
|
|
Increase (decrease) in current liabilities: |
|
|
Accounts payable |
(5,026)
|
|
Advanced rents received |
(6,440)
|
82,150
|
Accrued expenses |
1,458
|
774
|
Security deposits payable |
8,357
|
(8,120)
|
Net cash provided by operating activities |
30,977
|
146,430
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property and equipment |
(16,609)
|
(106,984)
|
Net cash used in investing activities |
(16,609)
|
(106,984)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds received from mortgages payable |
25,000
|
10,100
|
Repayments on mortgages payable |
(49,094)
|
(53,133)
|
Net cash used in financing activities |
(24,094)
|
(43,033)
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(9,726)
|
(3,587)
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
24,564
|
92,068
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
14,838
|
88,481
|
SUPPLEMENTAL INFORMATION: |
|
|
Interest paid |
223,974
|
221,495
|
Income taxes paid |
|
|
Non-cash investing and financing transactions: |
|
|
Debt discounts on refinanced mortgages |
$ 14,087
|
|
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v3.24.1.1.u2
Nature of Business and Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business and Significant Accounting Policies |
Note
1 – Nature of Business and Significant Accounting Policies
Nature of Business
Hubilu
Venture Corporation (“the Company,” “we,” “our” or “us”) was incorporated under the laws
of the state of Delaware on March 2, 2015 and is a real estate consulting, asset management and business acquisition company, which specializes
in acquiring student housing and corporate income properties and development/business opportunities located near the Los Angeles Metro/subway
stations and within the Los Angeles area.
Basis of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions
have been eliminated.
The
unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on
Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated
Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements,
and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The interim Condensed Consolidated Financial Statements should
be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative
of the results that might be expected for the entire fiscal year.
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control
and ownership at March 31, 2024:
Schedule
of Common Control and Ownership
|
|
State
of |
|
|
Name
of Entity |
|
Incorporation |
|
Relationship |
Hubilu
Venture Corporation(1) |
|
Delaware |
|
Parent |
Akebia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Boabab
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Elata
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Kapok
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Lantana
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Mopane
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Sunza
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Trilosa
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Zinnia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
(1) | Holding company
in the form of a corporation. |
(2) | Wholly-owned subsidiary
in the form of a limited liability corporation. |
Reclassifications
Certain
reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications
had no effect on previously reported results of operations or retained earnings.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s management organizes segments within the company for making operating decisions
and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it
expands its operations.
Fair
Value of Financial Instruments
The
Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures
(ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles
and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute.
The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying
amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management
to approximate fair value primarily due to the short-term nature of the instruments.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customer. Under ASC 606, the Company recognizes
revenue from leases with its various tenants under operating leases in accordance with a five-step model in which the Company evaluates
the performance obligations in an amount that reflects the consideration which the Company expects to be entitled to receive in exchange
for those services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the
Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in
the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract
and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
Company’s sales are predominantly generated from leasing its properties to various tenants under operating leases. These sales
contain a single performance obligation, and revenue is recognized on a straight-line basis using the effective interest method, based
on the Company’s borrowing rate, over the life of the leases. The Company records adjustments to revenue for incidentals and move
out, or janitorial reimbursements in the same period that the related revenue is recorded.
Basic
and Diluted Loss Per Share
The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted
net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average
number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had
an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted
by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards,
which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.1.1.u2
Going Concern
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note
2 – Going Concern
As shown in the accompanying condensed consolidated financial statements as of March 31, 2024, our
balance of cash on hand was $14,838, and we had negative working capital of $1,211,359 and an accumulated deficit of $2,126,118. The
Company expects to incur further losses in the development of its business, and may not be able to generate sufficient funds to sustain
our operations for the next twelve months. Accordingly, we may need to raise additional cash to fund our operations. These factors raise
substantial doubt about the Company’s ability to continue as a going concern. In the event revenues do not materialize at the expected
rates, management would seek additional financing and would attempt to conserve cash by further reducing expenses. There can be no assurance
that we will be successful in achieving these objectives.
The
condensed consolidated financial statements do not include any adjustments that might result from the outcome of any uncertainty as to
the Company’s ability to continue as a going concern. The condensed consolidated financial statements also do not include any adjustments
relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might
be necessary should the Company be unable to continue as a going concern. Our ability to acquire new properties and increase revenues
is largely dependent on our success in raising additional capital.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
|
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v3.24.1.1.u2
Significant Concentrations
|
3 Months Ended |
Mar. 31, 2024 |
Risks and Uncertainties [Abstract] |
|
Significant Concentrations |
Note
3 – Significant Concentrations
The
Company had certain customers whose revenue individually represented 10% or more of the Company’s total net revenue, or whose accounts
receivable balances individually represented 10% or more of the Company’s total accounts receivable, as follows:
For
the three months ended March 31, 2024, one customer accounted for 65% and 63% of revenue for the three months ended March 31, 2024 and
2023, respectively.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.24.1.1.u2
Fair Value of Financial Instruments
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
Note 4 – Fair Value of Financial
Instruments
Under
FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates
a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures.
Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required
for items measured at fair value.
The
Company has cash and debts that must be measured under the fair value standard. The Company’s financial assets and liabilities
are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:
Level
1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability
to access at the measurement date.
Level
2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets
or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g.,
interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation
or other means (market corroborated inputs).
Level
3 – Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset
or liability.
The
following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balances sheet as of March
31, 2024 and December 31, 2023:
Schedule of Valuation of Financial Instruments at Fair Value Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 14,838 | | |
$ | - | | |
$ | - | |
Total assets | |
| 14,838 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable, net of $14,040 of discounts | |
| - | | |
| 15,857,405 | | |
| - | |
Dividends payable | |
| - | | |
| 185,932 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,117,202 | | |
| 520,400 | |
Net Asset Liability | |
$ | 14,838 | | |
$ | (17,117,202 | ) | |
$ | (520,400 | ) |
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 24,564 | | |
$ | - | | |
$ | - | |
Total assets | |
| 24,564 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable | |
| - | | |
| 15,873,705 | | |
| - | |
Dividends payable | |
| - | | |
| 179,463 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,127,033 | | |
| 520,400 | |
Net Asset Liability | |
$ | 24,564 | | |
$ | (17,127,033 | ) | |
$ | (520,400 | ) |
There
were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the three months ended March 31, 2024 or
the year ended December 31, 2023.
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v3.24.1.1.u2
Real Estate
|
3 Months Ended |
Mar. 31, 2024 |
Real Estate [Abstract] |
|
Real Estate |
Note
5 - Real Estate
Acquisitions and Dispositions
The
Company didn’t acquire, or dispose of any properties during the three months ended March 31, 2024.
Schedule
of Real Estate
The
Company’s real estate investments consisted of the following at March 31, 2024 and December 31, 2023:
Schedule
of Real Estate
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 11,800,304 | | |
$ | 11,800,304 | |
Buildings and capital improvements | |
| 5,475,304 | | |
| 5,458,695 | |
Property acquisition and financing | |
| 296,463 | | |
| 296,463 | |
Real estate gross | |
| 17,572,071 | | |
| 17,555,462 | |
Less: accumulated depreciation | |
| (802,486 | ) | |
| (762,406 | ) |
Total real estate, net | |
$ | 16,769,585 | | |
$ | 16,793,056 | |
Depreciation
and amortization expense totaled $40,080 and $56,022 for the three months ended March 31, 2024 and 2023, respectively.
Summary
of Changes in Real Estate Investments
The
change in the real estate investments is as follows for the three months ended March 31, 2024 and the year ended December 31, 2023:
Summary
of Changes in Real Estate Property Investments
| |
Three months ended | | |
Year ended | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Balance, prior period | |
$ | 17,555,462 | | |
$ | 17,555,462 | |
Acquisitions: | |
| - | | |
| - | |
Real estate investment property, at cost | |
| 17,555,462 | | |
| 17,555,462 | |
Capital improvements | |
| 16,609 | | |
| - | |
Balance, end of period | |
$ | 17,572,071 | | |
$ | 17,555,462 | |
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v3.24.1.1.u2
Security Deposits
|
3 Months Ended |
Mar. 31, 2024 |
Security Deposits |
|
Security Deposits |
Note
6 – Security Deposits
Security
deposits included the following as of March 31, 2024 and December 31, 2023, respectively:
Schedule
of Security Deposits
| |
March 31, 2024 | | |
December 31, 2023 | |
Down payment on purchase of properties | |
$ | 46,225 | | |
$ | - | |
Security deposits on office lease | |
| 6,600 | | |
| 6,600 | |
Security
deposits | |
$ | 52,825 | | |
$ | 6,600 | |
|
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v3.24.1.1.u2
Due to Related Party
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Due to Related Party |
Note
7 – Due to Related Party
As
of March 31, 2024 and December 31, 2023, Jacaranda Investments, Inc., had provided total advances of $474,271. These advances are unsecured
and do not carry a contractual interest rate or repayment terms. In connection with these advances, the Company has recorded imputed
interest charges of $22,416 and $12,933 for the three months ended March 31, 2024 and 2023, respectively, which was credited to additional
paid-in capital.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
Mortgages Payable, Related Party
|
3 Months Ended |
Mar. 31, 2024 |
Mortgages Payable Related Party |
|
Mortgages Payable, Related Party |
Note
8 – Mortgages Payable, Related Party
The
Company’s mortgages payable to related parties are as follows:
Schedule
of Mortgages Payable to Related Parties
| |
Principal balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
2909 South Catalina Street | |
$ | 599,594 | | |
$ | 599,594 | | |
| 6.00 | % | |
April 20, 2029 |
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.
The
Company recognized $8,969 and $8,994 of interest expense on notes payable for the three months ended March 31, 2024 and 2023, respectively.
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v3.24.1.1.u2
Mortgages Payable
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Mortgages Payable |
Note
9 - Mortgages Payable
Mortgages
payable consists of the following at March 31, 2024 and December 31, 2023, respectively:
Schedule
of Mortgages Payable
| |
March 31, 2024 | | |
December 31, 2023 | | |
Interest rate | | |
Maturity Date |
| |
Principal Balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
3711 South Western Avenue | |
$ | 643,585 | | |
$ | 643,585 | | |
| 5.00 | % | |
December 1, 2029 |
3910 Walton Avenue | |
| 526,681 | | |
| 529,258 | | |
| 5.00 | % | |
August 1, 2049 |
3910 Wisconsin Street | |
| 676,802 | | |
| 679,788 | | |
| 5.225 | % | |
March 1, 2052 |
1557 West 29 Street | |
| 591,075 | | |
| 593,956 | | |
| 4.975 | % | |
June 1, 2051 |
1267 West 38 Street | |
| 593,642 | | |
| 596,195 | | |
| 4.95 | % | |
June 1, 2051 |
4016 Dalton Avenue | |
| 597,469 | | |
| 600,038 | | |
| 4.975 | % | |
June 1, 2051 |
1618 West 38 Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 475,635 | | |
| 477,482 | | |
| 6.30 | % | |
January 1, 2050 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 6.00 | % | |
December 10, 2025 |
1981 Estrella Avenue | |
| 879,939 | | |
| 883,908 | | |
| 5.225 | % | |
June 1, 2051 |
717 West 42 Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 334,867 | | |
| 335,167 | | |
| 6.85 | % | |
November 1, 2048 |
- Second Note | |
| 134,968 | | |
| 134,968 | | |
| 6.85 | % | |
April 30, 2029 |
2115 Portland Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 579,999 | | |
| 582,438 | | |
| 6.00 | % | |
June 1, 2049 |
- Second Note | |
| 319,776 | | |
| 319,776 | | |
| 5.00 | % | |
July 31, 2029 |
3906 Denker | |
| | | |
| | | |
| | | |
|
- First Note | |
| 393,596 | | |
| 395,159 | | |
| 6.00 | % | |
March 1, 2050 |
- Second Note | |
| 185,000 | | |
| 185,000 | | |
| 6.85 | % | |
February 14, 2025 |
3408 Budlong | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,666 | | |
| 598,527 | | |
| 4.875 | % | |
December 1, 2051 |
- Second Note | |
| 120,000 | | |
| 120,000 | | |
| 5.00 | % | |
November 1, 2029 |
3912 S. Hill Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 494,426 | | |
| 496,174 | | |
| 6.425 | % | |
December 1, 2050 |
- Second Note | |
| 152,000 | | |
| 152,000 | | |
| 6.425 | % | |
November 1, 2026 |
4009 Brighton Avenue | |
| 705,367 | | |
| 708,367 | | |
| 4.875 | % | |
November 1, 2051 |
3908 Denker Avenue | |
| 617,977 | | |
| 620,547 | | |
| 4.975 | % | |
December 1, 2051 |
4021 Halldale Avenue | |
| 752,892 | | |
| 755,111 | | |
| 6.75 | % | |
October 1, 2052 |
1284 W. 38th Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 634,237 | | |
| 637,267 | | |
| 4.625 | % | |
March 1, 2052 |
- Second Note | |
| 188,000 | | |
| 188,000 | | |
| 5.25 | % | |
June 30, 2029 |
4505 Orchard Avenue | |
| 634,810 | | |
| 637,567 | | |
| 5.00 | % | |
March 1, 2052 |
3777 Ruthelen Street | |
| 696,034 | | |
| 699,061 | | |
| 4.625 | % | |
March 1, 2052 |
3791 S. Normandie Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 604,213 | | |
| 606,567 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 5.00 | % | |
March 1, 2029 |
2029 W. 41st Place | |
| 820,000 | | |
| 820,000 | | |
| 6.00 | % | |
December 31, 2029 |
4517 Orchard Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 469,790 | | |
| 471,632 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 158,000 | | |
| 158,000 | | |
| 5.00 | % | |
March 1, 2029 |
1733 W. 37th Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,000 | | |
| 573,167 | | |
| 7.225 | % | |
April 1, 2054 |
- Second Note | |
| 100,000 | | |
| 100,000 | | |
| 6.00 | % | |
May 1, 2029 |
| |
| | | |
| | | |
| | | |
|
Hubilu General Loan | |
| 300,000 | | |
| 275,000 | | |
| 6.00 | % | |
On Demand |
| |
| | | |
| | | |
| | | |
|
Total mortgages payable | |
$ | 15,871,445 | | |
$ | 15,873,705 | | |
| | | |
|
Less: unamortized debt discounts | |
| 14,040 | | |
| - | | |
| | | |
|
Mortgages payable, net of discounts | |
| 15,857,405 | | |
| 15,873,705 | | |
| | | |
|
Less: current maturities | |
| 200,777 | | |
| 768,961 | | |
| | | |
|
Mortgages payable, long-term portion | |
$ | 15,656,628 | | |
$ | 15,104,744 | | |
| | | |
|
On
March 16, 2024, the first note for 1733 W. 37th Place was refinanced for $595,000
with Investor Mortgage Finance, LLC, whose terms of payments due are principal and interest, on unpaid principal at the rate of 7.225%
per annum. Principal
and interest payable in monthly installments of $4,049
or more starting on May 1, 2024, and continuing until the 1st day of April 2054, at which time the entire principal
balance together with interest due thereon, shall become due and payable.
The
Company recognized $238,926 and $219,810 of interest expense on notes payable for the three months ended March 31, 2024 and 2023,
respectively.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
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v3.24.1.1.u2
Convertible Preferred Stock Payable
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Convertible Preferred Stock Payable |
Note
10 – Convertible Preferred Stock Payable
The
Company has authorized 10,000,000 shares of preferred stock, and designated 100,000 and 2,000,000 shares of 5% voting, cumulative convertible
Series A (“Series A”) and Series 1 (“Series 1”) preferred stock (collectively, “Preferred Stock”),
respectively.
The
Series A matures on September 30, 2030, and Series 1 matures on September 30, 2029.
The
Preferred Stock has the following rights and privileges:
Voting
– The holders of the Preferred Stock shall be entitled to the number of votes equal to the number of shares of common stock
into which such shares of Preferred Stock could be converted.
Conversion
– Each share of Series A preferred stock, is convertible at the option of the holder, into shares of common stock, equal to
three hundred thirty-three and 33/100 (333 1/3) shares of common stock, calculated by dividing the number of Series A preferred shares
by $0.003. The Series A preferred stock is also subject to certain adjustments for dilution, if any, resulting from future stock issuances,
including for any subsequent issuance of common stock at a price per share less than that paid by the holders of the preferred stock.
Each
share of Series 1 preferred stock, is convertible at the option of the holder, into shares of common stock, at the lesser of $0.50 per
share or a ten percent (10%) discount to the average closing bid price of the common stock 5 days prior to the notice of conversion.
The Series 1 preferred stock is also subject to certain adjustments for dilution, if any, resulting from future stock issuances, including
for any subsequent issuance of common stock at a price per share less than that paid by the holders of the preferred stock.
Dividends
– The holders of the Preferred Stock in preference to the holders of common stock, are entitled to receive dividends at the
rate of 5% per annum, in kind, which shall accrue quarterly. Such dividends are cumulative. No such dividends have been declared to date.
Liquidation
– In the event of any liquidation, dissolution, winding-up or sale or merger of the Company, whether voluntarily or involuntarily,
each holder of Preferred Stock is entitled to receive, in preference to the holders of common stock, a per-share amount equal to the
original issue price of $1.00 (as adjusted, as defined), plus all declared but unpaid dividends.
No
shares of Series A preferred stock have been issued to date. Outstanding Series 1 preferred stock is as follows:
Schedule
of Outstanding Series 1 Preferred Stock
| |
Shares | | |
Amount | | |
Dividend in Arrears | | |
Total | |
| |
| | |
| | |
| | |
| |
Balance, December 31, 2023 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 179,463 | | |
$ | 699,863 | |
Dividends accrued | |
| - | | |
| - | | |
| 6,469 | | |
| 6,469 | |
Balance, March 31, 2024 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 185,932 | | |
$ | 706,332 | |
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v3.24.1.1.u2
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
11 – Commitments and Contingencies
Legal
Matters
From
time to time, the Company may be a party to various legal matters, threatened claims, or proceedings in the normal course of business.
Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with its legal
counsel, the need to record a liability for litigation and contingencies. Legal accruals are recorded when and if it is determined that
a loss related to a certain matter is both probable and reasonably estimable.
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v3.24.1.1.u2
Changes in Stockholders’ Equity (Deficit)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Changes in Stockholders’ Equity (Deficit) |
Note
12 – Changes in Stockholders’ Equity (Deficit)
Common
Stock
The
Company has authorized 100,000,000 shares of $0.001 par value common stock. As of March 31, 2024, a total of 26,237,125 shares of common
stock had been issued. Each holder of common stock is entitled to one vote for each share of common stock held.
No
shares of common stock were issued during the three months ended, March 31, 2024.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
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Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
13 – Income Taxes
The
Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that
deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes, referred to as temporary differences.
For
the three months ended March 31, 2024, and the year ended December 31, 2023, the Company incurred a net operating loss and, accordingly,
no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of
the realization of any tax assets. At March 31, 2024, the Company had approximately $1,113,000 of federal net operating losses. The net
operating loss carry forwards, if not utilized, will begin to expire in 2025.
Based
on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not
that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against
its net deferred tax assets at March 31, 2024 and December 31, 2023, respectively.
In
accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.
|
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v3.24.1.1.u2
Subsequent Events
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
14 - Subsequent Events
On
May 8, 2024, the Company, through its subsidiary, Mopane Investments, LLC, closed on the acquisition of the real property located at
4700 S. Budlong Avenue in Los Angeles. The property was vacant at the time of purchase. The acquisition was for $649,000. The Mopane
purchase is subject to two loans as follows: (1) $594,150 first position note owing by Mopane to Center Street Lending VIII SPE, LLC.
(“Center Street”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 10.990% per
annum. Interest only payable in monthly installments of $4,984 or more on the 1st day of each month beginning on the 1st day of June
2024 and continuing until the 15th day of April 2025, at which time the entire principal balance together with interest due thereon,
shall become due and payable. (2) A $175,000 second position note owing by Mopane to Belladonna Lily Investments, Inc. (“Belladonna”),
whose terms of payments due were interest only, payable on unpaid principal at the rate of 6% per annum. Interest only payable in monthly
installments of $875, or more, on the 1st day of each month beginning on the 1st day of May 2024 and continuing until the 31st day of
March 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
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v3.24.1.1.u2
Nature of Business and Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business |
Nature of Business
Hubilu
Venture Corporation (“the Company,” “we,” “our” or “us”) was incorporated under the laws
of the state of Delaware on March 2, 2015 and is a real estate consulting, asset management and business acquisition company, which specializes
in acquiring student housing and corporate income properties and development/business opportunities located near the Los Angeles Metro/subway
stations and within the Los Angeles area.
|
Basis of Presentation |
Basis of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (U.S. GAAP) and the rules of the Securities and Exchange Commission (SEC). Intercompany accounts and transactions
have been eliminated.
The
unaudited condensed consolidated financial statements of the Company and the accompanying notes included in this Quarterly Report on
Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the Condensed Consolidated
Financial Statements have been included. Such adjustments are of a normal, recurring nature. The Condensed Consolidated Financial Statements,
and the accompanying notes, are prepared in accordance with GAAP and do not contain certain information included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The interim Condensed Consolidated Financial Statements should
be read in conjunction with that Annual Report on Form 10-K. Results for the interim periods presented are not necessarily indicative
of the results that might be expected for the entire fiscal year.
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control
and ownership at March 31, 2024:
Schedule
of Common Control and Ownership
|
|
State
of |
|
|
Name
of Entity |
|
Incorporation |
|
Relationship |
Hubilu
Venture Corporation(1) |
|
Delaware |
|
Parent |
Akebia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Boabab
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Elata
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Kapok
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Lantana
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Mopane
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Sunza
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Trilosa
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Zinnia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
(1) | Holding company
in the form of a corporation. |
(2) | Wholly-owned subsidiary
in the form of a limited liability corporation. |
|
Reclassifications |
Reclassifications
Certain
reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications
had no effect on previously reported results of operations or retained earnings.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
|
Segment Reporting |
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s management organizes segments within the company for making operating decisions
and assessing performance. The Company operates as a single segment and will evaluate additional segment disclosure requirements as it
expands its operations.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company discloses the fair value of certain assets and liabilities in accordance with ASC 820 – Fair Value Measurement and Disclosures
(ASC 820). Under ASC 820-10-05, the FASB establishes a framework for measuring fair value in generally accepted accounting principles
and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute.
The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying
amounts of cash, accounts receivable, accounts payable and accrued expenses reported on the balance sheets are estimated by management
to approximate fair value primarily due to the short-term nature of the instruments.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customer. Under ASC 606, the Company recognizes
revenue from leases with its various tenants under operating leases in accordance with a five-step model in which the Company evaluates
the performance obligations in an amount that reflects the consideration which the Company expects to be entitled to receive in exchange
for those services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the
Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in
the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract
and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
Company’s sales are predominantly generated from leasing its properties to various tenants under operating leases. These sales
contain a single performance obligation, and revenue is recognized on a straight-line basis using the effective interest method, based
on the Company’s borrowing rate, over the life of the leases. The Company records adjustments to revenue for incidentals and move
out, or janitorial reimbursements in the same period that the related revenue is recorded.
|
Basic and Diluted Loss Per Share |
Basic
and Diluted Loss Per Share
The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted
net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average
number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had
an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted
by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards,
which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption.
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v3.24.1.1.u2
Nature of Business and Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Common Control and Ownership |
The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control
and ownership at March 31, 2024:
Schedule
of Common Control and Ownership
|
|
State
of |
|
|
Name
of Entity |
|
Incorporation |
|
Relationship |
Hubilu
Venture Corporation(1) |
|
Delaware |
|
Parent |
Akebia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Boabab
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Elata
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Kapok
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Lantana
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Mopane
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Sunza
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Trilosa
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
Zinnia
Investments, LLC(2) |
|
Wyoming |
|
Subsidiary |
(1) | Holding company
in the form of a corporation. |
(2) | Wholly-owned subsidiary
in the form of a limited liability corporation. |
|
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v3.24.1.1.u2
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Valuation of Financial Instruments at Fair Value Recurring Basis |
The
following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balances sheet as of March
31, 2024 and December 31, 2023:
Schedule of Valuation of Financial Instruments at Fair Value Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at March 31, 2024 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 14,838 | | |
$ | - | | |
$ | - | |
Total assets | |
| 14,838 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable, net of $14,040 of discounts | |
| - | | |
| 15,857,405 | | |
| - | |
Dividends payable | |
| - | | |
| 185,932 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,117,202 | | |
| 520,400 | |
Net Asset Liability | |
$ | 14,838 | | |
$ | (17,117,202 | ) | |
$ | (520,400 | ) |
HUBILU
VENTURE CORPORATION
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
Fair Value Measurements at December 31, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets | |
| | | |
| | | |
| | |
Cash | |
$ | 24,564 | | |
$ | - | | |
$ | - | |
Total assets | |
| 24,564 | | |
| - | | |
| - | |
Liabilities | |
| | | |
| | | |
| | |
Due to related party | |
| - | | |
| 474,271 | | |
| - | |
Mortgages payable, related party | |
| - | | |
| 599,594 | | |
| - | |
Mortgages payable | |
| - | | |
| 15,873,705 | | |
| - | |
Dividends payable | |
| - | | |
| 179,463 | | |
| - | |
Convertible preferred stock payable | |
| - | | |
| - | | |
| 520,400 | |
Total liabilities | |
| - | | |
| 17,127,033 | | |
| 520,400 | |
Net Asset Liability | |
$ | 24,564 | | |
$ | (17,127,033 | ) | |
$ | (520,400 | ) |
|
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v3.24.1.1.u2
Real Estate (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Real Estate [Abstract] |
|
Schedule of Real Estate |
The
Company’s real estate investments consisted of the following at March 31, 2024 and December 31, 2023:
Schedule
of Real Estate
| |
March 31, 2024 | | |
December 31, 2023 | |
Land | |
$ | 11,800,304 | | |
$ | 11,800,304 | |
Buildings and capital improvements | |
| 5,475,304 | | |
| 5,458,695 | |
Property acquisition and financing | |
| 296,463 | | |
| 296,463 | |
Real estate gross | |
| 17,572,071 | | |
| 17,555,462 | |
Less: accumulated depreciation | |
| (802,486 | ) | |
| (762,406 | ) |
Total real estate, net | |
$ | 16,769,585 | | |
$ | 16,793,056 | |
|
Summary of Changes in Real Estate Property Investments |
The
change in the real estate investments is as follows for the three months ended March 31, 2024 and the year ended December 31, 2023:
Summary
of Changes in Real Estate Property Investments
| |
Three months ended | | |
Year ended | |
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Balance, prior period | |
$ | 17,555,462 | | |
$ | 17,555,462 | |
Acquisitions: | |
| - | | |
| - | |
Real estate investment property, at cost | |
| 17,555,462 | | |
| 17,555,462 | |
Capital improvements | |
| 16,609 | | |
| - | |
Balance, end of period | |
$ | 17,572,071 | | |
$ | 17,555,462 | |
|
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v3.24.1.1.u2
Security Deposits (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Security Deposits |
|
Schedule of Security Deposits |
Security
deposits included the following as of March 31, 2024 and December 31, 2023, respectively:
Schedule
of Security Deposits
| |
March 31, 2024 | | |
December 31, 2023 | |
Down payment on purchase of properties | |
$ | 46,225 | | |
$ | - | |
Security deposits on office lease | |
| 6,600 | | |
| 6,600 | |
Security
deposits | |
$ | 52,825 | | |
$ | 6,600 | |
|
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v3.24.1.1.u2
Mortgages Payable, Related Party (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Mortgages Payable Related Party |
|
Schedule of Mortgages Payable to Related Parties |
The
Company’s mortgages payable to related parties are as follows:
Schedule
of Mortgages Payable to Related Parties
| |
Principal balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
2909 South Catalina Street | |
$ | 599,594 | | |
$ | 599,594 | | |
| 6.00 | % | |
April 20, 2029 |
|
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v3.24.1.1.u2
Mortgages Payable (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Mortgages Payable |
Mortgages
payable consists of the following at March 31, 2024 and December 31, 2023, respectively:
Schedule
of Mortgages Payable
| |
March 31, 2024 | | |
December 31, 2023 | | |
Interest rate | | |
Maturity Date |
| |
Principal Balance | | |
| | |
|
| |
March 31, | | |
December 31, | | |
Stated | | |
Maturity |
| |
2024 | | |
2023 | | |
Interest Rate | | |
Date |
3711 South Western Avenue | |
$ | 643,585 | | |
$ | 643,585 | | |
| 5.00 | % | |
December 1, 2029 |
3910 Walton Avenue | |
| 526,681 | | |
| 529,258 | | |
| 5.00 | % | |
August 1, 2049 |
3910 Wisconsin Street | |
| 676,802 | | |
| 679,788 | | |
| 5.225 | % | |
March 1, 2052 |
1557 West 29 Street | |
| 591,075 | | |
| 593,956 | | |
| 4.975 | % | |
June 1, 2051 |
1267 West 38 Street | |
| 593,642 | | |
| 596,195 | | |
| 4.95 | % | |
June 1, 2051 |
4016 Dalton Avenue | |
| 597,469 | | |
| 600,038 | | |
| 4.975 | % | |
June 1, 2051 |
1618 West 38 Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 475,635 | | |
| 477,482 | | |
| 6.30 | % | |
January 1, 2050 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 6.00 | % | |
December 10, 2025 |
1981 Estrella Avenue | |
| 879,939 | | |
| 883,908 | | |
| 5.225 | % | |
June 1, 2051 |
717 West 42 Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 334,867 | | |
| 335,167 | | |
| 6.85 | % | |
November 1, 2048 |
- Second Note | |
| 134,968 | | |
| 134,968 | | |
| 6.85 | % | |
April 30, 2029 |
2115 Portland Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 579,999 | | |
| 582,438 | | |
| 6.00 | % | |
June 1, 2049 |
- Second Note | |
| 319,776 | | |
| 319,776 | | |
| 5.00 | % | |
July 31, 2029 |
3906 Denker | |
| | | |
| | | |
| | | |
|
- First Note | |
| 393,596 | | |
| 395,159 | | |
| 6.00 | % | |
March 1, 2050 |
- Second Note | |
| 185,000 | | |
| 185,000 | | |
| 6.85 | % | |
February 14, 2025 |
3408 Budlong | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,666 | | |
| 598,527 | | |
| 4.875 | % | |
December 1, 2051 |
- Second Note | |
| 120,000 | | |
| 120,000 | | |
| 5.00 | % | |
November 1, 2029 |
3912 S. Hill Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 494,426 | | |
| 496,174 | | |
| 6.425 | % | |
December 1, 2050 |
- Second Note | |
| 152,000 | | |
| 152,000 | | |
| 6.425 | % | |
November 1, 2026 |
4009 Brighton Avenue | |
| 705,367 | | |
| 708,367 | | |
| 4.875 | % | |
November 1, 2051 |
3908 Denker Avenue | |
| 617,977 | | |
| 620,547 | | |
| 4.975 | % | |
December 1, 2051 |
4021 Halldale Avenue | |
| 752,892 | | |
| 755,111 | | |
| 6.75 | % | |
October 1, 2052 |
1284 W. 38th Street | |
| | | |
| | | |
| | | |
|
- First Note | |
| 634,237 | | |
| 637,267 | | |
| 4.625 | % | |
March 1, 2052 |
- Second Note | |
| 188,000 | | |
| 188,000 | | |
| 5.25 | % | |
June 30, 2029 |
4505 Orchard Avenue | |
| 634,810 | | |
| 637,567 | | |
| 5.00 | % | |
March 1, 2052 |
3777 Ruthelen Street | |
| 696,034 | | |
| 699,061 | | |
| 4.625 | % | |
March 1, 2052 |
3791 S. Normandie Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 604,213 | | |
| 606,567 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 150,000 | | |
| 150,000 | | |
| 5.00 | % | |
March 1, 2029 |
2029 W. 41st Place | |
| 820,000 | | |
| 820,000 | | |
| 6.00 | % | |
December 31, 2029 |
4517 Orchard Avenue | |
| | | |
| | | |
| | | |
|
- First Note | |
| 469,790 | | |
| 471,632 | | |
| 5.225 | % | |
April 1, 2052 |
- Second Note | |
| 158,000 | | |
| 158,000 | | |
| 5.00 | % | |
March 1, 2029 |
1733 W. 37th Place | |
| | | |
| | | |
| | | |
|
- First Note | |
| 595,000 | | |
| 573,167 | | |
| 7.225 | % | |
April 1, 2054 |
- Second Note | |
| 100,000 | | |
| 100,000 | | |
| 6.00 | % | |
May 1, 2029 |
| |
| | | |
| | | |
| | | |
|
Hubilu General Loan | |
| 300,000 | | |
| 275,000 | | |
| 6.00 | % | |
On Demand |
| |
| | | |
| | | |
| | | |
|
Total mortgages payable | |
$ | 15,871,445 | | |
$ | 15,873,705 | | |
| | | |
|
Less: unamortized debt discounts | |
| 14,040 | | |
| - | | |
| | | |
|
Mortgages payable, net of discounts | |
| 15,857,405 | | |
| 15,873,705 | | |
| | | |
|
Less: current maturities | |
| 200,777 | | |
| 768,961 | | |
| | | |
|
Mortgages payable, long-term portion | |
$ | 15,656,628 | | |
$ | 15,104,744 | | |
| | | |
|
|
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v3.24.1.1.u2
Convertible Preferred Stock Payable (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Schedule of Outstanding Series 1 Preferred Stock |
Schedule
of Outstanding Series 1 Preferred Stock
| |
Shares | | |
Amount | | |
Dividend in Arrears | | |
Total | |
| |
| | |
| | |
| | |
| |
Balance, December 31, 2023 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 179,463 | | |
$ | 699,863 | |
Dividends accrued | |
| - | | |
| - | | |
| 6,469 | | |
| 6,469 | |
Balance, March 31, 2024 | |
| 520,400 | | |
$ | 520,400 | | |
$ | 185,932 | | |
$ | 706,332 | |
|
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v3.24.1.1.u2
Schedule of Common Control and Ownership (Details)
|
3 Months Ended |
Mar. 31, 2024 |
Name of Entity |
Hubilu
Venture Corporation
|
|
State of Incorporation |
DE
|
|
Hubilu Venture Corporation [Member] |
|
|
Name of Entity |
Hubilu
Venture Corporation
|
[1] |
State of Incorporation |
DE
|
[1] |
Relationship |
Parent
|
[1] |
Akebia Investments, LLC [Member] |
|
|
Name of Entity |
Akebia
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Boabab Investments LLC [Member] |
|
|
Name of Entity |
Boabab
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Elata Investments, LLC [Member] |
|
|
Name of Entity |
Elata
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Kapok investments LLC [Member] |
|
|
Name of Entity |
Kapok
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Lantana Investments LLC [Member] |
|
|
Name of Entity |
Lantana
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Mopane Investments LLC [Member] |
|
|
Name of Entity |
Mopane
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Sunza Investments LLC [Member] |
|
|
Name of Entity |
Sunza
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Trilosa Investments LLC [Member] |
|
|
Name of Entity |
Trilosa
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
Zinnia Investments LLC [Member] |
|
|
Name of Entity |
Zinnia
Investments, LLC
|
[2] |
State of Incorporation |
WY
|
[2] |
Relationship |
Subsidiary
|
[2] |
|
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v3.24.1.1.u2
Going Concern (Details Narrative) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Cash |
$ 14,838
|
$ 24,564
|
Working capital |
1,211,359
|
|
Accumulated deficit |
$ 2,126,118
|
$ 2,120,903
|
X |
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v3.24.1.1.u2
Schedule of Valuation of Financial Instruments at Fair Value Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Fair Value, Inputs, Level 1 [Member] |
|
|
Assets |
|
|
Cash |
$ 14,838
|
$ 24,564
|
Total assets |
14,838
|
24,564
|
Liabilities |
|
|
Dividends payable |
|
|
Convertible preferred stock payable |
|
|
Total liabilities |
|
|
Net Asset Liability |
14,838
|
24,564
|
Fair Value, Inputs, Level 1 [Member] | Related Party [Member] |
|
|
Liabilities |
|
|
Due to related party |
|
|
Mortgages payable |
|
|
Fair Value, Inputs, Level 1 [Member] | Nonrelated Party [Member] |
|
|
Liabilities |
|
|
Mortgages payable |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Assets |
|
|
Cash |
|
|
Total assets |
|
|
Liabilities |
|
|
Dividends payable |
185,932
|
179,463
|
Convertible preferred stock payable |
|
|
Total liabilities |
17,117,202
|
17,127,033
|
Net Asset Liability |
(17,117,202)
|
(17,127,033)
|
Fair Value, Inputs, Level 2 [Member] | Related Party [Member] |
|
|
Liabilities |
|
|
Due to related party |
474,271
|
474,271
|
Mortgages payable |
599,594
|
599,594
|
Fair Value, Inputs, Level 2 [Member] | Nonrelated Party [Member] |
|
|
Liabilities |
|
|
Mortgages payable |
15,857,405
|
15,873,705
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Assets |
|
|
Cash |
|
|
Total assets |
|
|
Liabilities |
|
|
Dividends payable |
|
|
Convertible preferred stock payable |
520,400
|
520,400
|
Total liabilities |
520,400
|
520,400
|
Net Asset Liability |
(520,400)
|
(520,400)
|
Fair Value, Inputs, Level 3 [Member] | Related Party [Member] |
|
|
Liabilities |
|
|
Due to related party |
|
|
Mortgages payable |
|
|
Fair Value, Inputs, Level 3 [Member] | Nonrelated Party [Member] |
|
|
Liabilities |
|
|
Mortgages payable |
|
|
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Schedule of Real Estate (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Real Estate [Abstract] |
|
|
Land |
$ 11,800,304
|
$ 11,800,304
|
Buildings and capital improvements |
5,475,304
|
5,458,695
|
Property acquisition and financing |
296,463
|
296,463
|
Real estate gross |
17,572,071
|
17,555,462
|
Less: accumulated depreciation |
(802,486)
|
(762,406)
|
Total real estate, net |
$ 16,769,585
|
$ 16,793,056
|
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v3.24.1.1.u2
Summary of Changes in Real Estate Property Investments (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Real Estate [Abstract] |
|
|
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$ 17,555,462
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|
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17,555,462
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17,555,462
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Schedule of Mortgages Payable (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Total mortgages payable |
$ 15,871,445
|
$ 15,873,705
|
Less: unamortized debt discounts |
14,040
|
|
Mortgages payable, net of discounts |
15,857,405
|
15,873,705
|
Current maturities |
200,777
|
768,961
|
Mortgages payable, long-term portion |
$ 15,656,628
|
15,104,744
|
3711 South Western Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 643,585
|
643,585
|
Maturity date |
Dec. 01, 2029
|
|
3910 Walton Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 526,681
|
529,258
|
Maturity date |
Aug. 01, 2049
|
|
3910 Wisconsin Street [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.225%
|
|
Principal balance |
$ 676,802
|
679,788
|
Maturity date |
Mar. 01, 2052
|
|
1557 West 29 Street [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.975%
|
|
Principal balance |
$ 591,075
|
593,956
|
Maturity date |
Jun. 01, 2051
|
|
1267 West 38 Street [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.95%
|
|
Principal balance |
$ 593,642
|
596,195
|
Maturity date |
Jun. 01, 2051
|
|
4016 Dalton Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.975%
|
|
Principal balance |
$ 597,469
|
600,038
|
Maturity date |
Jun. 01, 2051
|
|
1618 West 38 Street - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.30%
|
|
Principal balance |
$ 475,635
|
477,482
|
Maturity date |
Jan. 01, 2050
|
|
1618 West 38 Street - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 150,000
|
150,000
|
Maturity date |
Dec. 10, 2025
|
|
1981 Estrella Ave [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.225%
|
|
Principal balance |
$ 879,939
|
883,908
|
Maturity date |
Jun. 01, 2051
|
|
717 West 42 Place - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.85%
|
|
Principal balance |
$ 334,867
|
335,167
|
Maturity date |
Nov. 01, 2048
|
|
717 West 42 Place - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.85%
|
|
Principal balance |
$ 134,968
|
134,968
|
Maturity date |
Apr. 30, 2029
|
|
2115 Portland Street - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 579,999
|
582,438
|
Maturity date |
Jun. 01, 2049
|
|
2115 Portland Street - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 319,776
|
319,776
|
Maturity date |
Jul. 31, 2029
|
|
3906 Denker - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 393,596
|
395,159
|
Maturity date |
Mar. 01, 2050
|
|
3906 Denker Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.85%
|
|
Principal balance |
$ 185,000
|
185,000
|
Maturity date |
Feb. 14, 2025
|
|
3408 S. Budlong - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.875%
|
|
Principal balance |
$ 595,666
|
598,527
|
Maturity date |
Dec. 01, 2051
|
|
3408 S. Budlong - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 120,000
|
120,000
|
Maturity date |
Nov. 01, 2029
|
|
3912 S. Hill Street - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.425%
|
|
Principal balance |
$ 494,426
|
496,174
|
Maturity date |
Dec. 01, 2050
|
|
3912 S. Hill Street - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.425%
|
|
Principal balance |
$ 152,000
|
152,000
|
Maturity date |
Nov. 01, 2026
|
|
4009 Brighton Avenue[Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.875%
|
|
Principal balance |
$ 705,367
|
708,367
|
Maturity date |
Nov. 01, 2051
|
|
3908 Denker Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.975%
|
|
Principal balance |
$ 617,977
|
620,547
|
Maturity date |
Dec. 01, 2051
|
|
4021 Halldale Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.75%
|
|
Principal balance |
$ 752,892
|
755,111
|
Maturity date |
Oct. 01, 2052
|
|
1284 W. 38th Street First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.625%
|
|
Principal balance |
$ 634,237
|
637,267
|
Maturity date |
Mar. 01, 2052
|
|
1284 W. 38th Street Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.25%
|
|
Principal balance |
$ 188,000
|
188,000
|
Maturity date |
Jun. 30, 2029
|
|
4505 Orchard Avenue [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 634,810
|
637,567
|
Maturity date |
Mar. 01, 2052
|
|
3777 Ruthelen Street [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
4.625%
|
|
Principal balance |
$ 696,034
|
699,061
|
Maturity date |
Mar. 01, 2052
|
|
3791 S. Normandie Avenue - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.225%
|
|
Principal balance |
$ 604,213
|
606,567
|
Maturity date |
Apr. 01, 2052
|
|
3791 S. Normandie Avenue - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 150,000
|
150,000
|
Maturity date |
Mar. 01, 2029
|
|
2029 W. 41st Place - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 820,000
|
820,000
|
Maturity date |
Dec. 31, 2029
|
|
4517 Orchard Avenue - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.225%
|
|
Principal balance |
$ 469,790
|
471,632
|
Maturity date |
Apr. 01, 2052
|
|
4517 Orchard Avenue - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
5.00%
|
|
Principal balance |
$ 158,000
|
158,000
|
Maturity date |
Mar. 01, 2029
|
|
1733 W. 37th Place - First Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
7.225%
|
|
Principal balance |
$ 595,000
|
573,167
|
Maturity date |
Apr. 01, 2054
|
|
1733 W. 37th Place - Second Note [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 100,000
|
100,000
|
Maturity date |
May 01, 2029
|
|
Hubilu- General Loan [Member] |
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
Interest rate |
6.00%
|
|
Principal balance |
$ 300,000
|
$ 275,000
|
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v3.24.1.1.u2
Mortgages Payable (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Mar. 16, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
|
|
Interest expense on notes payable |
|
$ 8,969
|
$ 8,994
|
|
1733 W. 37th Place - First Note [Member] |
|
|
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
|
|
Refinanced amount |
|
$ 595,000
|
|
$ 573,167
|
Interest on unpaid principal rate |
|
7.225%
|
|
|
1733 W. 37th Place - First Note [Member] | Visio Financial Services Inc [Member] |
|
|
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
|
|
Refinanced amount |
$ 595,000
|
|
|
|
Interest on unpaid principal rate |
7.225%
|
|
|
|
Principal and interest payable, description |
Principal
and interest payable in monthly installments of $4,049
or more starting on May 1, 2024, and continuing until the 1st day of April 2054, at which time the entire principal
balance together with interest due thereon, shall become due and payable.
|
|
|
|
Principal and interest payable |
$ 4,049
|
|
|
|
Hubilu- General Loan [Member] |
|
|
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] |
|
|
|
|
Refinanced amount |
|
$ 300,000
|
|
$ 275,000
|
Interest on unpaid principal rate |
|
6.00%
|
|
|
Interest expense on notes payable |
|
$ 238,926
|
$ 219,810
|
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v3.24.1.1.u2
Schedule of Outstanding Series 1 Preferred Stock (Details) - Preferred Stock [Member]
|
3 Months Ended |
Mar. 31, 2024
USD ($)
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Preferred stock, shares outstanding, beginning balance | shares |
520,400
|
Preferred stock, value outstanding, beginning balance |
$ 520,400
|
Preferred stock number of shares dividends accrued | shares |
|
Preferred stock amount of preferred dividends in arrears |
|
Preferred stock, shares outstanding, ending balance | shares |
520,400
|
Preferred stock, value outstanding, ending balance |
$ 520,400
|
Settlement Obligation [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Preferred stock, value outstanding, beginning balance |
699,863
|
Preferred stock amount of preferred dividends in arrears |
6,469
|
Preferred stock, value outstanding, ending balance |
706,332
|
Dividend in Arrears [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Preferred stock, value outstanding, beginning balance |
179,463
|
Preferred stock amount of preferred dividends in arrears |
6,469
|
Preferred stock, value outstanding, ending balance |
$ 185,932
|
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v3.24.1.1.u2
Convertible Preferred Stock Payable (Details Narrative)
|
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
Preferred Stock [Member] |
|
Class of Stock [Line Items] |
|
Dividend rate |
5.00%
|
Preferred stock, liquidation preference per share | $ / shares |
$ 1.00
|
Preferred Stock [Member] |
|
Class of Stock [Line Items] |
|
Preferred stock, shares authorized |
10,000,000
|
Series A Convertible Preferred Stock [Member] |
|
Class of Stock [Line Items] |
|
Preferred stock, shares authorized |
100,000
|
Series 1 Preferred Stock [Member] |
|
Class of Stock [Line Items] |
|
Preferred stock, shares authorized |
2,000,000
|
Conversion terms |
Each
share of Series 1 preferred stock, is convertible at the option of the holder, into shares of common stock, at the lesser of $0.50 per
share or a ten percent (10%) discount to the average closing bid price of the common stock 5 days prior to the notice of conversion.
|
Series A Preferred Stock [Member] |
|
Class of Stock [Line Items] |
|
Conversion terms |
Each share of Series A preferred stock, is convertible at the option of the holder, into shares of common stock, equal to
three hundred thirty-three and 33/100 (333 1/3) shares of common stock, calculated by dividing the number of Series A preferred shares
by $0.003.
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v3.24.1.1.u2
Changes in Stockholders’ Equity (Deficit) (Details Narrative) - $ / shares
|
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
26,237,125
|
26,237,125
|
Common stock voting rights |
one vote
|
|
Common Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock, shares issued |
0
|
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v3.24.1.1.u2
X |
- DefinitionAmount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.
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v3.24.1.1.u2
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Mopane Investments LLC [Member]
|
May 08, 2024
USD ($)
|
Subsequent Event [Line Items] |
|
Acquisition amount |
$ 649,000
|
Loans, description |
(1) $594,150 first position note owing by Mopane to Center Street Lending VIII SPE, LLC.
(“Center Street”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 10.990% per
annum. Interest only payable in monthly installments of $4,984 or more on the 1st day of each month beginning on the 1st day of June
2024 and continuing until the 15th day of April 2025, at which time the entire principal balance together with interest due thereon,
shall become due and payable. (2) A $175,000 second position note owing by Mopane to Belladonna Lily Investments, Inc. (“Belladonna”),
whose terms of payments due were interest only, payable on unpaid principal at the rate of 6% per annum. Interest only payable in monthly
installments of $875, or more, on the 1st day of each month beginning on the 1st day of May 2024 and continuing until the 31st day of
March 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
|
X |
- DefinitionPurchase price of expected asset acquisition prior to consideration being transferred. Excludes business acquisition.
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