Annual report pursuant to Section 13 and 15(d)

Asset Acquisition (Tables)

Asset Acquisition (Tables)
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Summary of Consideration for Acquisition of Benchmark

The following table summarizes the fair value of the consideration transferred for the acquisition of Rental Home Portfolio Assets:


Cash   $ 250  
Promissory notes payable, related party     9,750  
Assumed indebtedness     85,507  
Assumed indebtedness, related party     1,230  
Assumed legal settlements     1,240  
Common stock     15,385  
Series I non-convertible preferred stock     117,926  
Less: Cash received     (109 )
Restricted cash received (1)     (1,351 )
Consideration paid   $ 229,828  


(1)The Company is required to keep certain accounts at the issuing bank for one of the assumed notes payable for the i) aggregate amount of interest due and payable under all outstanding issuer notes on the next monthly payment date, and ii) the estimated costs and expenses related to the ownership, servicing, operation and maintenance of the purchased assets and iii) reserve for applicable tax liabilities, with cash balances temporarily restricted for regular business operations.

Schedule of Preliminary Purchase Price Allocation

The following table summarizes the acquisition date fair value of the purchase price allocation assigned to each major class of assets acquired and liabilities assumed as of December 30, 2019, the closing date for the Rental Home Portfolio Assets:


Single-home residential rental properties   $    
Land     48,264  
Buildings     181,564  
Total Assets Acquired     229,828  
Notes payable     85,507  
Notes payable, related party     1,230  
Legal settlements     1,240  
Total Liabilities Assumed     87,977  
Total consideration transferred   $ 141,851