Schedule of Deposits and Costs Coincident to Acquisition of Land for Development |
Deposits
and costs coincident to acquisition of land for development are summarized as follows:
Schedule of Deposits and Costs Coincident to Acquisition of Land for Development
| |
June 30, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Lacey Township, New Jersey, Pines contract: | |
| | | |
| | |
| |
| | | |
| | |
Cost to acquire contract | |
| 1,115,577 | | |
| 1,115,577 | |
Site engineering, permits, and other costs | |
| 597,722 | | |
| 364,066 | |
Deposit | |
| | | |
| | |
Total Pines contract | |
| 1,713,299 | | |
| 1,479,643 | |
| |
| | | |
| | |
Berkeley Township, New Jersey, Tallwoods contract: | |
| | | |
| | |
Deposit | |
| 10,000 | | |
| 10,000 | |
Site engineering, permits, and other costs | |
| 90,146 | | |
| 90,146 | |
Total Tallwoods contract | |
| 100,146 | | |
| 100,146 | |
| |
| | | |
| | |
Other Deposits and Costs Coincident to Acquisition of Land: | |
| | | |
| | |
Clayton, New Jersey - 112 apartments | |
| 2,479,205 | | |
| 2,457,085 | |
Louis Avenue, Bayville, New Jersey-17 units | |
| 493,701 | | |
| 408,271 | |
Berkeley Terrace – Bayville, New Jersey 70 units | |
| 2,450,944 | | |
| 2,506,990 | |
Station Dr – Forked River, New Jersey | |
| 99,032 | | |
| 99,032 | |
201 East Ave – Clayton, New Jersey – 63 units | |
| 112,491 | | |
| 148,624 | |
Gowdy Ave-Land | |
| 429,627 | | |
| 69,263 | |
Total other deposits | |
| 6,065,000 | | |
| 5,689,265 | |
| |
| | | |
| | |
Total | |
$ | 7,878,445 | | |
$ | 7,269,054 | |
|
Schedule Mortgages on Properties Held for Development |
Mortgages
on Properties Held for Development:
Schedule Mortgages on Properties Held for Development
| |
June 30, 2022 | | |
December 31, 2021 | |
Edisto Loan Fund, LLC | |
$ | 2,969,535 | | |
$ | 2,969,535 | |
Lynx Asset Services, LLC | |
| 1,760,936 | | |
| 1,725,000 | |
AC Development, LLC | |
| 450,000 | | |
| 450,000 | |
AVB Development | |
| 323,537 | | |
| 333,000 | |
Total mortgages payable | |
| 5,504,008 | | |
| 5,477,535 | |
Less current portion | |
| (2,969,535 | ) | |
| (2,969,535 | ) |
Long-term portion | |
$ | 2,534,473 | | |
$ | 2,508,000 | |
|