| | |
Price Per
Share to Public |
| |
Proceeds to
Company(1) |
| ||||||
Per Offered Share
|
| | | $ | | | | | | $ | | | |
Maximum Offering Amount
|
| | | $ | 50,000,000 | | | | | $ | | | |
| | | | | 1 | | | |
| | | | | 7 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 23 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 56 | | | |
| | | | | 58 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 66 | | | |
| | | | | 69 | | | |
| | | | | 70 | | | |
| | | | | 74 | | | |
| | | | | 76 | | | |
| | | | | 78 | | | |
| | | | | 79 | | | |
| | | | | 79 | | | |
| | | | | F-1 | | | |
| | | | | III-1 | | | |
| | | | | III-2 | | |
| |
Year Ended
December 31, |
| ||||||||||
| | |
2017
|
| |
2016
|
| ||||||
Consolidated Results | | | | | | | | | | | | | |
Total AUM Rollforward – @ Fair Value
|
| | | | | | | | | | | | |
Balance, Beginning
|
| | | $ | 204,112,874 | | | | | $ | 111,890,745 | | |
Assets Acquired
|
| | | | 17,943,621 | | | | | | 66,747,434 | | |
Construction/Renovation
|
| | | | 25,421,170 | | | | | | 20,132,087 | | |
Market Appreciation/(Depreciation)
|
| | | | 42,339,202 | | | | | | 8,958,908 | | |
Assets Sold
|
| | | | (11,244,681) | | | | | | (3,616,300) | | |
Balance, End
|
| | | $ | 278,572,186 | | | | | $ | 204,112,874 | | |
|
On Basis of Full Conversion of Issued Instruments
|
| |
$50 Million
Raise |
| |||
Price per share
|
| | | $ | | | |
Shares issued
|
| |
|
| |||
Capital raised
|
| | | $ | | | |
Less: Estimated offering costs
|
| | | $ | ( ) | | |
Net Offering Proceeds
|
| | | $ | | | |
Net tangible book value pre-offering(1)
|
| | | $ | | | |
Net tangible book value post-offering
|
| | | $ | | | |
Shares issued and outstanding pre-offering assuming full conversion(2)
|
| |
|
| |||
Post-offering shares issued and outstanding
|
| |
|
| |||
Net tangible book value per share prior to offering(1)(2)
|
| | | $ | | | |
Increase/(Decrease) per share attributable to new investors
|
| | | $ | | | |
Net tangible book value per share after offering
|
| | | $ | | | |
Dilution per share to new investors ($)
|
| | | $ | | | |
Dilution per share to new investors (%)
|
| | | | % | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average
Price Per Share |
| |||||||||||||||||||||
Assuming Shares Sold:
|
| |
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| ||||||||||||||||||
Existing Caliber Stockholders(1)
|
| | | | 27,346,874 | | | | | | 100.0% | | | | | $ | 11,235,444 | | | | | | 100.0% | | | | | $ | 0.37 | | |
New Caliber Common Stockholders(2)
|
| |
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||||
Total
|
| |
|
| | |
|
100.0%
|
| | | | $ | | | | | | % | | | | | | | | |
| | | | | |
As of December 31, 2017
|
| |||||||||||||||
Fund Name
|
| |
Fund Inception
Date |
| |
Contributed
Capital, Net(1) |
| |
Investments, at
Cost(2) |
| |
Investments, at
Fair Value(3) |
| |||||||||
Hospitality: | | | | | | | | | | | | | | | | | | | | | | |
CHPH, LLC (“CHPH”)
|
| | October 2012 | | | | $ | 10,439,740 | | | | | $ | 23,450,624 | | | | | $ | 28,500,000 | | |
Indian Bend Hotel Group, LLC (“IBHG”)
|
| | September 2014 | | | | | 4,225,842 | | | | | | 11,292,069 | | | | | | 15,500,000 | | |
44th & McDowell Hotel Group, LLC (“44th”)
|
| | May 2015 | | | | | 8,644,646 | | | | | | 22,141,065 | | | | | | 25,000,000 | | |
Tucson East, LLC (“Tucson East”)
|
| | May 2016 | | | | | 8,453,175 | | | | | | 19,358,021 | | | | | | 23,000,000 | | |
47th Street Phoenix Fund, LLC (“47th Street”)
|
| | October 2016 | | | | | 12,370,223 | | | | | | 36,084,876 | | | | | | 44,600,000 | | |
SF Alaska, LP (“Salmon Falls”)
|
| | August 2015 | | | | | 5,026,658 | | | | | | 10,216,132 | | | | | | 10,300,000 | | |
Edgewater Hotel Group, LLC (“Edgewater”)
|
| | October 2015 | | | | | 1,754,727 | | | | | | 2,786,722 | | | | | | 2,800,000 | | |
| | | | | | | | 50,915,011 | | | | | | 125,329,509 | | | | | | 149,700,000 | | |
Residential: | | | | | | | | |||||||||||||||
GC Square, LLC (“GC Square”)
|
| | September 2015 | | | | | 6,242,570 | | | | | | 10,265,038 | | | | | | 16,480,000 | | |
Palms Weekly Portfolio, LP (“Palms”)
|
| | July 2016 | | | | | 6,451,000 | | | | | | 14,998,484 | | | | | | 16,000,000 | | |
South Mountain Square, LLC (“SMS”)
|
| | June 2012 | | | | | — | | | | | | 4,362,800 | | | | | | 8,000,000 | | |
Circle Lofts, LLC (“Eclipse”)
|
| | November 2016 | | | | | 2,122,600 | | | | | | 4,596,927 | | | | | | 8,200,000 | | |
The Roosevelt I, LLC (“Roosevelt”)
|
| | January 2016 | | | | | 2,293,832 | | | | | | 4,184,150 | | | | | | 4,724,000 | | |
CDIF Sunrise, LLC (“Treehouse”)
|
| | April 2014 | | | | | 7,727,619 | | | | | | 12,703,228 | | | | | | 14,100,000 | | |
MV Square, LLC (“Mountain View”)
|
| | September 2013 | | | | | 1,342,163 | | | | | | 2,443,901 | | | | | | 3,600,000 | | |
Caliber Residential Advantage Fund, LP (“CRAF”)
|
| | August 2016 | | | | | 2,528,040 | | | | | | 2,371,764 | | | | | | 3,035,000 | | |
| | | | | | | | 28,707,825 | | | | | | 55,926,292 | | | | | | 74,139,000 | | |
|
| | | | | |
As of December 31, 2017
|
| | | | |||||||||||||||||||||
Fund Name
|
| |
Fund Inception
Date |
| |
Contributed
Capital, Net(1) |
| |
Investments, at
Cost(2) |
| |
Investments, at
Fair Value(3) |
| | | | |||||||||||||||
Commercial: | | | | | | | | | | | |||||||||||||||||||||
SIP Coffee & Beer Kitchen, LLC (“Sip”)
|
| | February 2017 | | | | | 394,286 | | | | | | — | | | | | | 394,286 | | | | | | ||||||
AZ24HR Storage Kingman, LLC (“Kingman”)
|
| | December 2016 | | | | | 46,025 | | | | | | 527,397 | | | | | | 675,000 | | | | | | ||||||
1040 N VIP Blvd, LLC (“VIP”)
|
| | December 2015 | | | | | 1,796,505 | | | | | | 1,632,004 | | | | | | 1,700,000 | | | | | | ||||||
1601 Athol Ave, LLC (“Athol”)
|
| | December 2015 | | | | | 691,000 | | | | | | 1,235,024 | | | | | | 1,250,000 | | | | | | ||||||
Logan Airport Storage, LLC (“Logan”)
|
| | February 2016 | | | | | 100,000 | | | | | | 1,810,253 | | | | | | 1,821,000 | | | | | | ||||||
CDIF Baywood, LLC (“Baywood”)
|
| | December 2013 | | | | | 173,062 | | | | | | 173,062 | | | | | | 935,000 | | | | | | ||||||
CH Mesa Holdings, LLC (“Mesa”)
|
| | July 2017 | | | | | 3,067,671 | | | | | | 8,132,407 | | | | | | 10,989,000 | | | | | | ||||||
J-25 Johnstown Holdings, LLC (“J-25”)
|
| | May 2017 | | | | | 2,263,708 | | | | | | 3,637,629 | | | | | | 15,000,000 | | | | | | ||||||
Fiesta Tech Owners, LLC (“Fiesta Tech”)
|
| | March 2016 | | | | | 1,776,000 | | | | | | 4,860,928 | | | | | | 5,800,000 | | | | | | | | | | | |
| | | | | | | | 10,308,258 | | | | | | 22,008,704 | | | | | | 38,564,286 | | | | | | ||||||
Total Funds
|
| | | | | | $ | 89,931,094 | | | | | $ | 203,264,505 | | | | | $ | 262,403,286 | | | | | | ||||||
|
Non-Fund Assets
|
| | | | | | | | | | | | | | | | | | | | | | | ||
Residential: | | | | | | | | | | | | | | | | | | | | | | | | ||
Caliber Auction Homes, LLC
|
| | | | | | | — | | | | | | 9,900,736 | | | | | | 12,668,900 | | | | ||
Saddleback Ranch, LLC (“Saddleback”)
|
| | | | | | | — | | | | | | 1,014,424 | | | | | | 3,500,000 | | | | | |
Total Assets Under Management
|
| | | | | | $ | 89,931,094 | | | | | $ | 214,179,665 | | | | | $ | 278,572,186 | | | | ||
|
| | | | | |
As of December 31, 2017
|
| |||||||||||||||
Fund Name
|
| |
Fund Inception
Date |
| |
Contributed
Capital, Net(1) |
| |
Investments, at
Cost(2) |
| |
Investments, at
Fair Value(3) |
| |||||||||
Diversified: | | | | | | | | | | | | | | | | | | | | | | |
CDIF, LLC (“CDIF”)
|
| | May 2013 | | | | | 26,161,745 | | | | | | 36,403,419 | | | | | | 70,230,000 | | |
Caliber Diversified Opportunity Fund II, LP (“CDOF II”)
|
| | June 2017 | | | | | 8,579,222 | | | | | | 8,329,569 | | | | | | 10,480,000 | | |
Caliber Fixed Income Fund, LLC (“CFIF”)(4)
|
| | March 2014 | | | | | — | | | | | | — | | | | | | — | | |
Caliber Fixed Income Fund II, LLC (“CFIF II”)
|
| | April 2015 | | | | | 11,228,321 | | | | | | 11,171,784 | | | | | | 11,170,000 | | |
| | | | | | | | 45,969,288 | | | | | | 55,904,772 | | | | | | 91,880,000 | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Total revenues
|
| | | $ | 37,027,074 | | | | | $ | 36,054,818 | | | | | $ | 972,256 | | | | | | 2.7% | | |
Total expenses
|
| | | | 35,097,535 | | | | | | 32,976,560 | | | | | | 2,120,975 | | | | | | 6.4% | | |
Operating Income
|
| | | | 1,929,539 | | | | | | 3,078,258 | | | | | | (1,148,719) | | | | | | -37.3% | | |
Total other expenses, net
|
| | | | 5,821,669 | | | | | | 5,268,662 | | | | | | 553,007 | | | | | | 10.5% | | |
Net Loss Before Income Taxes
|
| | | | (3,892,130) | | | | | | (2,190,404) | | | | | | (1,701,726) | | | | | | 77.7% | | |
Provision for (benefit from) income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.0% | | |
Net Loss
|
| | | | (3,892,130) | | | | | | (2,190,404) | | | | | | (1,701,726) | | | | | | 77.7% | | |
Net (loss) income attributable to noncontrolling interests
|
| | | | (2,083,288) | | | | | | 1,697,467 | | | | | | (3,780,755) | | | | | | -222.7% | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | $ | (1,808,842) | | | | | $ | (3,887,871) | | | | | $ | 2,079,029 | | | | | | -53.5% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Total revenues
|
| | | $ | 67,434,136 | | | | | $ | 39,653,640 | | | | | $ | 27,780,496 | | | | | | 70.1% | | |
Total expenses
|
| | | | 64,406,446 | | | | | | 41,162,248 | | | | | | 23,244,198 | | | | | | 56.5% | | |
Operating Income
|
| | | | 3,027,690 | | | | | | (1,508,608) | | | | | | 4,536,298 | | | | | | -300.7% | | |
Total other expenses, net
|
| | | | 11,533,274 | | | | | | 8,844,098 | | | | | | 2,689,176 | | | | | | 30.4% | | |
Net Loss Before Income Taxes
|
| | | | (8,505,584) | | | | | | (10,352,706) | | | | | | 1,847,122 | | | | | | -17.8% | | |
Provision for (benefit from) income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.0% | | |
Net Loss
|
| | | | (8,505,584) | | | | | | (10,352,706) | | | | | | 1,847,122 | | | | | | -17.8% | | |
Net loss attributable to noncontrolling interests
|
| | | | (5,802,121) | | | | | | (7,441,601) | | | | | | 1,639,480 | | | | | | -22.0% | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | $ | (2,703,463) | | | | | $ | (2,911,105) | | | | | $ | 207,642 | | | | | | -7.1% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund management
|
| | | $ | 2,562,866 | | | | | $ | 1,017,978 | | | | | $ | 1,544,888 | | | | | | 151.8% | | |
Other
|
| | | | — | | | | | | 3 | | | | | | (3) | | | | | | -100.0% | | |
Total revenues
|
| | | | 2,562,866 | | | | | | 1,017,981 | | | | | | 1,544,885 | | | | | | 151.8% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 2,966,636 | | | | | | 1,521,107 | | | | | | 1,445,529 | | | | | | 95.0% | | |
General and administrative
|
| | | | 990,065 | | | | | | 921,132 | | | | | | 68,933 | | | | | | 7.5% | | |
Marketing and advertising
|
| | | | 265,561 | | | | | | 161,363 | | | | | | 104,198 | | | | | | 64.6% | | |
Depreciation
|
| | | | 53,006 | | | | | | 53,943 | | | | | | (937) | | | | | | -1.7% | | |
Total expenses
|
| | | | 4,275,268 | | | | | | 2,657,545 | | | | | | 1,617,723 | | | | | | 60.9% | | |
Operating Loss
|
| | | | (1,712,402) | | | | | | (1,639,564) | | | | | | (72,838) | | | | | | 4.4% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | (53,450) | | | | | | — | | | | | | (53,450) | | | | | | 100.0% | | |
Interest income
|
| | | | — | | | | | | (3,106) | | | | | | 3,106 | | | | | | -100.0% | | |
Interest expense
|
| | | | 499,646 | | | | | | 744,818 | | | | | | (245,172) | | | | | | -32.9% | | |
Total other expenses, net
|
| | | | 446,196 | | | | | | 741,712 | | | | | | (295,516) | | | | | | -39.8% | | |
Net Loss
|
| | | $ | (2,158,598) | | | | | $ | (2,381,276) | | | | | $ | 222,678 | | | | | | -9.4% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction and development
|
| | | $ | 6,886,173 | | | | | $ | 6,391,566 | | | | | $ | 494,607 | | | | | | 7.7% | | |
Other
|
| | | | 6,747 | | | | | | 1,868 | | | | | | 4,879 | | | | | | 261.2% | | |
Total revenues
|
| | | | 6,892,920 | | | | | | 6,393,434 | | | | | | 499,486 | | | | | | 7.8% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – construction/development
|
| | | | 6,468,121 | | | | | | 6,056,243 | | | | | | 411,878 | | | | | | 6.8% | | |
Operating costs
|
| | | | 285,453 | | | | | | 458,725 | | | | | | (173,272) | | | | | | -37.8% | | |
General and administrative
|
| | | | 14,268 | | | | | | 23,134 | | | | | | (8,866) | | | | | | -38.3% | | |
Marketing and advertising
|
| | | | 7,523 | | | | | | 1,027 | | | | | | 6,496 | | | | | | 632.5% | | |
Depreciation
|
| | | | | | | | | | | | | | | | — | | | | | | 100.0% | | |
Total expenses
|
| | | | 6,775,365 | | | | | | 6,539,129 | | | | | | 236,236 | | | | | | 3.6% | | |
Net Income (Loss)
|
| | | $ | 117,555 | | | | | $ | (145,695) | | | | | $ | 263,250 | | | | | | -180.7% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | — | | | | | $ | 4,453 | | | | | $ | (4,453) | | | | | | -100.0% | | |
Property management
|
| | | | 250,409 | | | | | | 289,003 | | | | | | (38,594) | | | | | | -13.4% | | |
Other
|
| | | | 43,519 | | | | | | 60,015 | | | | | | (16,496) | | | | | | -27.5% | | |
Total revenues
|
| | | | 293,928 | | | | | | 353,471 | | | | | | (59,543) | | | | | | -16.8% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 137,094 | | | | | | 251,378 | | | | | | (114,284) | | | | | | -45.5% | | |
General and administrative
|
| | | | 23,404 | | | | | | 62,846 | | | | | | (39,442) | | | | | | -62.8% | | |
Marketing and advertising
|
| | | | 11,668 | | | | | | 2,252 | | | | | | 9,416 | | | | | | 418.1% | | |
Management fees
|
| | | | 925 | | | | | | 575 | | | | | | 350 | | | | | | 60.9% | | |
Total expenses
|
| | | | 173,091 | | | | | | 317,051 | | | | | | (143,960) | | | | | | -45.4% | | |
Net Income
|
| | | $ | 120,837 | | | | | $ | 36,420 | | | | | $ | 84,417 | | | | | | 231.8% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Brokerage
|
| | | $ | 1,000,492 | | | | | $ | 1,037,100 | | | | | $ | (36,608) | | | | | | -3.5% | | |
Total revenues
|
| | | | 1,000,492 | | | | | | 1,037,100 | | | | | | (36,608) | | | | | | -3.5% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – brokerage
|
| | | | 591,453 | | | | | | 768,776 | | | | | | (177,323) | | | | | | -23.1% | | |
Operating costs
|
| | | | 46,789 | | | | | | 73,767 | | | | | | (26,978) | | | | | | -36.6% | | |
General and administrative
|
| | | | 40,686 | | | | | | 93,121 | | | | | | (52,435) | | | | | | -56.3% | | |
Marketing and advertising
|
| | | | 27,377 | | | | | | 32,091 | | | | | | (4,714) | | | | | | -14.7% | | |
Total expenses
|
| | | | 706,305 | | | | | | 967,755 | | | | | | (261,450) | | | | | | -27.0% | | |
Operating Income
|
| | | | 294,187 | | | | | | 69,345 | | | | | | 224,842 | | | | | | 324.2% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | 903 | | | | | | 329 | | | | | | 574 | | | | | | 174.5% | | |
Total other expenses, net
|
| | | | 903 | | | | | | 329 | | | | | | 574 | | | | | | 174.5% | | |
Net Income
|
| | | $ | 293,284 | | | | | $ | 69,016 | | | | | $ | 224,268 | | | | | | 325.0% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Hospitality
|
| | | $ | 27,050,571 | | | | | $ | 27,037,524 | | | | | $ | 13,047 | | | | | | 0.0% | | |
Total revenues
|
| | | | 27,050,571 | | | | | | 27,037,524 | | | | | | 13,047 | | | | | | 0.0% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | 9,494,557 | | | | | | 9,499,602 | | | | | | (5,045) | | | | | | -0.1% | | |
Operating costs
|
| | | | 4,620,209 | | | | | | 4,899,483 | | | | | | (279,274) | | | | | | -5.7% | | |
General and administrative
|
| | | | 1,700,673 | | | | | | 1,482,190 | | | | | | 218,483 | | | | | | 14.7% | | |
Marketing and advertising
|
| | | | 1,852,500 | | | | | | 1,828,219 | | | | | | 24,281 | | | | | | 1.3% | | |
Franchise fees
|
| | | | 1,962,388 | | | | | | 1,909,386 | | | | | | 53,002 | | | | | | 2.8% | | |
Management fees
|
| | | | 936,878 | | | | | | 978,099 | | | | | | (41,221) | | | | | | -4.2% | | |
Depreciation
|
| | | | 3,243,160 | | | | | | 2,515,684 | | | | | | 727,476 | | | | | | 28.9% | | |
Total expenses
|
| | | | 23,810,365 | | | | | | 23,112,663 | | | | | | 697,702 | | | | | | 3.0% | | |
Operating Income
|
| | | | 3,240,206 | | | | | | 3,924,861 | | | | | | (684,655) | | | | | | -17.4% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 1,163,655 | | | | | | 646,251 | | | | | | 517,404 | | | | | | 80.1% | | |
Interest income
|
| | | | (39,868) | | | | | | — | | | | | | (39,868) | | | | | | 100.0% | | |
Interest expense
|
| | | | 4,910,859 | | | | | | 3,377,140 | | | | | | 1,533,719 | | | | | | 45.4% | | |
Total other expenses, net
|
| | | | 6,034,646 | | | | | | 4,023,391 | | | | | | 2,011,255 | | | | | | 50.0% | | |
Net Loss
|
| | | $ | (2,794,440) | | | | | $ | (98,530) | | | | | $ | (2,695,910) | | | | | | 2736.1% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate sales
|
| | | $ | 3,714,200 | | | | | $ | 4,115,970 | | | | | $ | (401,770) | | | | | | -9.8% | | |
Rental income
|
| | | | 3,927,555 | | | | | | 3,591,588 | | | | | | 335,967 | | | | | | 9.4% | | |
Property management
|
| | | | 23,845 | | | | | | 5,611 | | | | | | 18,234 | | | | | | 325.0% | | |
Other
|
| | | | 13,671 | | | | | | 21,674 | | | | | | (8,003) | | | | | | -36.9% | | |
Total revenues
|
| | | | 7,679,271 | | | | | | 7,734,843 | | | | | | (55,572) | | | | | | -0.7% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – real estate
|
| | | | 3,344,740 | | | | | | 3,872,524 | | | | | | (527,784) | | | | | | -13.6% | | |
Operating costs
|
| | | | 2,051,054 | | | | | | 1,998,941 | | | | | | 52,113 | | | | | | 2.6% | | |
General and administrative
|
| | | | 244,566 | | | | | | 178,201 | | | | | | 66,365 | | | | | | 37.2% | | |
Marketing and advertising
|
| | | | 132,780 | | | | | | 58,539 | | | | | | 74,241 | | | | | | 126.8% | | |
Management fees
|
| | | | 190,132 | | | | | | 169,272 | | | | | | 20,860 | | | | | | 12.3% | | |
Depreciation
|
| | | | 1,012,472 | | | | | | 914,323 | | | | | | 98,149 | | | | | | 10.7% | | |
Total expenses
|
| | | | 6,975,744 | | | | | | 7,191,800 | | | | | | (216,056) | | | | | | -3.0% | | |
Operating Income
|
| | | | 703,527 | | | | | | 543,043 | | | | | | 160,484 | | | | | | 29.6% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | (694,550) | | | | | | 109,301 | | | | | | (803,851) | | | | | | -735.4% | | |
Interest income
|
| | | | (19,115) | | | | | | (19,449) | | | | | | 334 | | | | | | -1.7% | | |
Impairment
|
| | | | 38,125 | | | | | | — | | | | | | 38,125 | | | | | | 100.0% | | |
Interest expense
|
| | | | 1,480,700 | | | | | | 1,370,227 | | | | | | 110,473 | | | | | | 8.1% | | |
Total other expenses, net
|
| | | | 805,160 | | | | | | 1,460,079 | | | | | | (654,919) | | | | | | -44.9% | | |
Net Loss
|
| | | $ | (101,633) | | | | | $ | (917,036) | | | | | $ | 815,403 | | | | | | -88.9% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate sales
|
| | | $ | 922,000 | | | | | $ | 385,242 | | | | | $ | 536,758 | | | | | | 139.3% | | |
Rental income
|
| | | | 500,904 | | | | | | 491,863 | | | | | | 9,041 | | | | | | 1.8% | | |
Other
|
| | | | 6 | | | | | | 19,794 | | | | | | (19,788) | | | | | | -100.0% | | |
Total revenues
|
| | | | 1,422,910 | | | | | | 896,899 | | | | | | 526,011 | | | | | | 58.6% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – real estate
|
| | | | 195,023 | | | | | | 112,611 | | | | | | 82,412 | | | | | | 73.2% | | |
Operating costs
|
| | | | 285,100 | | | | | | 172,626 | | | | | | 112,474 | | | | | | 65.2% | | |
General and administrative
|
| | | | 141,973 | | | | | | 174,827 | | | | | | (32,854) | | | | | | -18.8% | | |
Marketing and advertising
|
| | | | 11,406 | | | | | | 40,073 | | | | | | (28,667) | | | | | | -71.5% | | |
Management fees
|
| | | | 87,870 | | | | | | 83,612 | | | | | | 4,258 | | | | | | 5.1% | | |
Depreciation
|
| | | | 121,710 | | | | | | 66,212 | | | | | | 55,498 | | | | | | 83.8% | | |
Total expenses
|
| | | | 843,082 | | | | | | 649,961 | | | | | | 193,121 | | | | | | 29.7% | | |
Operating Income
|
| | | | 579,828 | | | | | | 246,938 | | | | | | 332,890 | | | | | | 134.8% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 27,450 | | | | | | 37,504 | | | | | | (10,054) | | | | | | -26.8% | | |
Interest expense
|
| | | | 639,501 | | | | | | 242,437 | | | | | | 397,064 | | | | | | 163.8% | | |
Total other expenses, net
|
| | | | 666,951 | | | | | | 279,941 | | | | | | 387,010 | | | | | | 138.2% | | |
Net Loss
|
| | | $ | (87,123) | | | | | $ | (33,003) | | | | | $ | (54,120) | | | | | | 164.0% | | |
|
| | |
Six Months Ended June 30,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund management
|
| | | $ | — | | | | | $ | 30,000 | | | | | $ | (30,000) | | | | | | -100.0% | | |
Total revenues
|
| | | | — | | | | | | 30,000 | | | | | | (30,000) | | | | | | -100.0% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 620,795 | | | | | | 7,649 | | | | | | 613,146 | | | | | | 8016.0% | | |
General and administrative
|
| | | | 292,413 | | | | | | 75,649 | | | | | | 216,764 | | | | | | 286.5% | | |
Marketing and advertising
|
| | | | 25,698 | | | | | | 7,279 | | | | | | 18,419 | | | | | | 253.0% | | |
Management fees
|
| | | | 345,559 | | | | | | 288,547 | | | | | | 57,012 | | | | | | 19.8% | | |
Total expenses
|
| | | | 1,284,465 | | | | | | 379,124 | | | | | | 905,341 | | | | | | 238.8% | | |
Operating Loss
|
| | | | (1,284,465) | | | | | | (349,124) | | | | | | (935,341) | | | | | | 267.9% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from investments
|
| | | | (588,034) | | | | | | (312,777) | | | | | | (275,257) | | | | | | 88.0% | | |
Interest income
|
| | | | (1,128,710) | | | | | | (728,746) | | | | | | (399,964) | | | | | | 54.9% | | |
Interest expense
|
| | | | 1,187,189 | | | | | | 1,289,739 | | | | | | (102,550) | | | | | | -8.0% | | |
Total other expenses, net
|
| | | | (529,555) | | | | | | 248,216 | | | | | | (777,771) | | | | | | -313.3% | | |
Net Loss
|
| | | $ | (754,910) | | | | | $ | (597,340) | | | | | $ | (157,570) | | | | | | 26.4% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund management
|
| | | $ | 3,453,453 | | | | | $ | 2,285,399 | | | | | $ | 1,168,054 | | | | | | 51.1% | | |
Capital raise fees
|
| | | | 544,312 | | | | | | 831,685 | | | | | | (287,373) | | | | | | -34.6% | | |
Other
|
| | | | — | | | | | | 104,000 | | | | | | (104,000) | | | | | | -100.0% | | |
Total revenues
|
| | | | 3,997,765 | | | | | | 3,221,084 | | | | | | 776,681 | | | | | | 24.1% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 453,396 | | | | | | 237,564 | | | | | | 215,832 | | | | | | 90.9% | | |
General and administrative
|
| | | | 5,058,814 | | | | | | 4,447,216 | | | | | | 611,598 | | | | | | 13.8% | | |
Marketing and advertising
|
| | | | 272,402 | | | | | | 368,756 | | | | | | (96,354) | | | | | | -26.1% | | |
Depreciation
|
| | | | 98,365 | | | | | | 106,989 | | | | | | (8,624) | | | | | | -8.1% | | |
Total expenses
|
| | | | 5,882,977 | | | | | | 5,160,525 | | | | | | 722,452 | | | | | | 14.0% | | |
Operating Loss
|
| | | | (1,885,212) | | | | | | (1,939,441) | | | | | | 54,229 | | | | | | -2.8% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 152,498 | | | | | | (615) | | | | | | 153,113 | | | | | | -24896.4% | | |
Interest income
|
| | | | (856) | | | | | | (34,841) | | | | | | 33,985 | | | | | | -97.5% | | |
Interest expense
|
| | | | 1,463,763 | | | | | | 1,317,158 | | | | | | 146,605 | | | | | | 11.1% | | |
Total other expenses, net
|
| | | | 1,615,405 | | | | | | 1,281,702 | | | | | | 333,703 | | | | | | 26.0% | | |
Net Loss
|
| | | $ | (3,500,617) | | | | | $ | (3,221,143) | | | | | $ | (279,474) | | | | | | 8.7% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction and development
|
| | | $ | 20,565,534 | | | | | $ | 11,647,019 | | | | | $ | 8,918,515 | | | | | | 76.6% | | |
Total revenues
|
| | | | 20,565,534 | | | | | | 11,647,019 | | | | | | 8,918,515 | | | | | | 76.6% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – construction/development
|
| | | | 18,622,858 | | | | | | 9,851,862 | | | | | | 8,770,996 | | | | | | 89.0% | | |
Operating costs
|
| | | | 543,337 | | | | | | 922,858 | | | | | | (379,521) | | | | | | -41.1% | | |
General and administrative
|
| | | | 35,609 | | | | | | 15,794 | | | | | | 19,815 | | | | | | 125.5% | | |
Marketing and advertising
|
| | | | 8,904 | | | | | | 400 | | | | | | 8,504 | | | | | | 2126.0% | | |
Depreciation
|
| | | | — | | | | | | 1,621 | | | | | | (1,621) | | | | | | -100.0% | | |
Total expenses
|
| | | | 19,210,708 | | | | | | 10,792,535 | | | | | | 8,418,173 | | | | | | 78.0% | | |
Operating Income
|
| | | | 1,354,826 | | | | | | 854,484 | | | | | | 500,342 | | | | | | 58.6% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 9,718 | | | | | | (1,619) | | | | | | 11,337 | | | | | | -700.2% | | |
Total other expenses, net
|
| | | | 9,718 | | | | | | (1,619) | | | | | | 11,337 | | | | | | -700.2% | | |
Net Income
|
| | | $ | 1,345,108 | | | | | $ | 856,103 | | | | | $ | 489,005 | | | | | | 57.1% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Property management
|
| | | $ | 700,870 | | | | | $ | 609,551 | | | | | $ | 91,319 | | | | | | 15.0% | | |
Total revenues
|
| | | | 700,870 | | | | | | 609,551 | | | | | | 91,319 | | | | | | 15.0% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 677,813 | | | | | | 629,430 | | | | | | 48,383 | | | | | | 7.7% | | |
General and administrative
|
| | | | 87,483 | | | | | | 24,987 | | | | | | 62,496 | | | | | | 250.1% | | |
Marketing and advertising
|
| | | | — | | | | | | 3,137 | | | | | | (3,137) | | | | | | -100.0% | | |
Management fees
|
| | | | 880 | | | | | | — | | | | | | 880 | | | | | | 100.0% | | |
Total expenses
|
| | | | 766,176 | | | | | | 657,554 | | | | | | 108,622 | | | | | | 16.5% | | |
Operating Loss
|
| | | | (65,306) | | | | | | (48,003) | | | | | | (17,303) | | | | | | 36.0% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | — | | | | | | 449 | | | | | | (449) | | | | | | -100.0% | | |
Total other expenses, net
|
| | | | — | | | | | | 449 | | | | | | (449) | | | | | | -100.0% | | |
Net Loss
|
| | | $ | (65,306) | | | | | $ | (48,452) | | | | | $ | (16,854) | | | | | | 34.8% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Brokerage
|
| | | $ | 1,860,411 | | | | | $ | 2,725,377 | | | | | $ | (864,966) | | | | | | -31.7% | | |
Total revenues
|
| | | | 1,860,411 | | | | | | 2,725,377 | | | | | | (864,966) | | | | | | -31.7% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – brokerage
|
| | | | 1,445,458 | | | | | | 1,272,185 | | | | | | 173,273 | | | | | | 13.6% | | |
Operating costs
|
| | | | 15,748 | | | | | | 34,116 | | | | | | (18,368) | | | | | | -53.8% | | |
General and administrative
|
| | | | 124,385 | | | | | | 35,000 | | | | | | 89,385 | | | | | | 255.4% | | |
Marketing and advertising
|
| | | | 60,003 | | | | | | — | | | | | | 60,003 | | | | | | 100.0% | | |
Total expenses
|
| | | | 1,645,594 | | | | | | 1,341,301 | | | | | | 304,293 | | | | | | 22.7% | | |
Operating Income
|
| | | | 214,817 | | | | | | 1,384,076 | | | | | | (1,169,259) | | | | | | -84.5% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | 3,478 | | | | | | — | | | | | | 3,478 | | | | | | 100.0% | | |
Total other expenses, net
|
| | | | 3,478 | | | | | | — | | | | | | 3,478 | | | | | | 100.0% | | |
Net Income
|
| | | $ | 211,339 | | | | | $ | 1,384,076 | | | | | $ | (1,172,737) | | | | | | -84.7% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Hospitality
|
| | | $ | 46,283,522 | | | | | $ | 29,747,361 | | | | | $ | 16,536,161 | | | | | | 55.6% | | |
Total revenues
|
| | | | 46,283,522 | | | | | | 29,747,361 | | | | | | 16,536,161 | | | | | | 55.6% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | 18,185,547 | | | | | | 12,068,190 | | | | | | 6,117,357 | | | | | | 50.7% | | |
Operating costs
|
| | | | 7,545,355 | | | | | | 5,572,973 | | | | | | 1,972,382 | | | | | | 35.4% | | |
General and administrative
|
| | | | 5,110,525 | | | | | | 3,520,652 | | | | | | 1,589,873 | | | | | | 45.2% | | |
Marketing and advertising
|
| | | | 3,398,913 | | | | | | 2,373,757 | | | | | | 1,025,156 | | | | | | 43.2% | | |
Franchise fees
|
| | | | 3,067,828 | | | | | | 1,886,930 | | | | | | 1,180,898 | | | | | | 62.6% | | |
Management fees
|
| | | | 2,498,623 | | | | | | 1,970,662 | | | | | | 527,961 | | | | | | 26.8% | | |
Depreciation
|
| | | | 5,518,624 | | | | | | 3,598,640 | | | | | | 1,919,984 | | | | | | 53.4% | | |
Total expenses
|
| | | | 45,325,415 | | | | | | 30,991,804 | | | | | | 14,333,611 | | | | | | 46.2% | | |
Operating Income (Loss)
|
| | | | 958,107 | | | | | | (1,244,443) | | | | | | 2,202,550 | | | | | | -177.0% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 532,391 | | | | | | 362,548 | | | | | | 169,843 | | | | | | 46.8% | | |
Interest income
|
| | | | — | | | | | | (13,622) | | | | | | 13,622 | | | | | | -100.0% | | |
(Gain) loss from disposal/damage, net
|
| | | | | | | | | | (220) | | | | | | 220 | | | | | | -100.0% | | |
Interest expense
|
| | | | 7,786,175 | | | | | | 4,262,497 | | | | | | 3,523,678 | | | | | | 82.7% | | |
Total other expenses, net
|
| | | | 8,318,566 | | | | | | 4,611,203 | | | | | | 3,707,363 | | | | | | 80.4% | | |
Net Loss
|
| | | $ | (7,360,459) | | | | | $ | (5,855,646) | | | | | $ | (1,504,813) | | | | | | 25.7% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate sales
|
| | | $ | 10,892,470 | | | | | $ | 3,102,800 | | | | | $ | 7,789,670 | | | | | | 251.1% | | |
Rental income
|
| | | | 7,613,774 | | | | | | 4,090,164 | | | | | | 3,523,610 | | | | | | 86.1% | | |
Total revenues
|
| | | | 18,506,244 | | | | | | 7,192,964 | | | | | | 11,313,280 | | | | | | 157.3% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – real estate
|
| | | | 8,621,964 | | | | | | 3,198,400 | | | | | | 5,423,564 | | | | | | 169.6% | | |
Operating costs
|
| | | | 4,218,934 | | | | | | 2,801,741 | | | | | | 1,417,193 | | | | | | 50.6% | | |
General and administrative
|
| | | | 609,122 | | | | | | 243,867 | | | | | | 365,255 | | | | | | 149.8% | | |
Marketing and advertising
|
| | | | 158,075 | | | | | | 63,334 | | | | | | 94,741 | | | | | | 149.6% | | |
Management fees
|
| | | | 728,129 | | | | | | 375,900 | | | | | | 352,229 | | | | | | 93.7% | | |
Depreciation
|
| | | | 2,157,223 | | | | | | 1,892,159 | | | | | | 265,064 | | | | | | 14.0% | | |
Total expenses
|
| | | | 16,493,447 | | | | | | 8,575,401 | | | | | | 7,918,046 | | | | | | 92.3% | | |
Operating Income (Loss)
|
| | | | 2,012,797 | | | | | | (1,382,437) | | | | | | 3,395,234 | | | | | | -245.6% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 264,641 | | | | | | 150,620 | | | | | | 114,021 | | | | | | 75.7% | | |
Interest income
|
| | | | (23,571) | | | | | | (2,648) | | | | | | (20,923) | | | | | | 790.1% | | |
Impairment
|
| | | | 460,906 | | | | | | 348,286 | | | | | | 112,620 | | | | | | 32.3% | | |
(Gain) loss from disposal/damage, net
|
| | | | — | | | | | | 1,871,335 | | | | | | (1,871,335) | | | | | | -100.0% | | |
Interest expense
|
| | | | 2,598,563 | | | | | | 1,988,265 | | | | | | 610,298 | | | | | | 30.7% | | |
Total other expenses, net
|
| | | | 3,300,539 | | | | | | 4,355,858 | | | | | | (1,055,319) | | | | | | -24.2% | | |
Net Loss
|
| | | $ | (1,287,742) | | | | | $ | (5,738,295) | | | | | $ | 4,450,553 | | | | | | -77.6% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate sales
|
| | | $ | 995,242 | | | | | $ | 450,000 | | | | | $ | 545,242 | | | | | | 121.2% | | |
Rental income
|
| | | | 964,115 | | | | | | 589,108 | | | | | | 375,007 | | | | | | 63.7% | | |
Total revenues
|
| | | | 1,959,357 | | | | | | 1,039,108 | | | | | | 920,249 | | | | | | 88.6% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – real estate
|
| | | | 502,880 | | | | | | 265,709 | | | | | | 237,171 | | | | | | 89.3% | | |
Operating costs
|
| | | | 744,332 | | | | | | 611,156 | | | | | | 133,176 | | | | | | 21.8% | | |
General and administrative
|
| | | | 30,448 | | | | | | 282,344 | | | | | | (251,896) | | | | | | -89.2% | | |
Marketing and advertising
|
| | | | 60,895 | | | | | | 54,399 | | | | | | 6,496 | | | | | | 11.9% | | |
Management fees
|
| | | | 264,604 | | | | | | 198,002 | | | | | | 66,602 | | | | | | 33.6% | | |
Depreciation
|
| | | | 440,375 | | | | | | 414,316 | | | | | | 26,059 | | | | | | 6.3% | | |
Total expenses
|
| | | | 2,043,534 | | | | | | 1,825,926 | | | | | | 217,608 | | | | | | 11.9% | | |
Operating Loss
|
| | | | (84,177) | | | | | | (786,818) | | | | | | 702,641 | | | | | | -89.3% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 17,501 | | | | | | 3,196 | | | | | | 14,305 | | | | | | 447.6% | | |
Interest expense
|
| | | | 640,343 | | | | | | 283,327 | | | | | | 357,016 | | | | | | 126.0% | | |
Total other expenses, net
|
| | | | 657,844 | | | | | | 286,523 | | | | | | 371,321 | | | | | | 129.6% | | |
Net Loss
|
| | | $ | (742,021) | | | | | $ | (1,073,341) | | | | | $ | 331,320 | | | | | | -30.9% | | |
|
| | |
2017
|
| |
2016
|
| |
Change
|
| |
Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund management
|
| | | $ | 30,000 | | | | | $ | — | | | | | $ | 30,000 | | | | | | 100.0% | | |
Other
|
| | | | — | | | | | | 50,950 | | | | | | (50,950) | | | | | | -100.0% | | |
Total revenues
|
| | | | 30,000 | | | | | | 50,950 | | | | | | (20,950) | | | | | | -41.1% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs
|
| | | | 36,086 | | | | | | 51,092 | | | | | | (15,006) | | | | | | -29.4% | | |
General and administrative
|
| | | | 796,882 | | | | | | 140,719 | | | | | | 656,163 | | | | | | 466.3% | | |
Marketing and advertising
|
| | | | 70,006 | | | | | | 27,073 | | | | | | 42,933 | | | | | | 158.6% | | |
Management fees
|
| | | | 771,718 | | | | | | 611,648 | | | | | | 160,070 | | | | | | 26.2% | | |
Total expenses
|
| | | | 1,674,692 | | | | | | 830,532 | | | | | | 844,160 | | | | | | 101.6% | | |
Operating Loss
|
| | | | (1,644,692) | | | | | | (779,582) | | | | | | (865,110) | | | | | | 111.0% | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | (1,217) | | | | | | 22,101 | | | | | | (23,318) | | | | | | -105.5% | | |
Income from investments
|
| | | | (3,807,830) | | | | | | (494,613) | | | | | | (3,313,217) | | | | | | 669.9% | | |
Interest income
|
| | | | (1,414,847) | | | | | | (1,447,205) | | | | | | 32,358 | | | | | | -2.2% | | |
Interest expense
|
| | | | 2,649,432 | | | | | | 1,633,413 | | | | | | 1,016,019 | | | | | | 62.2% | | |
Total other expenses, net
|
| | | | (2,574,462) | | | | | | (286,304) | | | | | | (2,288,158) | | | | | | 799.2% | | |
Net Income (Loss)
|
| | | $ | 929,770 | | | | | $ | (493,278) | | | | | $ | 1,423,048 | | | | | | -288.5% | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Hospitality
|
| | | $ | 32,716,015 | | | | | $ | 30,035,245 | | |
Residential
|
| | | | 16,776,624 | | | | | | 12,886,496 | | |
Commercial
|
| | | | 1,615,000 | | | | | | 1,615,000 | | |
Diversified
|
| | | | 56,128,969 | | | | | | 47,523,893 | | |
| | | | $ | 107,236,608 | | | | | $ | 92,060,634 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Hospitality
|
| | | $ | 149,699,999 | | | | | $ | 122,999,999 | | |
Residential
|
| | | | 90,307,900 | | | | | | 70,307,875 | | |
Commercial
|
| | | | 38,564,287 | | | | | | 10,805,000 | | |
| | | | $ | 278,572,186 | | | | | $ | 204,112,874 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Beginning of year
|
| | | $ | 92,060,634 | | | | | $ | 60,091,859 | | |
Originations
|
| | | | 27,696,552 | | | | | | 49,925,621 | | |
Redemptions
|
| | | | (12,520,577) | | | | | | (17,956,847) | | |
End of year
|
| | | $ | 107,236,609 | | | | | $ | 92,060,634 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Beginning of year
|
| | | $ | 204,112,872 | | | | | $ | 111,890,745 | | |
Assets acquired
|
| | | | 17,943,621 | | | | | | 66,747,434 | | |
Construction/Renovation
|
| | | | 25,421,170 | | | | | | 20,132,087 | | |
Market appreciation/depreciation, net
|
| | | | 42,339,205 | | | | | | 8,958,908 | | |
Asset sold
|
| | | | (11,244,681) | | | | | | (3,616,300) | | |
End of year
|
| | | $ | 278,572,186 | | | | | $ | 204,112,874 | | |
|
| | |
Year Ended December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Net Loss Attributable to CaliberCos Inc.
|
| | |
$
|
(2,703,463)
|
| | | |
$
|
(2,911,105)
|
| |
(1) Add: | | | | ||||||||||
Interest expense
|
| | | | 2,562,393 | | | | | | 2,419,069 | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Depreciation expense
|
| | | | 518,256 | | | | | | 499,223 | | |
Amortization expense
|
| | | | 41,220 | | | | | | 23,485 | | |
EBITDA
|
| | | | 418,406 | | | | | | 30,672 | | |
(1) Add: | | | | ||||||||||
Interest expense
|
| | | | 460,906 | | | | | | 348,286 | | |
Loss on extingushment of debt
|
| | | | 40,301 | | | | | | — | | |
Severance expense
|
| | | | 150,000 | | | | | | 125,000 | | |
Founders income tax reimbursement
|
| | | | 200,000 | | | | | | — | | |
Form 1-A costs
|
| | | | 1,039,195 | | | | | | 634,696 | | |
Adjusted EBITDA
|
| | | $ | 2,308,808 | | | | | $ | 1,138,654 | | |
|
Entity/Fund
|
| |
Property
|
| |
Total
Construction Cost |
| |
Construction
Start Date |
| |
Construction
Completion Date |
| |
2017
EBITDA |
| ||||||
CHPH, LLC
|
| | Crown Plaza Hotel Phoenix Airport |
| | | $ | 11,700,000 | | | |
November 2013
|
| |
December 2016
|
| | | $ | 1,807,000 | | |
Indian Bend Hotel Group, LLC
|
| | Hampton Inn & Suites Scottsdale/Riverwalk |
| | | | N/A | | | | N/A | | | N/A | | | | | 1,174,000 | | |
44th & McDowell Hotel Group, LLC
|
| | Holiday Inn & Suites Phoenix Airport North |
| | | | 5,800,000 | | | | August 2015 | | | March 2018 | | | | | 840,000 | | |
Tucson East, LLC
|
| | Hilton Tucson East | | | | | 9,300,000 | | | | July 2016 | | | May 2018 | | | | | (283,000) | | |
47th Street Phoenix Fund, LLC
|
| | Hilton Phoenix Airport | | | | | N/A | | | | N/A | | | N/A | | | | | 3,423,000 | | |
Edgewater Hotel Group, LLC
|
| | Rodeway Inn Edgewater | | | | | N/A | | | | N/A | | | N/A | | | | | (330,000) | | |
SF Alaska, LP
|
| | Salmon Falls Resort | | | | | 350,000 | | | | January 2016 | | | June 2016 | | | | | (582,000) | | |
Uptown Square, LLC
|
| | Uptown Apartments | | | | | 100,000 | | | | April 2014 | | |
December 2017
|
| | | | 1,496,000 | | |
South Mountain Square, LLC
|
| | South Mountain Apartments | | | | | 250,000 | | | | January 2018 | | | May 2018 | | | | | 389,000 | | |
GC Square, LLC
|
| | GC Square Apartments | | | | | 6,200,000 | | | |
December 2016
|
| | June 2018 | | | | | (363,000) | | |
Palms Weekly Portfolio, LP
|
| | Palms Weekly Apartment Portfolio | | | | | N/A | | | | N/A | | | N/A | | | | | 1,217,000 | | |
CDIF, LLC
|
| | Mountain View Square Apartments | | | | | N/A | | | | N/A | | | N/A | | | | | 70,000 | | |
CDIF, LLC
|
| | Treehouse Apartments | | | | | 6,900,000 | | | | March 2014 | | | June 2017 | | | | | 514,000 | | |
CDIF, LLC
|
| | A 24Hr Storage | | | | | N/A | | | | N/A | | | N/A | | | | | 17,000 | | |
CDIF, LLC
|
| | Baywood Square Professional Park | | | | | 325,000 | | | |
September 2015
|
| |
November 2016
|
| | | | 448,000 | | |
Fiesta Tech Owners, LLC
|
| | Fiesta Tech Commercial Center | | | | | N/A | | | | N/A | | | N/A | | | | | 234,000 | | |
1040 VIP, LLC
|
| | 24X7 Automated Storage | | | | | N/A | | | | N/A | | | N/A | | | | | (119,000) | | |
1601 Athol Avenue, LLC
|
| | 24X7 Automated Storage | | | | | N/A | | | | N/A | | | N/A | | | | | (46,000) | | |
Logan Airport Storage, LLC
|
| | Logan Airport Storage | | | | | N/A | | | | N/A | | | N/A | | | | | (209,000) | | |
CH Mesa Holdings, LLC
|
| |
Downtown Mesa Commercial Portfolio
|
| | | | N/A | | | | N/A | | | N/A | | | | | 15,000 | | |
J-25 Johnstown Holdings, LLC
|
| | The Villages at Johnstown | | | | | N/A | | | | N/A | | | N/A | | | | | — | | |
The Roosevelt I, LLC
|
| | The Roosevelt | | | | | 10,400,000 | | | | October 2016 | | |
September 2019
|
| | | | — | | |
Circle Lofts, LLC
|
| | Eclipse | | | | | 5,500,000 | | | | January 2017 | | | June 2018 | | | | | — | | |
Saddleback Ranch, LLC
|
| | Saddleback Ranch | | | | | N/A | | | | N/A | | | N/A | | | | $ | — | | |
Name
|
| |
Position
|
| |
Age
|
|
John C. “Chris” Loeffler II | | | Chief Executive Officer and Chairman of the Board | | |
34
|
|
Jennifer Schrader | | | President & Chief Operating Officer and Director | | |
36
|
|
Jade Leung | | | Chief Financial Officer | | |
44
|
|
Roy Bade | | | Executive Vice President Construction and Development | | |
56
|
|
Name
|
| |
Position
|
| |
Salary
($) |
| |
Bonus
($)(a) |
| |
All Other
Compensation ($)(b) |
| |
Total
($) |
| ||||||||||||
Chris Loeffler | | | Chief Executive Officer/Co Founder | | | | | 179,700 | | | | | | 25,500 | | | | | | 84,822 | | | | | | 290,022 | | |
Jennifer Schrader
|
| | President and Chief Operating Officer/Co Founder | | | | | 179,700 | | | | | | 30,622 | | | | | | 91,747 | | | | | | 302,069 | | |
Jade Leung | | | Chief Financial Officer | | | | | 153,162 | | | | | | 10,000 | | | | | | 3,688 | | | | | | 166,850 | | |
Roy Bade | | | Executive Vice President Construction and Development | | | | | 157,200 | | | | | | 55,000 | | | | | | 10,746 | | | | | | 222,947 | | |
Leland Harty | | | Former Chief Financial Officer | | | | | 44,867 | | | | | | 5,000 | | | | | | — | | | | | | 49,867 | | |
Name
|
| |
Grant
Date |
| |
Units
Granted |
| |
Grant Date
Fair Value |
||||||||
Jade Leung
|
| | | | 6/30/2018 | | | | | | 650,000 | | | | | $ | 476,450 |
Roy Bade
|
| | | | 6/30/2018 | | | | | | 750,000 | | | | | $ | 549,750 |
| | |
Common Stock
|
| |||||||||
Name of Beneficial Owner
|
| |
Total Beneficially
Owned Shares |
| |
% of
Class |
| ||||||
Jennifer Schrader(1)
|
| | | | 6,239,846 | | | | | | 22.83% | | |
Donnie Schrader(1)
|
| | | | 6,239,846 | | | | | | 22.83% | | |
John C. Loeffler II
|
| | | | 6,234,846 | | | | | | 22.81% | | |
Directors and Executive Officers as a Group (4 Persons)(1)
|
| | | | 18,714,538 | | | | | | 68.47% | | |
| Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-8 – F-50 | | |
| Financial Statements (Unaudited) | | | | | |
| | | | | F-51 | |
| | | | | F-52 | |
| | | | | F-53 | |
| | | | | F-54 | |
| | | | | F-56 – F-84 |
| | |
December 31,
|
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Assets | | | | ||||||||||
Real estate investments
|
| | | ||||||||||
Land and land improvements
|
| | | $ | 20,261,083 | | | | | $ | 21,459,496 | | |
Buildings and building improvements
|
| | | | 91,537,069 | | | | | | 91,439,002 | | |
Furniture, fixtures, and equipment
|
| | | | 19,728,145 | | | | | | 14,214,809 | | |
Real estate assets under construction
|
| | | | 13,523,716 | | | | | | 4,549,936 | | |
Real estate assets held for sale
|
| | | | 1,424,335 | | | | | | 5,193,187 | | |
Total real estate investments, at cost
|
| | | | 146,474,348 | | | | | | 136,856,430 | | |
Accumulated depreciation
|
| | | | (13,764,437) | | | | | | (9,247,655) | | |
Total real estate investments, net
|
| | | | 132,709,911 | | | | | | 127,608,775 | | |
Cash
|
| | | | 6,106,778 | | | | | | 3,159,333 | | |
Restricted cash
|
| | | | 6,656,826 | | | | | | 12,976,369 | | |
Accounts receivable, net
|
| | | | 1,041,984 | | | | | | 1,165,112 | | |
Other receivables
|
| | | | 89,505 | | | | | | 938,774 | | |
Notes receivable – related parties
|
| | | | 277,978 | | | | | | 158,250 | | |
Due from related parties
|
| | | | 3,021,545 | | | | | | 1,155,274 | | |
Prepaid and other assets
|
| | | | 2,874,681 | | | | | | 3,110,290 | | |
Total Assets
|
| | | $ | 152,779,208 | | | | | $ | 150,272,177 | | |
Liabilities, Mezzanine Equity, and Stockholders’ (Deficit) Equity | | | | ||||||||||
Note payables (net of deferred financing costs of $1,949,834 and $2,798,239 at December 31, 2017 and 2016, respectively)
|
| | | $ | 100,946,351 | | | | | $ | 96,201,960 | | |
Notes payable – related parties
|
| | | | 9,126,978 | | | | | | 13,866,870 | | |
Accounts payable
|
| | | | 4,276,388 | | | | | | 2,013,388 | | |
Accrued interest
|
| | | | 2,302,028 | | | | | | 2,775,889 | | |
Accrued share-based payments
|
| | | | 1,381,526 | | | | | | 2,508,051 | | |
Accrued expenses
|
| | | | 3,395,620 | | | | | | 3,499,533 | | |
Due to related parties
|
| | | | 2,009,115 | | | | | | 1,527,982 | | |
Advance key money, net
|
| | | | 1,275,000 | | | | | | 1,350,000 | | |
Above-market ground lease, net
|
| | | | 4,013,072 | | | | | | 4,138,481 | | |
Other liabilities
|
| | | | 1,580,550 | | | | | | 1,039,462 | | |
Total Liabilities
|
| | | | 130,306,628 | | | | | | 128,921,616 | | |
Commitments and Contingencies | | | | ||||||||||
Mezzanine equity – Series A convertible, mandatorily redeemable preferred
stock, $0.001 par value; 2,564,103 shares authorized and 1,386,229 and 697,836 issued and outstanding at December 31, 2017 and 2016, respectively |
| | | | 3,180,480 | | | | | | 1,615,344 | | |
Stockholders’ (Deficit) Equity | | | | ||||||||||
Common stock, $0.001 par value; 90,000,000 shares authorized and 26,797,477 and 24,064,751 shares issued and outstanding at December 31, 2017 and 2016, respectively
|
| | | | 26,797 | | | | | | 24,065 | | |
Paid-in capital
|
| | | | 10,676,358 | | | | | | 7,018,415 | | |
Accumulated deficit
|
| | | | (21,223,501) | | | | | | (18,306,345) | | |
Stockholders’ deficit attributable to CaliberCos, Inc.
|
| | | | (10,520,346) | | | | | | (11,263,865) | | |
Stockholders’ equity attributable to noncontrolling interests
|
| | | | 29,812,446 | | | | | | 30,999,082 | | |
Total Stockholders’ Equity
|
| | | | 19,292,100 | | | | | | 19,735,217 | | |
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity
|
| | | $ | 152,779,208 | | | | | $ | 150,272,177 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Revenues | | | | ||||||||||
Hospitality
|
| | | $ | 44,062,107 | | | | | $ | 27,800,703 | | |
Construction and development
|
| | | | 4,615,982 | | | | | | 4,908,726 | | |
Real estate sales
|
| | | | 10,892,470 | | | | | | 2,444,400 | | |
Rental income
|
| | | | 4,972,803 | | | | | | 2,604,207 | | |
Fund management
|
| | | | 1,661,830 | | | | | | 976,713 | | |
Property management
|
| | | | 485,730 | | | | | | 456,472 | | |
Brokerage
|
| | | | 314,647 | | | | | | 362,188 | | |
Capital raise fees
|
| | | | 428,567 | | | | | | 100,231 | | |
Total revenues
|
| | | | 67,434,136 | | | | | | 39,653,640 | | |
Expenses | | | | ||||||||||
Cost of sales – hospitality
|
| | | | 16,727,488 | | | | | | 10,541,003 | | |
Cost of sales – construction and development
|
| | | | 4,105,738 | | | | | | 4,189,857 | | |
Cost of sales – real estate
|
| | | | 8,467,073 | | | | | | 2,564,243 | | |
Cost of sales – brokerage
|
| | | | 54,585 | | | | | | 104,370 | | |
Operating costs
|
| | | | 11,576,076 | | | | | | 7,414,275 | | |
General and administrative
|
| | | | 9,727,124 | | | | | | 6,960,685 | | |
Marketing and advertising
|
| | | | 3,530,813 | | | | | | 2,389,422 | | |
Franchise fees
|
| | | | 3,032,198 | | | | | | 1,886,930 | | |
Management fees
|
| | | | 1,621,222 | | | | | | 1,177,978 | | |
Depreciation
|
| | | | 5,564,129 | | | | | | 3,933,485 | | |
Total expenses
|
| | | | 64,406,446 | | | | | | 41,162,248 | | |
Operating Income (Loss)
|
| | | | 3,027,690 | | | | | | (1,508,608) | | |
Other (Income) Expenses | | | | ||||||||||
Other expenses, net
|
| | | | 613,946 | | | | | | 156,964 | | |
Impairment
|
| | | | 460,906 | | | | | | 348,286 | | |
Loss from damage of real estate assets, net
|
| | | | — | | | | | | 1,871,115 | | |
Interest expense
|
| | | | 10,458,422 | | | | | | 6,467,733 | | |
Total other expenses, net
|
| | | | 11,533,274 | | | | | | 8,844,098 | | |
Loss Before Income Taxes
|
| | | | (8,505,584) | | | | | | (10,352,706) | | |
Provision for (benefit from) income taxes
|
| | | | — | | | | | | — | | |
Net Loss
|
| | | | (8,505,584) | | | | | | (10,352,706) | | |
Net loss attributable to noncontrolling interests
|
| | | | (5,802,121) | | | | | | (7,441,601) | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | $ | (2,703,463) | | | | | $ | (2,911,105) | | |
Basic and diluted net loss per share attributable to common stockholders
|
| | | $ | (0.12) | | | | | $ | (0.13) | | |
Weighted-average basic and diluted common shares outstanding
|
| | | | 25,299,392 | | | | | | 23,510,271 | | |
|
| | |
CaliberCos, Inc.
|
| | | |||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Par
Value |
| |
Paid in
Capital |
| |
Accumulated
Deficit |
| |
Noncontrolling
Interests |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
Balances at December 31, 2015
|
| | | | 54,913,833 | | | | | $ | 54,914 | | | | | $ | 4,475,974 | | | | | $ | (15,280,714) | | | | | $ | 15,854,034 | | | | | $ | 5,104,208 | | |
Share surrender transaction
|
| | | | (32,280,462) | | | | | | (32,280) | | | | | | 32,280 | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock
|
| | | | 1,260,440 | | | | | | 1,260 | | | | | | 2,202,640 | | | | | | — | | | | | | — | | | | | | 2,203,900 | | |
Exchange of common
stock for note receivable – related party |
| | | | 170,940 | | | | | | 171 | | | | | | 307,521 | | | | | | — | | | | | | — | | | | | | 307,692 | | |
Distributions to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | (68,927) | | | | | | — | | | | | | (68,927) | | |
Accretion of mezzanine equity value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (45,599) | | | | | | — | | | | | | (45,599) | | |
Contributions from noncontrolling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,825,721 | | | | | | 26,825,721 | | |
Conversion of related party
advance to noncontrolling interest |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 250,000 | | | | | | 250,000 | | |
Conversion of notes
payable – related parties to noncontrolling interest |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | 2,000,000 | | |
Redemptions of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,290,000) | | | | | | (5,290,000) | | |
Distributions to noncontrolling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,199,072) | | | | | | (1,199,072) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,911,105) | | | | | | (7,441,601) | | | | | | (10,352,706) | | |
Balances at December 31, 2016
|
| | | | 24,064,751 | | | | | | 24,065 | | | | | | 7,018,415 | | | | | | (18,306,345) | | | | | | 30,999,082 | | | | | | 19,735,217 | | |
Issuance of common stock
|
| | | | 540,157 | | | | | | 540 | | | | | | 972,569 | | | | | | — | | | | | | — | | | | | | 973,109 | | |
Settlement of share-based payments
|
| | | | 1,325,324 | | | | | | 1,325 | | | | | | 1,125,200 | | | | | | — | | | | | | — | | | | | | 1,126,525 | | |
Conversion of notes payable to common stock
|
| | | | 867,245 | | | | | | 867 | | | | | | 1,560,174 | | | | | | — | | | | | | — | | | | | | 1,561,041 | | |
Distributions to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | (197,825) | | | | | | — | | | | | | (197,825) | | |
Accretion of mezzanine equity value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (15,868) | | | | | | — | | | | | | (15,868) | | |
Contributions from noncontrolling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,015,046 | | | | | | 12,015,046 | | |
Redemptions of noncontrolling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,715,524) | | | | | | (5,715,524) | | |
Distributions to noncontrolling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,684,037) | | | | | | (1,684,037) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,703,463) | | | | | | (5,802,121) | | | | | | (8,505,584) | | |
Balances at December 31, 2017
|
| | | | 26,797,477 | | | | | $ | 26,797 | | | | | $ | 10,676,358 | | | | | $ | (21,223,501) | | | | | $ | 29,812,446 | | | | | $ | 19,292,100 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Cash Flows From Operating Activities | | | | ||||||||||
Net loss
|
| | | $ | (8,505,584) | | | | | $ | (10,352,706) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | ||||||||||
Depreciation
|
| | | | 5,564,129 | | | | | | 3,933,485 | | |
Amortization of deferred financing costs
|
| | | | 2,305,174 | | | | | | 839,169 | | |
Amortization of advance key money
|
| | | | (75,000) | | | | | | (75,000) | | |
Amortization of above-market ground lease
|
| | | | (125,409) | | | | | | (125,409) | | |
Impairment
|
| | | | 460,906 | | | | | | 348,286 | | |
Loss from equity method investment
|
| | | | 67,000 | | | | | | 65,330 | | |
Loss on extinguishment of debt
|
| | | | 203,556 | | | | | | — | | |
Gain of sale of real estate assets
|
| | | | (2,840,718) | | | | | | — | | |
Loss from damage of real estate assets, net
|
| | | | — | | | | | | 1,871,115 | | |
Changes in operating assets and liabilities:
|
| | | ||||||||||
Restricted cash
|
| | | | 632,739 | | | | | | (3,017,260) | | |
Accounts receivable
|
| | | | 123,128 | | | | | | (633,474) | | |
Other receivables
|
| | | | 849,269 | | | | | | (68,134) | | |
Due from related parties
|
| | | | (1,866,271) | | | | | | (380,003) | | |
Prepaid and other assets
|
| | | | 168,609 | | | | | | (1,119,210) | | |
Accounts payable
|
| | | | 222,600 | | | | | | (965,875) | | |
Accrued interest
|
| | | | (473,861) | | | | | | 484,333 | | |
Accrued expenses
|
| | | | 56,087 | | | | | | 1,167,595 | | |
Due to related parties
|
| | | | 481,133 | | | | | | 379,829 | | |
Other liabilities
|
| | | | 554,396 | | | | | | 236,978 | | |
Net cash used in operating activities
|
| | | | (2,198,117) | | | | | | (7,410,951) | | |
Cash Flows From Investing Activities | | | | ||||||||||
Acquisition of multi-family and hotel properties
|
| | | | — | | | | | | (58,521,942) | | |
Investments in real estate assets
|
| | | | (17,137,523) | | | | | | (6,656,609) | | |
Proceeds from sale of real estate assets
|
| | | | 10,892,470 | | | | | | 2,250 | | |
Investments in unconsolidated entities
|
| | | | — | | | | | | (15,895) | | |
Distributions from unconsolidated entities
|
| | | | — | | | | | | 6,087 | | |
Funding of notes receivable – related parties
|
| | | | (250,000) | | | | | | (50,250) | | |
Payments received on notes receivable – related parties
|
| | | | 130,272 | | | | | | 392,000 | | |
Decrease (increase) in restricted cash
|
| | | | 5,686,804 | | | | | | (7,737,731) | | |
Net cash used in investing activities
|
| | | | (677,977) | | | | | | (72,582,090) | | |
Cash Flows From Financing Activities | | | | ||||||||||
Capital lease payments
|
| | | | (13,308) | | | | | | (13,308) | | |
Payment of deferred financing costs
|
| | | | (1,503,331) | | | | | | (1,693,796) | | |
Payment of loan extinguishment fees
|
| | | | (666,994) | | | | | | — | | |
Proceeds from notes payable
|
| | | | 43,088,783 | | | | | | 56,063,779 | | |
Repayments of notes payable
|
| | | | (36,656,105) | | | | | | (3,952,169) | | |
Proceeds from notes payable – related parties
|
| | | | 762,000 | | | | | | 8,844,664 | | |
Repayments of notes payable – related parties
|
| | | | (5,501,892) | | | | | | (3,823,656) | | |
Proceeds from the issuance of preferred stock
|
| | | | 573,617 | | | | | | 1,377,437 | | |
Proceeds from the issuance of common stock
|
| | | | 973,109 | | | | | | 2,203,900 | | |
Distributions to preferred stockholders
|
| | | | (197,825) | | | | | | (68,927) | | |
Contributions from noncontrolling interest holders
|
| | | | 12,015,046 | | | | | | 26,825,721 | | |
Redemptions of noncontrolling interests
|
| | | | (5,465,524) | | | | | | (5,290,000) | | |
Distributions to noncontrolling interest holders
|
| | | | (1,584,037) | | | | | | (1,199,072) | | |
Net cash provided by financing activities
|
| | | $ | 5,823,539 | | | | | $ | 79,274,573 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Net Increase (Decrease) in Cash
|
| | | $ | 2,947,445 | | | | | $ | (718,468) | | |
Cash at Beginning of Year
|
| | | | 3,159,333 | | | | | | 3,877,801 | | |
Cash at End of Year
|
| | | $ | 6,106,778 | | | | | $ | 3,159,333 | | |
Supplemental Disclosure of Cash Flow Information | | | | ||||||||||
Cash paid for interest, net of $1,132,898, and $801,173 of capitalized interest,
for for the years ended December 31, 2017 and 2016, respectively |
| | | $ | 7,908,233 | | | | | $ | 6,914,070 | | |
Cash paid for income taxes
|
| | | $ | — | | | | | $ | — | | |
Supplemental Disclosures of Non-cash Investing and Financing Activities | | | | ||||||||||
Cost of real estate investments included in accounts payable
|
| | | $ | 2,541,913 | | | | | $ | 501,513 | | |
Deferred financing costs included in accrued expenses
|
| | | $ | 510,000 | | | | | $ | 890,980 | | |
Refinance of notes payable – related parties
|
| | | $ | — | | | | | $ | 8,227,862 | | |
Conversion of notes payable – related parties to noncontrolling interest
|
| | | $ | — | | | | | $ | 2,000,000 | | |
Insurance claim receivable for damage to property
|
| | | $ | — | | | | | $ | 779,389 | | |
Exchange of common and preferred stock for note receivable – related party
|
| | | $ | — | | | | | $ | 500,000 | | |
Conversion of related party advance to noncontrolling interest
|
| | | $ | — | | | | | $ | 250,000 | | |
Conversion of notes payable to common stock
|
| | | $ | 1,561,041 | | | | | $ | — | | |
Conversion of notes payable to preferred stock
|
| | | $ | 975,651 | | | | | $ | — | | |
Settlement of share-based payments
|
| | | $ | 1,126,525 | | | | | $ | — | | |
Accrued redemption of noncontrolling interest
|
| | | $ | 250,000 | | | | | $ | — | | |
Accrued noncontrolling interest distribution
|
| | | $ | 100,000 | | | | | $ | — | | |
Accretion of mezzanine equity value
|
| | | $ | 15,868 | | | | | $ | 45,599 | | |
|
|
Building and building improvements
|
| |
15 – 40 years
|
|
|
Furniture, fixtures, and equipment
|
| | 3 – 7 years | |
| | |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Property
Type |
| |
Location
|
| |
Purchase
Price |
| |
Transaction
Costs |
| |
Land and
Land Improvements |
| |
Building and
Building Improvements |
| |
Furniture,
Fixtures, and Equipment |
| |
Intangible
Lease Assets |
| |
Total
Real Estate Investment |
| |||||||||||||||||||||||||||
Palms – Central Apartments
|
| | | |
Multi- family |
| | | | |
Phoenix, Arizona |
| | | | $ | 5,829,181 | | | | | $ | 88,683 | | | | | $ | 2,973,801 | | | | | $ | 2,874,674 | | | | | $ | 69,389 | | | | | $ | — | | | | | $ | 5,917,864 | | |
Palms – Northwest
Apartments |
| | | |
Multi- family |
| | | | |
Phoenix, Arizona |
| | | | $ | 4,476,014 | | | | | $ | 72,041 | | | | | $ | 2,437,520 | | | | | $ | 2,051,084 | | | | | $ | 59,451 | | | | | $ | — | | | | | $ | 4,548,055 | | |
Palm – West Apartments
|
| | | |
Multi- family |
| | | | |
Phoenix, Arizona |
| | | | $ | 3,694,804 | | | | | $ | 62,433 | | | | | $ | 2,353,217 | | | | | $ | 1,344,696 | | | | | $ | 59,324 | | | | | $ | — | | | | | $ | 3,757,237 | | |
Hilton Tucson East
|
| | | | Hotel | | | | | |
Tucson, Arizona |
| | | | $ | 9,304,982 | | | | | $ | 50,544 | | | | | $ | 1,903,922 | | | | | $ | 6,864,891 | | | | | $ | 280,578 | | | | | $ | 306,134 | | | | | $ | 9,355,525 | | |
Hilton Phoenix Airport
|
| | | | Hotel | | | | | |
Phoenix, Arizona |
| | | | $ | 34,779,949 | | | | | $ | 163,311 | | | | | $ | 6,370,871 | | | | | $ | 26,072,305 | | | | | $ | 2,500,085 | | | | | $ | — | | | | | $ | 34,943,261 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 58,521,942 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
ASSETS | | | | ||||||||||
Real estate investments, net
|
| | | $ | 122,458,216 | | | | | $ | 111,764,596 | | |
Cash
|
| | | | 3,828,070 | | | | | | 2,097,664 | | |
Restricted cash
|
| | | | 6,620,240 | | | | | | 12,912,846 | | |
Accounts receivable, net
|
| | | | 982,867 | | | | | | 1,097,588 | | |
Other receivables
|
| | | | — | | | | | | 779,389 | | |
Notes receivable – related parties
|
| | | | 277,978 | | | | | | 50,250 | | |
Due from related parties
|
| | | | 420,583 | | | | | | 170,826 | | |
Prepaid and other assets
|
| | | | 2,520,623 | | | | | | 2,260,014 | | |
Total assets
|
| | | $ | 137,108,577 | | | | | $ | 131,133,173 | | |
LIABILITIES | | | | | | | | | | | | | |
Notes payable, net of deferred financing costs
|
| | | $ | 92,088,579 | | | | | $ | 86,977,459 | | |
Notes payable – related parties
|
| | | | 254,978 | | | | | | 563,870 | | |
Accounts payable
|
| | | | 1,390,652 | | | | | | 1,074,375 | | |
Accrued interest
|
| | | | 664,322 | | | | | | 579,548 | | |
Accrued expenses
|
| | | | 2,932,359 | | | | | | 3,112,508 | | |
Due to related parties
|
| | | | 340,969 | | | | | | 667,695 | | |
Advance key money, net
|
| | | | 1,275,000 | | | | | | 1,350,000 | | |
Above-market ground lease, net
|
| | | | 4,013,072 | | | | | | 4,138,481 | | |
Other liabilities
|
| | | | 1,187,578 | | | | | | 830,157 | | |
Total liabilities
|
| | | $ | 104,147,509 | | | | | $ | 99,294,093 | | |
|
| | |
2017
|
| |
2016
|
| |
Interest
Rate |
| |
Original/
Extended Maturity |
| ||||||
Real estate loans | | | | | | | | | | | | | | | | | | | |
Crowne Plaza Phoenix Airport
|
| | | | 11,522,148 | | | | | | 11,737,838 | | | |
Variable
|
| |
September 2018
|
|
Uptown Square Apartments
|
| | | | — | | | | | | 1,506,270 | | | |
4.00%
|
| | May 2027 | |
Hilton Tucson East Hotel
|
| | | | 12,730,000 | | | | | | 12,730,000 | | | |
10.00%
|
| | June 2018 | |
Hampton Inn & Suites Hotel
|
| | | | 6,868,347 | | | | | | 7,048,107 | | | |
4.50%
|
| | July 2025 | |
GC Square Apartments
|
| | | | — | | | | | | 4,866,725 | | | |
Variable
|
| |
November 2022
|
|
GC Square Apartments
|
| | | | 8,939,000 | | | | | | — | | | |
Variable
|
| |
November 2020
|
|
Holiday Inn & Suites Hotel
|
| | | | 15,375,000 | | | | | | 14,625,217 | | | |
Variable
|
| | July 2018 | |
Hilton Phoenix Airport
|
| | | | 29,000,000 | | | | | | — | | | |
9.00%
|
| | June 2018 | |
Hilton Phoenix Airport
|
| | | | — | | | | | | 27,500,000 | | | |
Variable
|
| | December 2017 | |
Palms Apartment Portfolio
|
| | | | 9,603,918 | | | | | | 9,761,541 | | | |
5.28%
|
| |
September 2026
|
|
Single-family Home Loans
|
| | | | 1,519,049 | | | | | | 2,561,450 | | | |
9.95% – 12.125%
|
| | January 2018 | |
Unsecured Borrowing
|
| | | | 947,500 | | | | | | 2,147,500 | | | |
33.00%
|
| | Undefined | |
Total real estate loans
|
| | | | 96,504,962 | | | | | | 94,484,648 | | | | | | | | |
Corporate notes
|
| | | | 6,383,273 | | | | | | 4,474,000 | | | |
10.125% – 18.00%
|
| | January 2018 – December 2018 |
|
Other
|
| | | | 7,950 | | | | | | 41,551 | | | |
6.00%
|
| | February 2018 – November 2018 |
|
Total notes payable
|
| | | | 102,896,185 | | | | | | 99,000,199 | | | | | | | | |
Deferred financing costs, net
|
| | | | (1,949,834) | | | | | | (2,798,239) | | | | | | | | |
| | | | $ | 100,946,351 | | | | | $ | 96,201,960 | | | | | | | | |
|
|
2018
|
| | | $ | 77,828,370 | | |
|
2019
|
| | | | 360,824 | | |
|
2020
|
| | | | 9,315,834 | | |
|
2021
|
| | | | 398,151 | | |
|
2022
|
| | | | 418,310 | | |
|
Thereafter
|
| | | | 14,574,696 | | |
| | | | | $ | 102,896,185 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Prepaid expenses
|
| | | $ | 1,044,609 | | | | | $ | 718,121 | | |
Deposits
|
| | | | 716,150 | | | | | | 586,575 | | |
Costs in excess of billings
|
| | | | 46,034 | | | | | | 494,607 | | |
Deferred franchise fees, net
|
| | | | 427,952 | | | | | | 467,540 | | |
Intangibles, net
|
| | | | 286,802 | | | | | | 345,144 | | |
Investments in unconsolidated entities
|
| | | | 174,895 | | | | | | 238,143 | | |
Inventory
|
| | | | 178,239 | | | | | | 177,289 | | |
Other
|
| | | | — | | | | | | 82,871 | | |
Total prepaid and other assets
|
| | | $ | 2,874,681 | | | | | $ | 3,110,290 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Sales tax payable
|
| | | $ | 599,868 | | | | | $ | 427,999 | | |
Deposits
|
| | | | 287,688 | | | | | | 341,019 | | |
Redemption/distribution payable
|
| | | | 350,000 | | | | | | — | | |
Billings in excess of cost
|
| | | | 137,292 | | | | | | 51,099 | | |
Deferred revenue
|
| | | | 41,062 | | | | | | 53,991 | | |
Other
|
| | | | 164,640 | | | | | | 165,354 | | |
Total other liabilities
|
| | | $ | 1,580,550 | | | | | $ | 1,039,462 | | |
|
|
2018
|
| | | $ | 27,978 | | |
|
2019
|
| | | | 250,000 | | |
| | | | | $ | 277,978 | | |
|
|
2018
|
| | | | 9,126,978 | | |
| | | | | $ | 9,126,978 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Current income tax (provision) benefit | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total
|
| | | | — | | | | | | — | | |
Deferred income tax (provision) benefit | | | | | | | | | | | | | |
Federal
|
| | | | 912,114 | | | | | | 1,818,258 | | |
State
|
| | | | (220,823) | | | | | | 169,419 | | |
Total
|
| | | | 691,291 | | | | | | 1,987,677 | | |
Adjustment to valuation allowance
|
| | | | (691,291) | | | | | | (1,987,677) | | |
Total income tax (provision) benefit
|
| | | $ | — | | | | | $ | — | | |
|
| | |
2017
|
| |
2016
|
| ||||||
U.S. federal statutory tax rate
|
| | | | 34.0% | | | | | | 34.0% | | |
Impact of U.S. tax reform
|
| | | | (23.2) | | | | | | — | | |
Income passed through to noncontrolling interest, federal tax
|
| | | | (11.4) | | | | | | (16.4) | | |
Income passed through to noncontrolling interest, state tax
|
| | | | (1.1) | | | | | | (1.5) | | |
Permanent differences, VIEs
|
| | | | (9.6) | | | | | | (8.8) | | |
State taxes, net of federal benefit
|
| | | | 3.2 | | | | | | 3.1 | | |
Prior period tax return true-up in current year
|
| | | | 0.1 | | | | | | 9.0 | | |
Nondeductible expenses
|
| | | | (0.1) | | | | | | (0.2) | | |
Change in valuation allowance
|
| | | | 8.1 | | | | | | (19.2) | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.0% | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 2,621,856 | | | | | $ | 2,665,098 | | |
Section 362 step-up in basis
|
| | | | 959,854 | | | | | | 1,434,436 | | |
Deferred share-based compensation
|
| | | | 343,599 | | | | | | 932,192 | | |
Other
|
| | | | 205,395 | | | | | | 100,019 | | |
Total
|
| | | | 4,130,704 | | | | | | 5,131,745 | | |
Deferred tax liabilties: | | | | | | | | | | | | | |
Passthrough loss from partnerships
|
| | | | (157,538) | | | | | | (467,288) | | |
Total
|
| | | | (157,538) | | | | | | (467,288) | | |
Valuation allowance
|
| | | | (3,973,166) | | | | | | (4,664,457) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Valuation allowance at the beginning of the year
|
| | | $ | 4,664,457 | | | | | $ | 2,676,780 | | |
Changes in valuation allowance recorded during the year
|
| | | | (691,291) | | | | | | 1,987,677 | | |
Valuation allowance at the end of the year
|
| | | $ | 3,973,166 | | | | | $ | 4,664,457 | | |
|
|
2018
|
| | | $ | 13,308 | | |
|
2019
|
| | | | 15,526 | | |
| | | | | $ | 28,834 | | |
|
| | |
Lease
Payments |
| |
Intangible
Amortization |
| |
Net Lease
Expense |
| |||||||||
2018
|
| | | $ | 1,028,672 | | | | | $ | (125,409) | | | | | $ | 903,263 | | |
2019
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2020
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2021
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2022
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
Thereafter
|
| | | | 30,515,688 | | | | | | (3,386,027) | | | | | | 27,129,661 | | |
| | | | $ | 35,659,048 | | | | | $ | (4,013,072) | | | | | $ | 31,645,976 | | |
|
| | |
Shares
|
| |||
December 31, 2015
|
| | | | 1,193,135 | | |
Warrants issued
|
| | | | 46,669 | | |
December 31, 2016
|
| | | | 1,239,804 | | |
Warrants exercised
|
| | | | (30,617) | | |
December 31, 2017
|
| | | | 1,209,187 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Weighted-average remaining term (in months)
|
| | | | 9.96 | | | | | | 10.35 | | |
Weighted-average exercise price
|
| | | $ | 1.87 | | | | | $ | 1.87 | | |
|
2018
|
| | | $ | — | | |
|
2019
|
| | | | — | | |
|
2020
|
| | | | 1,615,344 | | |
|
2021
|
| | | | 1,565,136 | | |
| | | | | $ | 3,180,480 | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Net loss attibutable to CaliberCos, Inc.
|
| | | $ | (2,703,463) | | | | | $ | (2,911,105) | | |
Preferred stock dividends
|
| | | | (197,825) | | | | | | (68,927) | | |
Accretion of mezzanine equity value
|
| | | | (15,868) | | | | | | (45,599) | | |
Net loss attibutable to common stockholders of CaliberCos, Inc.
|
| | | $ | (2,917,156) | | | | | $ | (3,025,631) | | |
Waighted-average common shares outstanding
|
| | | | 25,299,392 | | | | | | 23,486,893 | | |
Basic and diluted net loss per share attributable to common stockholders
|
| | | $ | (0.12) | | | | | $ | (0.13) | | |
|
| | |
2017
|
| |
2016
|
| ||||||
Additional common shares, if warrants were exercised
|
| | | | 1,209,187 | | | | | | 1,239,804 | | |
Additional common shares, if preferred shares were converted
|
| | | | 1,732,786 | | | | | | 872,081 | | |
| | | | | 2,941,973 | | | | | | 2,111,885 | | |
|
| | |
December 31, 2017
|
| |||||||||
| | |
Carrying Value
|
| |
Fair Value
|
| ||||||
Notes payable: | | | | | | | | | | | | | |
Hilton Tucson East Hotel
|
| | | $ | 12,730,000 | | | | | $ | 12,611,000 | | |
Hampton Inn & Suites Hotel
|
| | | $ | 6,868,347 | | | | | $ | 6,601,000 | | |
Palms Apartment Portfolio
|
| | | $ | 9,603,918 | | | | | $ | 9,012,000 | | |
| | |
December 31, 2017
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Real Estate Services
|
| |
Real Estate Operations
|
| |
Eliminations
|
| |
CaliberCos, Inc.
& Subsidiaries |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Fund/Asset
Management |
| |
Construction &
Development |
| |
Property
Management |
| |
Real Estate
Brokerage |
| |
Total
|
| |
Hospitality
|
| |
Residential
|
| |
Commercial
|
| |
Diversified
|
| |
Total
|
| |
Intercompany
|
| |
Non -
consolidated |
| ||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hospitality
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 46,283,522 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 46,283,522 | | | | | $ | — | | | | | $ | (2,221,415) | | | | | $ | 44,062,107 | | |
Construction and development
|
| | | | — | | | | | | 20,565,534 | | | | | | — | | | | | | — | | | | | | 20,565,534 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,949,552) | | | | | | — | | | | | | 4,615,982 | | |
Real estate sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,892,470 | | | | | | 995,242 | | | | | | — | | | | | | 11,887,712 | | | | | | — | | | | | | (995,242) | | | | | | 10,892,470 | | |
Rental income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,613,774 | | | | | | 964,115 | | | | | | — | | | | | | 8,577,889 | | | | | | — | | | | | | (3,605,086) | | | | | | 4,972,803 | | |
Fund management
|
| | | | 3,453,453 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,453,453 | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 30,000 | | | | | | (1,791,623) | | | | | | (30,000) | | | | | | 1,661,830 | | |
Property management
|
| | | | — | | | | | | — | | | | | | 700,870 | | | | | | — | | | | | | 700,870 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (215,140) | | | | | | — | | | | | | 485,730 | | |
Brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,860,411 | | | | | | 1,860,411 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,545,764) | | | | | | — | | | | | | 314,647 | | |
Capital raise fees
|
| | | | 544,312 | | | | | | — | | | | | | — | | | | | | — | | | | | | 544,312 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (115,745) | | | | | | — | | | | | | 428,567 | | |
Total revenues
|
| | | | 3,997,765 | | | | | | 20,565,534 | | | | | | 700,870 | | | | | | 1,860,411 | | | | | | 27,124,580 | | | | | | 46,283,522 | | | | | | 18,506,244 | | | | | | 1,959,357 | | | | | | 30,000 | | | | | | 66,779,123 | | | | | | (19,617,824) | | | | | | (6,851,743) | | | | | | 67,434,136 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,185,547 | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,185,547 | | | | | | — | | | | | | (1,458,059) | | | | | | 16,727,488 | | |
Cost of sales – construction/development
|
| | | | — | | | | | | 18,622,858 | | | | | | — | | | | | | — | | | | | | 18,622,858 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,517,120) | | | | | | — | | | | | | 4,105,738 | | |
Cost of sales – real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,621,964 | | | | | | 502,880 | | | | | | — | | | | | | 9,124,844 | | | | | | (154,891) | | | | | | (502,880) | | | | | | 8,467,073 | | |
Cost of sales – brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,445,458 | | | | | | 1,445,458 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,390,873) | | | | | | — | | | | | | 54,585 | | |
Operating costs
|
| | | | 453,396 | | | | | | 543,337 | | | | | | 677,813 | | | | | | 15,748 | | | | | | 1,690,294 | | | | | | 7,545,355 | | | | | | 4,218,934 | | | | | | 744,332 | | | | | | 36,086 | | | | | | 12,544,707 | | | | | | (26,136) | | | | | | (2,632,789) | | | | | | 11,576,076 | | |
General and administrative
|
| | | | 5,058,814 | | | | | | 35,609 | | | | | | 87,483 | | | | | | 124,385 | | | | | | 5,306,291 | | | | | | 5,110,525 | | | | | | 609,122 | | | | | | 30,448 | | | | | | 796,882 | | | | | | 6,546,977 | | | | | | (480,998) | | | | | | (1,645,146) | | | | | | 9,727,124 | | |
Marketing and advertising
|
| | | | 272,402 | | | | | | 8,904 | | | | | | — | | | | | | 60,003 | | | | | | 341,309 | | | | | | 3,398,913 | | | | | | 158,075 | | | | | | 60,895 | | | | | | 70,006 | | | | | | 3,687,889 | | | | | | — | | | | | | (498,385) | | | | | | 3,530,813 | | |
Franchise fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,067,828 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,067,828 | | | | | | — | | | | | | (35,630) | | | | | | 3,032,198 | | |
Management fees
|
| | | | — | | | | | | — | | | | | | 880 | | | | | | — | | | | | | 880 | | | | | | 2,498,623 | | | | | | 728,129 | | | | | | 264,604 | | | | | | 771,718 | | | | | | 4,263,074 | | | | | | (1,350,381) | | | | | | (1,292,351) | | | | | | 1,621,222 | | |
Depreciation
|
| | | | 98,365 | | | | | | — | | | | | | — | | | | | | — | | | | | | 98,365 | | | | | | 5,518,624 | | | | | | 2,157,223 | | | | | | 440,375 | | | | | | — | | | | | | 8,116,222 | | | | | | (168,515) | | | | | | (2,481,943) | | | | | | 5,564,129 | | |
Total expenses
|
| | | | 5,882,977 | | | | | | 19,210,708 | | | | | | 766,176 | | | | | | 1,645,594 | | | | | | 27,505,455 | | | | | | 45,325,415 | | | | | | 16,493,447 | | | | | | 2,043,534 | | | | | | 1,674,692 | | | | | | 65,537,088 | | | | | | (18,088,914) | | | | | | (10,547,183) | | | | | | 64,406,446 | | |
Operating Income (Loss)
|
| | | | (1,885,212) | | | | | | 1,354,826 | | | | | | (65,306) | | | | | | 214,817 | | | | | | (380,875) | | | | | | 958,107 | | | | | | 2,012,797 | | | | | | (84,177) | | | | | | (1,644,692) | | | | | | 1,242,035 | | | | | | (1,528,910) | | | | | | 3,695,440 | | | | | | 3,027,690 | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | 152,498 | | | | | | 9,718 | | | | | | — | | | | | | — | | | | | | 162,216 | | | | | | 532,391 | | | | | | 264,641 | | | | | | 17,501 | | | | | | (1,217) | | | | | | 813,316 | | | | | | (21,541) | | | | | | (340,045) | | | | | | 613,946 | | |
Income from investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,807,830) | | | | | | (3,807,830) | | | | | | | | | | | | 3,807,830 | | | | | | — | | |
Interest income
|
| | | | (856) | | | | | | — | | | | | | — | | | | | | — | | | | | | (856) | | | | | | — | | | | | | (23,571) | | | | | | — | | | | | | (1,414,847) | | | | | | (1,438,418) | | | | | | 856 | | | | | | 1,438,418 | | | | | | — | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 460,906 | | | | | | — | | | | | | — | | | | | | 460,906 | | | | | | — | | | | | | — | | | | | | 460,906 | | |
Interest expense
|
| | | | 1,463,763 | | | | | | — | | | | | | — | | | | | | 3,478 | | | | | | 1,467,241 | | | | | | 7,786,175 | | | | | | 2,598,563 | | | | | | 640,343 | | | | | | 2,649,432 | | | | | | 13,674,513 | | | | | | (124,196) | | | | | | (4,559,136) | | | | | | 10,458,422 | | |
Total other expenses, net
|
| | | | 1,615,405 | | | | | | 9,718 | | | | | | — | | | | | | 3,478 | | | | | | 1,628,601 | | | | | | 8,318,566 | | | | | | 3,300,539 | | | | | | 657,844 | | | | | | (2,574,462) | | | | | | 9,702,487 | | | | | | (144,881) | | | | | | 347,067 | | | | | | 11,533,274 | | |
Net Income (Loss)
|
| | | $ | (3,500,617) | | | | | $ | 1,345,108 | | | | | $ | (65,306) | | | | | $ | 211,339 | | | | | $ | (2,009,476) | | | | | $ | (7,360,459) | | | | | $ | (1,287,742) | | | | | $ | (742,021) | | | | | $ | 929,770 | | | | | $ | (8,460,452) | | | | | $ | (1,384,029) | | | | | $ | 3,348,373 | | | | | $ | (8,505,584) | | |
Total real estate investments, at
cost |
| | | | 587,277 | | | | | | — | | | | | | — | | | | | | — | | | | | | 587,277 | | | | | | 125,329,509 | | | | | | 66,841,452 | | | | | | 22,008,704 | | | | | | — | | | | | | 214,179,665 | | | | | | (2,618,266) | | | | | | (65,674,328) | | | | | | 146,474,348 | | |
Total Assets
|
| | | $ | 3,966,716 | | | | | $ | 4,737,557 | | | | | $ | 68,196 | | | | | $ | 138,567 | | | | | $ | 8,911,036 | | | | | $ | 124,804,080 | | | | | $ | 68,062,361 | | | | | $ | 24,075,191 | | | | | $ | 52,378,056 | | | | | $ | 269,319,688 | | | | | $ | (6,848,249) | | | | | $ | (118,603,267) | | | | | $ | 152,779,208 | | |
|
| | |
December 31, 2016
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Real Estate Services
|
| |
Real Estate Operations
|
| |
Eliminations
|
| |
CaliberCos, Inc.
& Subsidiaries |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Fund/Asset
Management |
| |
Construction &
Development |
| |
Property
Management |
| |
Real Estate
Brokerage |
| |
Total
|
| |
Hospitality
|
| |
Residential
|
| |
Commercial
|
| |
Diversified
|
| |
Total
|
| |
Intercompany
|
| |
Non -
consolidated |
| ||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Hospitality
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 29,747,361 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 29,747,361 | | | | | $ | — | | | | | $ | (1,946,658) | | | | | $ | 27,800,703 | | |
Construction and development
|
| | | | — | | | | | | 11,647,019 | | | | | | — | | | | | | — | | | | | | 11,647,019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,738,293) | | | | | | — | | | | | | 4,908,726 | | |
Real estate sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,102,800 | | | | | | 450,000 | | | | | | — | | | | | | 3,552,800 | | | | | | — | | | | | | (1,108,400) | | | | | | 2,444,400 | | |
Rental income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,090,164 | | | | | | 589,108 | | | | | | — | | | | | | 4,679,272 | | | | | | — | | | | | | (2,075,065) | | | | | | 2,604,207 | | |
Fund management
|
| | | | 2,285,399 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,285,399 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,308,617) | | | | | | (69) | | | | | | 976,713 | | |
Property management
|
| | | | — | | | | | | — | | | | | | 609,551 | | | | | | — | | | | | | 609,551 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (153,079) | | | | | | — | | | | | | 456,472 | | |
Brokerage
|
| | | | | | | | | | — | | | | | | — | | | | | | 2,725,377 | | | | | | 2,725,377 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,363,189) | | | | | | — | | | | | | 362,188 | | |
Capital raise fees
|
| | | | 831,685 | | | | | | — | | | | | | — | | | | | | — | | | | | | 831,685 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (731,454) | | | | | | — | | | | | | 100,231 | | |
Other
|
| | | | 104,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 104,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,950 | | | | | | 50,950 | | | | | | (104,000) | | | | | | (50,950) | | | | | | — | | |
Total revenues
|
| | | | 3,221,084 | | | | | | 11,647,019 | | | | | | 609,551 | | | | | | 2,725,377 | | | | | | 18,203,031 | | | | | | 29,747,361 | | | | | | 7,192,964 | | | | | | 1,039,108 | | | | | | 50,950 | | | | | | 38,030,383 | | | | | | (11,398,632) | | | | | | (5,181,142) | | | | | | 39,653,640 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cost of sales – hospitality
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,068,190 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,068,190 | | | | | | — | | | | | | (1,527,187) | | | | | | 10,541,003 | | |
Cost of sales – construction/
development |
| | | | — | | | | | | 9,851,862 | | | | | | — | | | | | | — | | | | | | 9,851,862 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,662,005) | | | | | | — | | | | | | 4,189,857 | | |
Cost of sales – real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,198,400 | | | | | | 265,709 | | | | | | — | | | | | | 3,464,109 | | | | | | (41,794) | | | | | | (858,072) | | | | | | 2,564,243 | | |
Cost of sales – brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,272,185 | | | | | | 1,272,185 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,167,815) | | | | | | — | | | | | | 104,370 | | |
Operating costs
|
| | | | 237,564 | | | | | | 922,858 | | | | | | 629,430 | | | | | | 34,116 | | | | | | 1,823,968 | | | | | | 5,572,973 | | | | | | 2,801,741 | | | | | | 611,156 | | | | | | 51,092 | | | | | | 9,036,962 | | | | | | (1,072,802) | | | | | | (2,373,853) | | | | | | 7,414,275 | | |
General and administrative
|
| | | | 4,447,216 | | | | | | 15,794 | | | | | | 24,987 | | | | | | 35,000 | | | | | | 4,522,997 | | | | | | 3,520,652 | | | | | | 243,867 | | | | | | 282,344 | | | | | | 140,719 | | | | | | 4,187,582 | | | | | | (674,743) | | | | | | (1,075,151) | | | | | | 6,960,685 | | |
Marketing and advertising
|
| | | | 368,756 | | | | | | 400 | | | | | | 3,137 | | | | | | — | | | | | | 372,293 | | | | | | 2,373,757 | | | | | | 63,334 | | | | | | 54,399 | | | | | | 27,073 | | | | | | 2,518,563 | | | | | | — | | | | | | (501,434) | | | | | | 2,389,422 | | |
Franchise fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,886,930 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,886,930 | | | | | | — | | | | | | — | | | | | | 1,886,930 | | |
Management fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,970,662 | | | | | | 375,900 | | | | | | 198,002 | | | | | | 611,648 | | | | | | 3,156,212 | | | | | | (931,715) | | | | | | (1,046,519) | | | | | | 1,177,978 | | |
Depreciation
|
| | | | 106,989 | | | | | | 1,621 | | | | | | — | | | | | | — | | | | | | 108,610 | | | | | | 3,598,640 | | | | | | 1,892,159 | | | | | | 414,316 | | | | | | — | | | | | | 5,905,115 | | | | | | (32,872) | | | | | | (2,047,368) | | | | | | 3,933,485 | | |
Total expenses
|
| | | | 5,160,525 | | | | | | 10,792,535 | | | | | | 657,554 | | | | | | 1,341,301 | | | | | | 17,951,915 | | | | | | 30,991,804 | | | | | | 8,575,401 | | | | | | 1,825,926 | | | | | | 830,532 | | | | | | 42,223,663 | | | | | | (9,583,746) | | | | | | (9,429,584) | | | | | | 41,162,248 | | |
Operating Income (Loss)
|
| | | | (1,939,441) | | | | | | 854,484 | | | | | | (48,003) | | | | | | 1,384,076 | | | | | | 251,116 | | | | | | (1,244,443) | | | | | | (1,382,437) | | | | | | (786,818) | | | | | | (779,582) | | | | | | (4,193,280) | | | | | | (1,814,886) | | | | | | 4,248,442 | | | | | | (1,508,608) | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Other (income) expenses, net
|
| | | | (615) | | | | | | (1,619) | | | | | | 449 | | | | | | — | | | | | | (1,785) | | | | | | 362,548 | | | | | | 150,620 | | | | | | 3,196 | | | | | | 22,101 | | | | | | 538,465 | | | | | | (70,080) | | | | | | (309,636) | | | | | | 156,964 | | |
Income from investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (494,613) | | | | | | (494,613) | | | | | | — | | | | | | 494,613 | | | | | | — | | |
Interest income
|
| | | | (34,841) | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,841) | | | | | | (13,622) | | | | | | (2,648) | | | | | | — | | | | | | (1,447,205) | | | | | | (1,463,475) | | | | | | 51,108 | | | | | | 1,447,208 | | | | | | — | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 348,286 | | | | | | — | | | | | | — | | | | | | 348,286 | | | | | | — | | | | | | — | | | | | | 348,286 | | |
(Gain) loss from disposal/
damage, net |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (220) | | | | | | 1,871,335 | | | | | | — | | | | | | — | | | | | | 1,871,115 | | | | | | — | | | | | | — | | | | | | 1,871,115 | | |
Interest expense
|
| | | | 1,317,158 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,317,158 | | | | | | 4,262,497 | | | | | | 1,988,265 | | | | | | 283,327 | | | | | | 1,633,413 | | | | | | 8,167,502 | | | | | | (115,788) | | | | | | (2,901,139) | | | | | | 6,467,733 | | |
Total other expenses, net
|
| | | | 1,281,702 | | | | | | (1,619) | | | | | | 449 | | | | | | — | | | | | | 1,280,532 | | | | | | 4,611,203 | | | | | | 4,355,858 | | | | | | 286,523 | | | | | | (286,304) | | | | | | 8,967,280 | | | | | | (134,760) | | | | | | (1,268,954) | | | | | | 8,844,098 | | |
Net Income (Loss)
|
| | | $ | (3,221,143) | | | | | $ | 856,103 | | | | | $ | (48,452) | | | | | $ | 1,384,076 | | | | | $ | (1,029,416) | | | | | $ | (5,855,646) | | | | | $ | (5,738,295) | | | | | $ | (1,073,341) | | | | | $ | (493,278) | | | | | $ | (13,160,560) | | | | | $ | (1,680,126) | | | | | $ | 5,517,396 | | | | | $ | (10,352,706) | | |
Total real estate investments, at
cost |
| | | | 562,732 | | | | | | 15,842 | | | | | | — | | | | | | — | | | | | | 578,574 | | | | | | 111,533,386 | | | | | | 61,261,918 | | | | | | 8,571,228 | | | | | | — | | | | | | 181,366,532 | | | | | | (1,211,970) | | | | | | (43,876,706) | | | | | | 136,856,430 | | |
Total Assets
|
| | | $ | 4,897,673 | | | | | $ | 2,488,398 | | | | | $ | 476,717 | | | | | $ | 95,563 | | | | | $ | 7,958,351 | | | | | $ | 121,842,882 | | | | | $ | 60,582,583 | | | | | $ | 9,162,520 | | | | | $ | 45,277,412 | | | | | $ | 236,865,397 | | | | | $ | (5,973,309) | | | | | $ | (88,578,262) | | | | | $ | 150,272,177 | | |
|
| | |
As Previously
Reported |
| |
Adjustment
|
| |
As Adjusted
|
| |||||||||
Consolidated Balance Sheet | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | $ | (22,055,045) | | | | | $ | 3,748,700 | | | | | $ | (18,306,345) | | |
Stockholders’ deficit attributable to CaliberCos, Inc.
|
| | | | (15,012,565) | | | | | | 3,748,700 | | | | | | (11,263,865) | | |
Stockholders’ equity attributable to noncontrolling interests
|
| | | | 34,747,782 | | | | | | (3,748,700) | | | | | | 30,999,082 | | |
Consolidated Statement of Operations | | | | | | | | | | | | | | | | | | | |
Net loss attributable to noncontrolling interests
|
| | | | (5,007,352) | | | | | | (2,434,249) | | | | | | (7,441,601) | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | | (5,345,354) | | | | | | 2,434,249 | | | | | | (2,911,105) | | |
Basic and diluted net loss per share attributable to common
stockholders |
| | | $ | (0.23) | | | | | $ | 0.10 | | | | | $ | (0.13) | | |
Consolidated Statement of Changes in Stockholders’ Equity | | | | | | | | | | | | | | | | | | | |
Accumulated Deficit – December 31, 2015
|
| | | $ | (16,595,165) | | | | | $ | 1,314,451 | | | | | $ | (15,280,714) | | |
Noncontrolling Interests – December 31, 2015
|
| | | | 17,168,485 | | | | | | (1,314,451) | | | | | | 15,854,034 | | |
Net loss attributable to noncontrolling interests
|
| | | | (5,007,352) | | | | | | (2,434,249) | | | | | | (7,441,601) | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | | (5,345,354) | | | | | | 2,434,249 | | | | | | (2,911,105) | | |
Accumulated Deficit – December 31, 2016
|
| | | | (22,055,045) | | | | | | 3,748,700 | | | | | | (18,306,345) | | |
Noncontrolling Interests – December 31, 2016
|
| | | | 34,747,782 | | | | | | (3,748,700) | | | | | | 30,999,082 | | |
| | |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Real estate investments
|
| | | | | | | | | | | | |
Land and land improvements
|
| | | $ | 24,916,477 | | | | | $ | 20,261,083 | | |
Buildings and building improvements
|
| | | | 106,620,048 | | | | | | 91,537,069 | | |
Furniture, fixtures, and equipment
|
| | | | 20,832,637 | | | | | | 19,728,145 | | |
Real estate assets under construction
|
| | | | — | | | | | | 13,523,716 | | |
Real estate assets held for sale
|
| | | | 11,334,728 | | | | | | 1,424,335 | | |
Total real estate investments, at cost
|
| | | | 163,703,890 | | | | | | 146,474,348 | | |
Accumulated depreciation
|
| | | | (16,712,680) | | | | | | (13,764,437) | | |
Total real estate investments, net
|
| | | | 146,991,210 | | | | | | 132,709,911 | | |
Cash
|
| | | | 3,284,769 | | | | | | 6,106,778 | | |
Restricted cash
|
| | | | 7,049,365 | | | | | | 6,656,826 | | |
Accounts receivable, net
|
| | | | 1,082,239 | | | | | | 1,041,984 | | |
Other receivables
|
| | | | 89,034 | | | | | | 89,505 | | |
Notes receivable – related parties
|
| | | | 277,978 | | | | | | 277,978 | | |
Due from related parties
|
| | | | 4,507,720 | | | | | | 3,021,545 | | |
Prepaid and other assets
|
| | | | 2,756,510 | | | | | | 2,874,681 | | |
Total Assets
|
| | | $ | 166,038,825 | | | | | $ | 152,779,208 | | |
Liabilities, Mezzanine Equity, and Stockholders’ Equity | | | | | | | | | | | | | |
Notes payable (net of deferred financing costs of $1,046,079 and $1,949,834 at June 30, 2018 and December 31, 2017, respectively)
|
| | | $ | 113,256,735 | | | | | $ | 100,946,351 | | |
Notes payable – related parties
|
| | | | 6,904,796 | | | | | | 9,126,978 | | |
Accounts payable
|
| | | | 3,511,578 | | | | | | 4,276,388 | | |
Accrued interest
|
| | | | 2,098,873 | | | | | | 2,302,028 | | |
Accrued share-based payments
|
| | | | 1,381,526 | | | | | | 1,381,526 | | |
Accrued expenses
|
| | | | 3,661,272 | | | | | | 3,395,620 | | |
Due to related parties
|
| | | | 2,708,014 | | | | | | 2,009,115 | | |
Advance key money, net
|
| | | | 1,237,500 | | | | | | 1,275,000 | | |
Above-market ground lease, net
|
| | | | 3,950,369 | | | | | | 4,013,072 | | |
Other liabilities
|
| | | | 945,097 | | | | | | 1,580,550 | | |
Total Liabilities
|
| | | | 139,655,760 | | | | | | 130,306,628 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Mezzanine equity – Series A convertible, mandatorily redeemable preferred
stock, $0.001 par value; 2,564,103 shares authorized and 1,657,396 and 1,386,229 issued and outstanding at June 30, 2018 and December 31, 2017, respectively |
| | | | 3,840,210 | | | | | | 3,180,480 | | |
Stockholders’ (Deficit) Equity | | | | | | | | | | | | | |
Common stock, $0.001 par value; 90,000,000 shares authorized and
27,346,874 and 26,797,477 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively |
| | | | 27,347 | | | | | | 26,797 | | |
Paid-in capital
|
| | | | 12,666,643 | | | | | | 10,676,358 | | |
Accumulated deficit
|
| | | | (23,248,591) | | | | | | (21,223,501) | | |
Stockholders’ deficit attributable to CaliberCos, Inc.
|
| | | | (10,554,601) | | | | | | (10,520,346) | | |
Stockholders’ equity attributable to noncontrolling interests
|
| | | | 33,097,456 | | | | | | 29,812,446 | | |
Total Stockholders’ Equity
|
| | | | 22,542,855 | | | | | | 19,292,100 | | |
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity
|
| | | $ | 166,038,825 | | | | | $ | 152,779,208 | | |
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Revenues | | | | | | | | | | | | | |
Hospitality
|
| | | $ | 26,563,126 | | | | | $ | 26,394,530 | | |
Construction and development
|
| | | | 2,658,514 | | | | | | 2,247,787 | | |
Real estate sales
|
| | | | 3,714,200 | | | | | | 4,115,970 | | |
Rental income
|
| | | | 2,338,913 | | | | | | 2,457,163 | | |
Fund management
|
| | | | 1,446,835 | | | | | | 384,588 | | |
Property management
|
| | | | 157,105 | | | | | | 212,468 | | |
Brokerage
|
| | | | 94,552 | | | | | | 207,079 | | |
Other
|
| | | | 53,829 | | | | | | 35,233 | | |
Total revenues
|
| | | | 37,027,074 | | | | | | 36,054,818 | | |
Expenses | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | 9,023,967 | | | | | | 8,877,335 | | |
Cost of sales – construction and development
|
| | | | 2,712,427 | | | | | | 2,027,022 | | |
Cost of sales – real estate
|
| | | | 3,315,353 | | | | | | 3,817,828 | | |
Cost of sales – brokerage
|
| | | | 36,901 | | | | | | 23,746 | | |
Operating costs
|
| | | | 9,049,445 | | | | | | 8,248,325 | | |
General and administrative
|
| | | | 2,759,811 | | | | | | 2,588,585 | | |
Marketing and advertising
|
| | | | 2,130,507 | | | | | | 1,854,951 | | |
Franchise fees
|
| | | | 1,953,274 | | | | | | 1,857,016 | | |
Management fees
|
| | | | 940,235 | | | | | | 956,028 | | |
Depreciation
|
| | | | 3,175,615 | | | | | | 2,725,724 | | |
Total expenses
|
| | | | 35,097,535 | | | | | | 32,976,560 | | |
Operating Income
|
| | | | 1,929,539 | | | | | | 3,078,258 | | |
Other (Income) Expenses | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | (441,365) | | | | | | 403,228 | | |
Interest expense
|
| | | | 6,263,034 | | | | | | 4,865,434 | | |
Total other expenses, net
|
| | | | 5,821,669 | | | | | | 5,268,662 | | |
Net Loss Before Income Taxes
|
| | | | (3,892,130) | | | | | | (2,190,404) | | |
Provision for (benefit from) income taxes
|
| | | | — | | | | | | — | | |
Net Loss
|
| | | | (3,892,130) | | | | | | (2,190,404) | | |
Net (loss) income attributable to noncontrolling interests
|
| | | | (2,083,288) | | | | | | 1,697,467 | | |
Net Loss Attributable to CaliberCos, Inc.
|
| | | $ | (1,808,842) | | | | | $ | (3,887,871) | | |
Basic and diluted net loss per share attributable to common stockholders
|
| | | $ | (0.07) | | | | | $ | (0.16) | | |
Weighted-average basic and diluted common shares outstanding
|
| | | | 27,262,801 | | | | | | 24,797,638 | | |
|
| | |
CaliberCos, Inc.
|
| | | | | |||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | | | ||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Par
Value |
| |
Paid in
Capital |
| |
Accumulated
Deficit |
| |
Noncontrolling
Interests |
| |
Total
Stockholders’ Equity |
| | | ||||||||||||||||||||||
Balances at December 31, 2017
|
| | | | 26,797,477 | | | | | $ | 26,797 | | | | | $ | 10,676,358 | | | | | $ | (21,223,501) | | | | | $ | 29,812,446 | | | | | $ | 19,292,100 | | | | | ||||
Issuance of common stock
|
| | | | 536,748 | | | | | | 537 | | | | | | 952,898 | | | | | | — | | | | | | — | | | | | | 953,435 | | | | | ||||
Conversion of notes payable to common stock
|
| | | | 12,649 | | | | | | 13 | | | | | | 22,755 | | | | | | — | | | | | | — | | | | | | 22,768 | | | | | ||||
Equity based compensation
expense |
| | | | | | | | | | | | | | | | 1,014,632 | | | | | | — | | | | | | — | | | | | | 1,014,632 | | | | | | | | |
Distributions to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | (166,645) | | | | | | — | | | | | | (166,645) | | | | | ||||
Accretion of mezzanine equity
value |
| | | | — | | | | | | — | | | | | | — | | | | | | (49,603) | | | | | | — | | | | | | (49,603) | | | | | ||||
Contributions from
noncontrolling interest holders |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,740,067 | | | | | | 7,740,067 | | | | | ||||
Redemptions of
noncontrolling interest |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,100,000) | | | | | | (1,100,000) | | | | | ||||
Distributions to
noncontrolling interest holders |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,271,769) | | | | | | (1,271,769) | | | | | ||||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,808,842) | | | | | | (2,083,288) | | | | | | (3,892,130) | | | | | ||||
Balances at June 30, 2018
|
| | | | 27,346,874 | | | | | $ | 27,347 | | | | | $ | 12,666,643 | | | | | $ | (23,248,591) | | | | | $ | 33,097,456 | | | | | $ | 22,542,855 | | | | | ||||
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Cash Flows From Operating Activities | | | | | | | | | | | | | |
Net loss
|
| | | | (3,892,130) | | | | | | (2,190,404) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation
|
| | | | 3,175,615 | | | | | | 2,725,724 | | |
Amortization of deferred financing costs
|
| | | | 1,216,270 | | | | | | 781,461 | | |
Amortization of advance key money
|
| | | | (37,500) | | | | | | (37,500) | | |
Amortization of above-market ground lease
|
| | | | (62,703) | | | | | | (62,704) | | |
Equity based compensation
|
| | | | 1,014,632 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Real estate assets held for sale
|
| | | | 3,714,200 | | | | | | 4,115,970 | | |
Restricted cash
|
| | | | 1,345,358 | | | | | | (1,326,494) | | |
Accounts receivable, net
|
| | | | (40,255) | | | | | | (613,945) | | |
Other receivables
|
| | | | 471 | | | | | | 534,617 | | |
Due from related parties
|
| | | | (1,486,175) | | | | | | (885,256) | | |
Prepaid and other assets
|
| | | | 118,171 | | | | | | 275,140 | | |
Accounts payable
|
| | | | 140,368 | | | | | | 355,633 | | |
Accrued interest
|
| | | | (203,155) | | | | | | (501,281) | | |
Accrued expenses
|
| | | | 265,652 | | | | | | 1,159,378 | | |
Due to related parties
|
| | | | 698,899 | | | | | | 230,055 | | |
Other liabilities
|
| | | | (635,453) | | | | | | 213,112 | | |
Net cash provided by operating activities
|
| | | | 5,332,265 | | | | | | 4,773,506 | | |
Cash Flows From Investing Activities | | | | | | | | | | | | | |
Investments in real estate assets
|
| | | | (16,359,097) | | | | | | — | | |
Other investments in real estate assets
|
| | | | (6,699,909) | | | | | | (5,359,792) | | |
Proceeds from the settlement of property-related insurance claims
|
| | | | 982,714 | | | | | | 314,202 | | |
Payments received on notes receivable – related parties
|
| | | | — | | | | | | 108,000 | | |
Decrease (increase) in restricted cash
|
| | | | (1,737,897) | | | | | | 2,705,367 | | |
Net cash used in investing activities
|
| | | | (23,814,189) | | | | | | (2,232,223) | | |
Cash Flows From Financing Activities | | | | | | | | | | | | | |
Capital lease payments
|
| | | | — | | | | | | (6,654) | | |
Payment of deferred financing costs
|
| | | | (312,515) | | | | | | (191,881) | | |
Proceeds from notes payable
|
| | | | 13,811,000 | | | | | | 2,910,000 | | |
Repayments of notes payable
|
| | | | (2,367,373) | | | | | | (1,549,474) | | |
Proceeds from notes payable – related parties
|
| | | | 480,695 | | | | | | 502,000 | | |
Repayments of notes payable – related parties
|
| | | | (2,702,877) | | | | | | (2,920,000) | | |
Proceeds from the issuance of preferred stock
|
| | | | 595,897 | | | | | | 160,963 | | |
Proceeds from the issuance of common stock
|
| | | | 953,435 | | | | | | 313,478 | | |
Distributions to preferred stockholders
|
| | | | (166,645) | | | | | | (97,255) | | |
Contributions from noncontrolling interest holders
|
| | | | 7,740,067 | | | | | | 6,951,770 | | |
Redemptions of noncontrolling interests
|
| | | | (1,100,000) | | | | | | (4,033,760) | | |
Distributions to noncontrolling interest holders
|
| | | | (1,271,769) | | | | | | (1,200,946) | | |
Net cash provided by financing activities
|
| | | | 15,659,915 | | | | | | 838,241 | | |
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Net (Decrease) Increase in Cash
|
| | | $ | (2,822,009) | | | | | $ | 3,379,524 | | |
Cash at Beginning of Period
|
| | | | 6,106,778 | | | | | | 3,159,333 | | |
Cash at End of Period
|
| | | $ | 3,284,769 | | | | | $ | 6,538,857 | | |
Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | |
Cash paid for interest, net of $330,282, and $574,206 of capitalized interest, for the six months ended June 30, 2018 and 2017, respectively
|
| | | $ | 4,841,565 | | | | | $ | 4,563,934 | | |
Cash paid for income taxes
|
| | | $ | — | | | | | $ | — | | |
Supplemental Disclosures of Non-cash Investing and Financing Activities | | | | | | | | | | | | | |
Cost of real estate investments included in accounts payable
|
| | | $ | 1,636,735 | | | | | $ | 1,333,800 | | |
Real estate investments reclassified to held for sale
|
| | | $ | 13,624,593 | | | | | $ | 347,118 | | |
Issuance of common stock to settle accrued share-based payments
|
| | | $ | — | | | | | $ | 1,126,525 | | |
Conversion of notes payable to preferred stock
|
| | | $ | 14,230 | | | | | $ | — | | |
Conversion of notes payable to common stock
|
| | | $ | 22,768 | | | | | $ | — | | |
Change in redemption value of preferred stock
|
| | | $ | 49,603 | | | | | $ | 4,695 | | |
|
| | |
June 30,
2018 |
| |||
Real estate investments, at cost: | | | | | | | |
Land
|
| | | $ | 2,835,558 | | |
Building
|
| | | | 12,576,891 | | |
Furniture, Fixtures & Equipment
|
| | | | 946,648 | | |
Total purchase price of assets acquired
|
| | | $ | 16,359,097 | | |
|
| | |
June 30,
2018 |
| |
December 31,
2017 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Real estate investments, net
|
| | | $ | 142,864,785 | | | | | $ | 122,458,216 | | |
Cash
|
| | | | 3,080,695 | | | | | | 3,828,070 | | |
Restricted cash
|
| | | | 7,038,653 | | | | | | 6,620,240 | | |
Accounts receivable, net
|
| | | | 1,522,470 | | | | | | 982,867 | | |
Notes receivable – related parties
|
| | | | 1,032,397 | | | | | | 277,978 | | |
Due from related parties
|
| | | | 1,204,135 | | | | | | 420,583 | | |
Prepaid and other assets
|
| | | | 3,905,232 | | | | | | 2,520,623 | | |
Total assets
|
| | | $ | 160,648,367 | | | | | $ | 137,108,577 | | |
LIABILITIES | | | | | | | | | | | | | |
Notes payable, net of deferred financing costs
|
| | | $ | 105,618,668 | | | | | $ | 92,088,579 | | |
Notes payable – related parties
|
| | | | 1,276,214 | | | | | | 254,978 | | |
Accounts payable
|
| | | | 1,445,444 | | | | | | 1,390,652 | | |
Accrued interest
|
| | | | 787,079 | | | | | | 664,322 | | |
Accrued expenses
|
| | | | 3,309,793 | | | | | | 2,932,359 | | |
Due to related parties
|
| | | | 4,273,811 | | | | | | 340,969 | | |
Advance key money, net
|
| | | | 1,237,500 | | | | | | 1,275,000 | | |
Above-market ground lease, net
|
| | | | 3,950,369 | | | | | | 4,013,072 | | |
Other liabilities
|
| | | | 742,778 | | | | | | 1,187,578 | | |
Total liabilities
|
| | | $ | 122,641,656 | | | | | $ | 104,147,509 | | |
|
| | |
June 30,
2018 |
| |
December 31,
2017 |
| |
Interest
Rate |
| |
Original/
Extended Maturity |
| ||||||
Real Estate Loans | | | | | | | | | | | | | | | | | | | |
Crowne Plaza Hotel
|
| | | $ | 11,409,048 | | | | | $ | 11,522,148 | | | |
Variable
|
| | September 2018 | |
Hilton Tucson East Hotel
|
| | | | 12,730,000 | | | | | | 12,730,000 | | | |
10.00%
|
| | June 2018 | |
Hampton Inn & Suites Hotel
|
| | | | 6,780,347 | | | | | | 6,868,347 | | | |
4.50%
|
| | July 2025 | |
GC Square Apartments
|
| | | | 11,000,000 | | | | | | 8,939,000 | | | |
Variable
|
| | November 2020 | |
Holiday Inn & Suites Hotel
|
| | | | 15,375,000 | | | | | | 15,375,000 | | | |
Variable
|
| | July 2018 | |
Hilton Phoenix Airport Hotel
|
| | | | 29,000,000 | | | | | | 29,000,000 | | | |
9.00%
|
| | September 2019 | |
Four Points by Sheraton Hotel
|
| | | | 11,000,000 | | | | | | — | | | |
6.50%
|
| | June 2021 | |
Palms Apartment Portfolio
|
| | | | 9,521,196 | | | | | | 9,603,918 | | | |
5.28%
|
| | September 2026 | |
Single-family Home Loans
|
| | | | 1,028,250 | | | | | | 1,519,049 | | | |
9.95% – 12.13%
|
| | July 2018 | |
Unsecured Borrowing
|
| | | | 447,500 | | | | | | 947,500 | | | |
33.00%
|
| | Undefined | |
Total real estate loans
|
| | | | 108,291,341 | | | | | | 96,504,962 | | | | | | | | |
Corporate notes
|
| | | | 6,008,273 | | | | | | 6,383,273 | | | |
8.25% – 18.00%
|
| | July 2018 – December 2018 |
|
Other
|
| | | | 3,200 | | | | | | 7,950 | | | |
6.00%
|
| | November 2018 | |
Total Notes Payable
|
| | | | 114,302,814 | | | | | | 102,896,185 | | | | | | | | |
Deferred financing costs, net
|
| | | | (1,046,079) | | | | | | (1,949,834) | | | | | | | | |
| | | | $ | 113,256,735 | | | | | $ | 100,946,351 | | | | | | | | |
|
|
2018
|
| | | $ | 64,764,942 | | |
|
2019
|
| | | | 11,769,872 | | |
|
2020
|
| | | | 11,376,834 | | |
|
2021
|
| | | | 11,398,152 | | |
|
2022
|
| | | | 418,310 | | |
|
Thereafter
|
| | | | 14,574,704 | | |
| | | | | $ | 114,302,814 | | |
|
|
2018
|
| | | $ | 27,978 | | |
|
2019
|
| | | | 250,000 | | |
| | | | | $ | 277,978 | | |
|
|
2018
|
| | | $ | 6,472,978 | | |
|
2019
|
| | | | 431,818 | | |
| | | | | $ | 6,904,796 | | |
|
|
2018
|
| | | $ | 6,654 | | |
|
2019
|
| | | | 15,526 | | |
| | | | | $ | 22,180 | | |
|
| | |
Lease
Payments |
| |
Intangible
Amortization |
| |
Net Lease
Expense |
| |||||||||
2018
|
| | | $ | 514,336 | | | | | $ | (62,703) | | | | | $ | 451,631 | | |
2019
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2020
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2021
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
2022
|
| | | | 1,028,672 | | | | | | (125,409) | | | | | | 903,263 | | |
Thereafter
|
| | | | 30,515,688 | | | | | | (3,386,027) | | | | | | 27,129,661 | | |
| | | | $ | 35,144,712 | | | | | $ | (3,950,366) | | | | | $ | 31,194,344 | | |
|
|
2018
|
| | | $ | — | | |
|
2019
|
| | | | — | | |
|
2020
|
| | | | 1,615,344 | | |
|
2021
|
| | | | 1,565,136 | | |
|
2022
|
| | | | 659,730 | | |
| | | | | $ | 3,840,210 | | |
|
| | |
Six Months Ended
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Net loss attributable to CaliberCos Inc.
|
| | | $ | (1,808,842) | | | | | $ | (3,887,871) | | |
Preferred stock dividends
|
| | | | (166,645) | | | | | | (73,333) | | |
Accretion of mezzanine equity value
|
| | | | (49,603) | | | | | | (23,922) | | |
Net loss attributable to common shareholders of CaliberCos Inc.
|
| | | $ | (2,025,090) | | | | | $ | (3,985,126) | | |
Weighted-average common shares outstanding
|
| | | | 27,262,801 | | | | | | 24,797,638 | | |
Basic and diluted net loss per share attributable to common shareholders
|
| | | | (0.07) | | | | | | (0.16) | | |
|
| | |
Six Months Ended
|
| |||||||||
| | |
2018
|
| |
2017
|
| ||||||
Additional common shares, if warrants were exercised
|
| | | | 1,038,924 | | | | | | 1,173,628 | | |
Additional common shares, if preferred shares were converted
|
| | | | 2,071,745 | | | | | | 961,719 | | |
| | | | | 3,110,669 | | | | | | 2,135,347 | | |
|
| | |
June 30, 2018
|
| |
December 31, 2017
|
| ||||||||||||||||||
| | |
Carrying Value
|
| |
Fair Value
|
| |
Carrying Value
|
| |
Fair Value
|
| ||||||||||||
Notes Payable | | | | | | | | | | | | | | | | | | | | | | | | | |
Hilton Tucson East Hotel
|
| | | $ | 12,730,000 | | | | | $ | 12,709,000 | | | | | $ | 12,730,000 | | | | | $ | 12,611,000 | | |
Hampton Inn & Suites Hotel
|
| | | $ | 6,780,000 | | | | | $ | 6,530,000 | | | | | $ | 6,868,347 | | | | | $ | 6,601,000 | | |
Palms Apartment Portfolio
|
| | | $ | 9,521,000 | | | | | $ | 8,960,000 | | | | | $ | 9,603,918 | | | | | $ | 9,012,000 | | |
| | |
Six Months Ended June 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Real Estate Services
|
| |
Real Estate Operations
|
| |
Eliminations
|
| |
CaliberCos, Inc.
& Subsidiaries |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Fund
Management |
| |
Construction &
Development |
| |
Property
Management |
| |
Real Estate
Brokerage |
| |
Total
|
| |
Hospitality
|
| |
Residential
|
| |
Commercial
|
| |
Diversified
|
| |
Total
|
| |
Non-
consolidated |
| |
Intercompany
|
| ||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hospitality
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,050,571 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,050,571 | | | | | $ | (487,445) | | | | | $ | — | | | | | $ | 26,563,126 | | |
Construction and development
|
| | | | — | | | | | | 6,886,173 | | | | | | — | | | | | | — | | | | | | 6,886,173 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,227,659) | | | | | | 2,658,514 | | |
Real estate sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,714,200 | | | | | | 922,000 | | | | | | — | | | | | | 4,636,200 | | | | | | (922,000) | | | | | | — | | | | | | 3,714,200 | | |
Rental income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,927,555 | | | | | | 500,904 | | | | | | — | | | | | | 4,428,459 | | | | | | (2,089,546) | | | | | | — | | | | | | 2,338,913 | | |
Fund management
|
| | | | 2,562,866 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,562,866 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,116,031) | | | | | | 1,446,835 | | |
Property management
|
| | | | — | | | | | | — | | | | | | 250,409 | | | | | | — | | | | | | 250,409 | | | | | | — | | | | | | 23,845 | | | | | | — | | | | | | — | | | | | | 23,845 | | | | | | (15,701) | | | | | | (101,448) | | | | | | 157,105 | | |
Brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,000,492 | | | | | | 1,000,492 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (905,940) | | | | | | 94,552 | | |
Other
|
| | | | — | | | | | | 6,747 | | | | | | 43,519 | | | | | | — | | | | | | 50,266 | | | | | | — | | | | | | 13,671 | | | | | | 6 | | | | | | — | | | | | | 13,677 | | | | | | (10,114) | | | | | | — | | | | | | 53,829 | | |
Total revenues
|
| | | | 2,562,866 | | | | | | 6,892,920 | | | | | | 293,928 | | | | | | 1,000,492 | | | | | | 10,750,206 | | | | | | 27,050,571 | | | | | | 7,679,271 | | | | | | 1,422,910 | | | | | | — | | | | | | 36,152,752 | | | | | | (3,524,806) | | | | | | (6,351,078) | | | | | | 37,027,074 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,494,557 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,494,557 | | | | | | (470,590) | | | | | | — | | | | | | 9,023,967 | | |
Cost of sales – construction/development
|
| | | | — | | | | | | 6,468,121 | | | | | | — | | | | | | — | | | | | | 6,468,121 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,755,694) | | | | | | 2,712,427 | | |
Cost of sales – real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,344,740 | | | | | | 195,023 | | | | | | — | | | | | | 3,539,763 | | | | | | (195,023) | | | | | | (29,387) | | | | | | 3,315,353 | | |
Cost of sales – brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 591,453 | | | | | | 591,453 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (554,552) | | | | | | 36,901 | | |
Operating costs
|
| | | | 2,966,636 | | | | | | 285,453 | | | | | | 137,094 | | | | | | 46,789 | | | | | | 3,435,972 | | | | | | 4,620,209 | | | | | | 2,051,054 | | | | | | 285,100 | | | | | | 620,795 | | | | | | 7,577,158 | | | | | | (1,957,735) | | | | | | (5,950) | | | | | | 9,049,445 | | |
General and administrative
|
| | | | 990,065 | | | | | | 14,268 | | | | | | 23,404 | | | | | | 40,686 | | | | | | 1,068,423 | | | | | | 1,700,673 | | | | | | 244,566 | | | | | | 141,973 | | | | | | 292,413 | | | | | | 2,379,625 | | | | | | (688,237) | | | | | | — | | | | | | 2,759,811 | | |
Marketing and advertising
|
| | | | 265,561 | | | | | | 7,523 | | | | | | 11,668 | | | | | | 27,377 | | | | | | 312,129 | | | | | | 1,852,500 | | | | | | 132,780 | | | | | | 11,406 | | | | | | 25,698 | | | | | | 2,022,384 | | | | | | (204,006) | | | | | | — | | | | | | 2,130,507 | | |
Franchise fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,962,388 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,962,388 | | | | | | (9,114) | | | | | | — | | | | | | 1,953,274 | | |
Management fees
|
| | | | — | | | | | | — | | | | | | 925 | | | | | | — | | | | | | 925 | | | | | | 936,878 | | | | | | 190,132 | | | | | | 87,870 | | | | | | 345,559 | | | | | | 1,560,439 | | | | | | (519,682) | | | | | | (101,447) | | | | | | 940,235 | | |
Depreciation
|
| | | | 53,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,006 | | | | | | 3,243,160 | | | | | | 1,012,472 | | | | | | 121,710 | | | | | | — | | | | | | 4,377,342 | | | | | | (1,164,113) | | | | | | (90,620) | | | | | | 3,175,615 | | |
Total expenses
|
| | | | 4,275,268 | | | | | | 6,775,365 | | | | | | 173,091 | | | | | | 706,305 | | | | | | 11,930,029 | | | | | | 23,810,365 | | | | | | 6,975,744 | | | | | | 843,082 | | | | | | 1,284,465 | | | | | | 32,913,656 | | | | | | (5,208,500) | | | | | | (4,537,650) | | | | | | 35,097,535 | | |
Operating Income (Loss)
|
| | | | (1,712,402) | | | | | | 117,555 | | | | | | 120,837 | | | | | | 294,187 | | | | | | (1,179,823) | | | | | | 3,240,206 | | | | | | 703,527 | | | | | | 579,828 | | | | | | (1,284,465) | | | | | | 3,239,096 | | | | | | 1,683,694 | | | | | | (1,813,428) | | | | | | 1,929,539 | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | (53,450) | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,450) | | | | | | 1,163,655 | | | | | | (694,550) | | | | | | 27,450 | | | | | | — | | | | | | 496,555 | | | | | | (101,396) | | | | | | (783,074) | | | | | | (441,365) | | |
Income from investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (588,034) | | | | | | (588,034) | | | | | | 588,034 | | | | | | — | | | | | | — | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,868) | | | | | | (19,115) | | | | | | — | | | | | | (1,128,710) | | | | | | (1,187,693) | | | | | | 1,128,741 | | | | | | 58,952 | | | | | | — | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,125 | | | | | | — | | | | | | — | | | | | | 38,125 | | | | | | — | | | | | | (38,125) | | | | | | — | | |
Interest expense
|
| | | | 499,646 | | | | | | — | | | | | | — | | | | | | 903 | | | | | | 500,549 | | | | | | 4,910,859 | | | | | | 1,480,700 | | | | | | 639,501 | | | | | | 1,187,189 | | | | | | 8,218,249 | | | | | | (2,455,764) | | | | | | — | | | | | | 6,263,034 | | |
Total other expenses, net
|
| | | | 446,196 | | | | | | — | | | | | | — | | | | | | 903 | | | | | | 447,099 | | | | | | 6,034,646 | | | | | | 805,160 | | | | | | 666,951 | | | | | | (529,555) | | | | | | 6,977,202 | | | | | | (840,385) | | | | | | (762,247) | | | | | | 5,821,669 | | |
Net Income (Loss)
|
| | | $ | (2,158,598) | | | | | $ | 117,555 | | | | | $ | 120,837 | | | | | $ | 293,284 | | | | | $ | (1,626,922) | | | | | $ | (2,794,440) | | | | | $ | (101,633) | | | | | $ | (87,123) | | | | | $ | (754,910) | | | | | $ | (3,738,106) | | | | | $ | 2,524,079 | | | | | $ | (1,051,181) | | | | | $ | (3,892,130) | | |
| | |
June 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate investments, at cost
|
| | | | 567,015 | | | | | | — | | | | | | — | | | | | | — | | | | | | 567,015 | | | | | | 143,644,717 | | | | | | 70,490,914 | | | | | | 22,691,576 | | | | | | — | | | | | | 236,827,207 | | | | | | (70,488,729) | | | | | | (3,201,603) | | | | | | 163,703,890 | | |
Total Assets
|
| | | $ | 2,886,327 | | | | | $ | 4,358,416 | | | | | $ | 30,226 | | | | | $ | 305,675 | | | | | $ | 7,580,644 | | | | | $ | 139,337,870 | | | | | $ | 70,411,694 | | | | | $ | 24,422,834 | | | | | $ | 57,494,363 | | | | | $ | 291,666,761 | | | | | $ | (126,228,850) | | | | | $ | (6,979,730) | | | | | $ | 166,038,825 | | |
|
| | |
Six Months Ended June 30, 2017
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Real Estate Services
|
| |
Real Estate Operations
|
| |
Eliminations
|
| |
CaliberCos, Inc.
& Subsidiaries |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Fund
Management |
| |
Construction &
Development |
| |
Property
Management |
| |
Real Estate
Brokerage |
| |
Total
|
| |
Hospitality
|
| |
Residential
|
| |
Commercial
|
| |
Diversified
|
| |
Total
|
| |
Non-
consolidated |
| |
Intercompany
|
| ||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hospitality
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,037,524 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 27,037,524 | | | | | $ | (642,784) | | | | | $ | (210) | | | | | $ | 26,394,530 | | |
Construction and development
|
| | | | — | | | | | | 6,391,566 | | | | | | — | | | | | | — | | | | | | 6,391,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,143,779) | | | | | | 2,247,787 | | |
Real estate sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,115,970 | | | | | | 385,242 | | | | | | — | | | | | | 4,501,212 | | | | | | (385,242) | | | | | | — | | | | | | 4,115,970 | | |
Rental income
|
| | | | — | | | | | | — | | | | | | 4,453 | | | | | | — | | | | | | 4,453 | | | | | | — | | | | | | 3,591,588 | | | | | | 491,863 | | | | | | — | | | | | | 4,083,451 | | | | | | (1,618,011) | | | | | | (12,730) | | | | | | 2,457,163 | | |
Fund management
|
| | | | 1,017,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,017,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 30,000 | | | | | | (30,000) | | | | | | (633,390) | | | | | | 384,588 | | |
Property management
|
| | | | — | | | | | | — | | | | | | 289,003 | | | | | | — | | | | | | 289,003 | | | | | | — | | | | | | 5,611 | | | | | | — | | | | | | — | | | | | | 5,611 | | | | | | (6,182) | | | | | | (75,964) | | | | | | 212,468 | | |
Brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,037,100 | | | | | | 1,037,100 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (830,021) | | | | | | 207,079 | | |
Other
|
| | | | 3 | | | | | | 1,868 | | | | | | 60,015 | | | | | | — | | | | | | 61,886 | | | | | | — | | | | | | 21,674 | | | | | | 19,794 | | | | | | — | | | | | | 41,468 | | | | | | (49,984) | | | | | | (18,137) | | | | | | 35,233 | | |
Total revenues
|
| | | | 1,017,981 | | | | | | 6,393,434 | | | | | | 353,471 | | | | | | 1,037,100 | | | | | | 8,801,986 | | | | | | 27,037,524 | | | | | | 7,734,843 | | | | | | 896,899 | | | | | | 30,000 | | | | | | 35,699,266 | | | | | | (2,732,203) | | | | | | (5,714,231) | | | | | | 36,054,818 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales – hospitality
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,499,602 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,499,602 | | | | | | (622,267) | | | | | | — | | | | | | 8,877,335 | | |
Cost of sales – construction/development
|
| | | | — | | | | | | 6,056,243 | | | | | | — | | | | | | — | | | | | | 6,056,243 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,029,221) | | | | | | 2,027,022 | | |
Cost of sales – real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,872,524 | | | | | | 112,611 | | | | | | — | | | | | | 3,985,135 | | | | | | (112,611) | | | | | | (54,696) | | | | | | 3,817,828 | | |
Cost of sales – brokerage
|
| | | | — | | | | | | — | | | | | | — | | | | | | 768,776 | | | | | | 768,776 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (745,030) | | | | | | 23,746 | | |
Operating costs
|
| | | | 1,521,107 | | | | | | 458,725 | | | | | | 251,378 | | | | | | 73,767 | | | | | | 2,304,977 | | | | | | 4,971,483 | | | | | | 1,998,941 | | | | | | 172,626 | | | | | | 7,649 | | | | | | 7,150,699 | | | | | | (1,036,033) | | | | | | (171,318) | | | | | | 8,248,325 | | |
General and administrative
|
| | | | 921,132 | | | | | | 23,134 | | | | | | 62,846 | | | | | | 93,121 | | | | | | 1,100,233 | | | | | | 1,482,190 | | | | | | 178,201 | | | | | | 174,827 | | | | | | 75,649 | | | | | | 1,910,867 | | | | | | (600,358) | | | | | | 177,843 | | | | | | 2,588,585 | | |
Marketing and advertising
|
| | | | 161,363 | | | | | | 1,027 | | | | | | 2,252 | | | | | | 32,091 | | | | | | 196,733 | | | | | | 1,828,219 | | | | | | 58,539 | | | | | | 40,073 | | | | | | 7,279 | | | | | | 1,934,110 | | | | | | (232,876) | | | | | | (43,016) | | | | | | 1,854,951 | | |
Franchise fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,909,386 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,909,386 | | | | | | (14,870) | | | | | | (37,500) | | | | | | 1,857,016 | | |
Management fees
|
| | | | — | | | | | | — | | | | | | 575 | | | | | | — | | | | | | 575 | | | | | | 978,099 | | | | | | 169,272 | | | | | | 83,612 | | | | | | 288,547 | | | | | | 1,519,530 | | | | | | (455,912) | | | | | | (108,165) | | | | | | 956,028 | | |
Depreciation
|
| | | | 53,943 | | | | | | — | | | | | | — | | | | | | — | | | | | | 53,943 | | | | | | 2,515,684 | | | | | | 914,323 | | | | | | 66,212 | | | | | | — | | | | | | 3,496,219 | | | | | | (945,277) | | | | | | 120,839 | | | | | | 2,725,724 | | |
Total expenses
|
| | | | 2,657,545 | | | | | | 6,539,129 | | | | | | 317,051 | | | | | | 967,755 | | | | | | 10,481,480 | | | | | | 23,184,663 | | | | | | 7,191,800 | | | | | | 649,961 | | | | | | 379,124 | | | | | | 31,405,548 | | | | | | (4,020,204) | | | | | | (4,890,264) | | | | | | 32,976,560 | | |
Operating Income (Loss)
|
| | | | (1,639,564) | | | | | | (145,695) | | | | | | 36,420 | | | | | | 69,345 | | | | | | (1,679,494) | | | | | | 3,852,861 | | | | | | 543,043 | | | | | | 246,938 | | | | | | (349,124) | | | | | | 4,293,718 | | | | | | 1,288,001 | | | | | | (823,967) | | | | | | 3,078,258 | | |
Other (Income) Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expenses, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 646,251 | | | | | | 109,301 | | | | | | 37,504 | | | | | | — | | | | | | 793,056 | | | | | | (52,743) | | | | | | (337,085) | | | | | | 403,228 | | |
Income from investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (312,777) | | | | | | (312,777) | | | | | | 312,777 | | | | | | — | | | | | | — | | |
Interest income
|
| | | | (3,106) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,106) | | | | | | — | | | | | | (19,449) | | | | | | — | | | | | | (728,746) | | | | | | (748,195) | | | | | | 728,954 | | | | | | 22,347 | | | | | | — | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | 744,818 | | | | | | — | | | | | | — | | | | | | 329 | | | | | | 745,147 | | | | | | 3,377,140 | | | | | | 1,370,227 | | | | | | 242,437 | | | | | | 1,289,739 | | | | | | 6,279,543 | | | | | | (2,102,593) | | | | | | (56,663) | | | | | | 4,865,434 | | |
Total other expenses, net
|
| | | | 741,712 | | | | | | — | | | | | | — | | | | | | 329 | | | | | | 742,041 | | | | | | 4,023,391 | | | | | | 1,460,079 | | | | | | 279,941 | | | | | | 248,216 | | | | | | 6,011,627 | | | | | | (1,113,605) | | | | | | (371,401) | | | | | | 5,268,662 | | |
Net Income (Loss)
|
| | | $ | (2,381,276) | | | | | $ | (145,695) | | | | | $ | 36,420 | | | | | $ | 69,016 | | | | | $ | (2,421,535) | | | | | $ | (170,530) | | | | | $ | (917,036) | | | | | $ | (33,003) | | | | | $ | (597,340) | | | | | $ | (1,717,909) | | | | | $ | 2,401,606 | | | | | $ | (452,566) | | | | | $ | (2,190,404) | | |
| | |
December 31, 2017
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate investments, at cost
|
| | | | 587,277 | | | | | | — | | | | | | — | | | | | | — | | | | | | 587,277 | | | | | | 125,329,509 | | | | | | 66,841,452 | | | | | | 22,008,704 | | | | | | — | | | | | | 214,179,665 | | | | | | (65,674,328) | | | | | | (2,618,266) | | | | | | 146,474,348 | | |
Total Assets
|
| | | $ | 3,966,716 | | | | | $ | 4,737,557 | | | | | $ | 68,196 | | | | | $ | 138,567 | | | | | $ | 8,911,036 | | | | | $ | 124,804,080 | | | | | $ | 68,062,361 | | | | | $ | 24,075,191 | | | | | $ | 52,378,056 | | | | | $ | 269,319,688 | | | | | $ | (118,603,267) | | | | | $ | (6,848,249) | | | | | $ | 152,779,208 | | |
|
|
Exhibit
Number |
| |
Exhibit Description
(hyperlink) |
| |
Filed
Herewith |
| |
Form
|
| |
File No
|
| |
Exhibit
|
| |
Filing Date
|
|
| 2.1 | | | CaliberCos Inc. Certificate of Incorporation | | | † | | | | | | ||||||||
| 2.2 | | | CaliberCos Inc. Bylaws | | | † | | | | | | ||||||||
| 4.1 | | | Form of Subscription Agreement | | | * | | | | | | ||||||||
| 6.1 | | | Amended and Restated 2017 Stock Incentive Plan | | | † | | | | | | ||||||||
| 11.1 | | | Consent of Marcum LLP | | | * | | | | | | ||||||||
| 12.1 | | | Opinion of Manatt, Phelps & Phillips, LLP | | | * | | | | | | ||||||||
| 13.1 | | | “Testing the Waters” Material | | | * | | | | | |
Name and Signature
|
| |
Title
|
| |
Date
|
|
/s/ John C. Loeffler, II
John C. Loeffler, II
|
| | Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | | |
November , 2018
|
|
*
Jennifer Schrader
|
| | Chief Operating Officer, Secretary and Director | | |
November , 2018
|
|
*
Jade Leung
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) |
| |
November , 2018
|
|