American Housing REIT Inc.

CIK:0001506385|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental revenue	$ 515,730	$ 306,492	$ 949,757	$ 456,154
Other revenue	13,484	2,947	24,435	15,215
Total Revenue	529,214	309,439	974,192	471,369
Expenses:
Property Operating Expenses	209,040	68,972	382,088	79,528
General and administrative	131,282	71,476	388,716	71,476
Property management fees	24,483	21,196	60,741	29,750
Real estate taxes	94,471	37,902	103,036	59,486
Homeowners' association fees	7,537	7,127	16,323	11,853
Depreciation and amortization	96,991	88,875	184,670	186,841
Interest expense	203,373	73,446	350,698	73,446
Total expenses	767,177	368,994	1,486,272	512,380
Net loss	$ (237,963)	$ (59,555)	$ (512,080)	$ (41,011)
Net loss per share – Basic and Diluted	$ (0.37)	$ (0.25)	$ (0.81)	$ (0.32)
Weighted-average shares outstanding - Basic and Diluted	637,990	237,682	631,874	129,763

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net loss	$ (512,080)	$ (41,011)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	184,670	186,841
Amortization of deferred financing costs	117,064	0
Changes in operating assets and liabilities:
Rent and other receivables, net	42,022	(36,919)
Prepaid expense	(9,958)	110
Accounts payable and accrued expenses	(204,418)	167,474
Accrued management fees due to related party	120,000	60,000
Security deposits	50,586	111,675
Real estate tax payable	(40,830)	0
Prepaid rent	(23,941)	28,035
Net cash (used in) provided by operating activities	(276,885)	476,205
Investing activities
Escrow deposit activity	(415,349)	(572,408)
Loans to related parties	(132,598)	0
Purchase of land, building and improvements, and intangibles	(3,533,850)	(7,971,238)
Net cash used in investing activities	(4,081,797)	(8,543,646)
Financing activities
Proceeds from notes payable from majority shareholder	448,942	8,613,512
Proceeds from third party loan	5,000,000	0
Principal payments on third party loan	(16,667)	0
Loans repaid to related parties	(73,102)	0
Dividends paid to common shareholders	(310,491)	(69,850)
Payment of deferred financing costs	(478,521)	0
Net cash provided by financing activities	4,570,161	8,543,662
Net increase in cash and cash equivalents	211,479	476,221
Cash and cash equivalents - beginning of period	495,612	0
Cash and cash equivalents - end of period	707,091	476,221
Supplemental cash flow information:
Cash payments for interest	409,195	0
Noncash financing and investing activities:
Note payable to majority shareholder converted to common shares	$ 256,750	$ 3,050,218

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investment in real estate:
Land	$ 3,651,386	$ 3,077,106
Building and improvements	14,735,433	11,802,963
Investment in real estate, gross	18,386,819	14,880,069
Less: accumulated depreciation	(389,955)	(220,500)
Investment in real estate, net	17,996,864	14,659,569
Cash (includes $230,297 and $241,296 in restricted cash as of June 30, 2015 and December 31, 2014, respectively)	707,091	495,612
Escrow deposits	522,811	107,462
Prepaid expense	9,958	0
Rents and other receivables	91,158	133,180
Deferred financing costs	393,761	32,304
Intangible asset, net	14,420	2,535
Total assets	19,736,063	15,430,662
LIABILITIES:
Accounts payable and accrued expenses	113,185	317,603
Due to related parties, net	156,651	242,351
Security deposits	224,550	173,964
Real estate tax payable	180,927	221,757
Prepaid rent	0	23,941
Third party loan payable	4,983,333	0
Note payable to majority shareholder	8,091,243	7,899,051
Total liabilities	13,749,889	8,878,667
Stockholders' Equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	0	0
Common stock $0.01 par value, 100,000,000 shares authorized; 646,809 and 625,690 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	6,467	6,256
Additional paid-in capital	7,697,457	7,440,918
Accumulated deficit	(1,717,750)	(895,179)
Total stockholders’ equity	5,986,174	6,551,995
Total liabilities and stockholders' equity	$ 19,736,063	$ 15,430,662