| Schedule of Notes Issued to Related Party |
The following is a summary of the balances
of related party notes assumed in the acquisition of Rental Home Portfolio Asset Acquisition as of December 31, 2019
| |
|
December 31 |
|
| |
|
2019 |
|
| Promissory note payable to Alexander Szkaradek, assumed for the acquisition of the assets (see Note 4), bears interest at 8% and matures on January 31, 2020 |
|
$ |
4,875 |
|
| Promissory note payable to Antoni Szkaradek, assumed for the acquisition of the assets (see Note 4), bears interest at 8% and matures on January 31, 2020 |
|
|
4,875 |
|
| Alexander Szkaradek, unsecured borrowings due upon demand, no stated interest rate |
|
|
600 |
|
| Antoni Szkaradek, $400 unsecured borrowings due upon demand, no stated interest rate and $205 bearing interest at 8% and is due on January 1, 2021 |
|
|
605 |
|
| Maria Szkaradek, bears interest at 8% and is due on June 30, 2021 |
|
|
25 |
|
| Total notes payable, related party |
|
|
10,980 |
|
| Less: current portion |
|
|
(10,750 |
) |
| Total non-current notes, related party |
|
$ |
230 |
|
The following is a summary of the balance of
related party notes as of December 31, 2018:
| |
|
December 31, |
|
| |
|
2018 |
|
| Series A notes |
|
$ |
13,603 |
|
| Series B notes |
|
|
31,564 |
|
| Total notes payable, related party |
|
|
45,167 |
|
| Less: discount on notes payable, related party |
|
|
(2,617 |
) |
| Notes payable, net of discount |
|
|
42,550 |
|
| Less: current portion |
|
|
(13,379 |
) |
| Total non-current notes, related party |
|
$ |
29,153 |
|
|
| Summary of Fair Value of Related Party Notes Assumed |
The following is a summary of the fair value
of the related party notes assumed is the acquisition of Rental Home Portfolio Asset Acquisition as of December 31, 2019.
| |
|
December 31, 2019 |
|
| |
|
Carrying Amount |
|
|
Fair
Value |
|
| Secured promissory notes |
|
$ |
1,221 |
|
|
$ |
1,230 |
|
|