Post-effective amendment to a registration statement that is not immediately effective upon filing

Investment in Non-Controlled Joint Ventures

v3.20.4
Investment in Non-Controlled Joint Ventures
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
LS Boston Point LLC [Member]    
Schedule of Investments [Line Items]    
Investment in Non-Controlled Joint Ventures

Note 2 - Investment in Non-Controlled Joint Ventures:

 

The Company held a 50% ownership interest in Fenway Point Partners LLC and Subsidiaries through December 4, 2018. The equity method of accounting is used on its balance sheets and statements of operations.

 

On December 4, 2018, the Company’s partnership interest in Fenway Point Partners LLC was redeemed for $50,764,158. Prior to the redemption, Fenway Point Partners LLC distributed the interest in its wholly owned subsidiary, Point Condo Holdings LLC, to its members. As of December 31, 2019, the Company holds a 50% ownership interest in Point Condo Holdings LLC. During the year ended December 31, 2020 the value of the Company’s ownership interest was reduced to $0 and therefore have not provided the below information as of and for the year ended December 31, 2020.

 

The results of operations and financial position for Point Condo Holdings LLC for the period ended December 31, 2019, are summarized as follows.

 

       
    2019  
    (unaudited)  
Condensed income statement information:        
Revenue   $ 26,488,198  
Cost of sales     21,629,856  
Net income   $ 2,984,523  
         
The Company’s share of net income   $ 1,087,482  
         
Condensed balance sheet information:        
Assets   $ 197,857  
         
Liabilities        
Accounts payable   $ 32,442  
Point Condo Holdings LLC members’ equity     165,415  
Total liabilities and members’ equity   $ 197,857  
         
LS- Boston Point LLC’s share of members’ equity   $ 225,000  

 

Note 2 - Investment in Non-Controlled Joint Ventures:

 

The Company held a 50% ownership interest in Fenway Point Partners LLC and Subsidiaries through December 4, 2018. The equity method of accounting is used on its balance sheets and statements of operations.

 

On December 4, 2018, the Company’s partnership interest in Fenway Point Partners LLC was redeemed for $50,764,158. Prior to the redemption, Fenway Point Partners LLC distributed the interest in its wholly owned subsidiary, Point Condo Holdings LLC, to its members. As of December 31, 2018, the Company holds a 50% ownership interest in Point Condo Holdings LLC.

 

The results of operations and financial position for Fenway Point Partners LLC and Subsidiaries for the period from January 1, 2018 through December 4, 2018 and for the year ended December 31, 2017 are summarized as follows:

 

                 
    2018     2017  
Condensed income statement information:                
Revenue   $ 175,080,991     $ 278,160  
                 
Cost of Sales   $ 125,086,864     $ -  
                 
Net income (loss)   $ 27,914,284     $ (270,130 )
                 
The Company's share of net income (loss)   $ 11,457,359     $ (135,065 )
                 
Condensed balance sheet information:                
Assets   $ 598,381     $ 272,646,514  
                 
Liabilities   $ 12,971     $ 202,348,780  
Fenway Point Partners LLC members' equity     585,410       70,297,734  
Total liabilities and members' equity   $ 598,381     $ 272,646,514  
                 
LS-Boston Point LLC's share of members' equity   $ -     $ 35,148,867  

 

The results of operations and financial position for Point Condo Holdings LLC for the period ended December 31, 2018 are summarized as follows.

 

    2018  
Condensed income statement information:        
Revenue   $ 2,450,000  
         
Cost of Sales   $ 2,213,717  
         
Net income   $ 32,802  
         
The Company's share of net income   $ -  
         
Condensed balance sheet information:        
Assets   $ 24,810,623  
         
Liabilities   $ 101,143  
Point Condo Holdings LLC members' equity     24,709,480  
Total liabilities and members' equity   $ 24,810,623  
         
LS-Boston Point LLC's share of members' equity   $ 9,838,556