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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 000-51229

 

MANUFACTURED HOUSING PROPERTIES INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Nevada

51-0482104

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

136 Main Street

Pineville, NC

28134

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (908) 273-1702

 

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 10, 2023, there were 12,493,012 common shares of the registrant issued and outstanding.

 

 


 

Manufactured Housing Properties Inc.

Quarterly Report on Form 10-Q

Period Ended September 30, 2023

TABLE OF CONTENTS

 

 

PART I
FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements.

1

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

32

Item 4.

Controls and Procedures.

32

 

 

 

 

PART II
OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 3.

Defaults Upon Senior Securities

34

Item 4.

Mine Safety Disclosures

34

Item 5.

Other Information

34

Item 6.

Exhibits

35

 

i


 

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

MANUFACTURED HOUSING PROPERTIES INC.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

Page

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022

 

2

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

 

3

Condensed Consolidated Statements of Changes in Deficit for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

 

4

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

 

6

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

1


 

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

 

 

September 30,
2023

 

 

December 31,
2022

 

Assets

 

(unaudited)

 

 

 

 

Investment Property

 

 

 

 

 

 

Land

 

$

37,403,653

 

 

$

30,263,687

 

Site and Land Improvements

 

 

49,470,418

 

 

 

44,035,649

 

Buildings and Improvements

 

 

31,546,780

 

 

 

23,229,657

 

Construction in Process

 

 

2,395,765

 

 

 

2,541,376

 

Total Investment Property

 

 

120,816,616

 

 

 

100,070,369

 

Accumulated Depreciation

 

 

(11,564,934

)

 

 

(8,225,976

)

Net Investment Property

 

 

109,251,682

 

 

 

91,844,393

 

Cash and Cash Equivalents

 

 

1,966,633

 

 

 

5,090,369

 

Restricted Cash

 

 

5,238,797

 

 

 

5,315,246

 

Accounts Receivable

 

 

342,573

 

 

 

368,081

 

Other Assets (Net of Amortization)

 

 

1,333,796

 

 

 

975,064

 

TOTAL ASSETS

 

$

118,133,481

 

 

$

103,593,153

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accounts Payable

 

$

990,981

 

 

$

755,124

 

Notes Payable, net of $3,656,874 and $3,666,214 debt discount, respectively

 

 

86,947,646

 

 

 

75,883,866

 

Lines of Credit – Variable Interest Entities, net of $201,844 and $160,372 debt discount, respectively

 

 

7,344,733

 

 

 

6,208,947

 

Lines of Credit – Related Party

 

 

2,000,000

 

 

 

2,000,000

 

Accrued Liabilities including amounts due to related parties of $1,382,500 and $1,154,166, respectively

 

 

3,189,993

 

 

 

2,054,438

 

Tenant Security and Home Sale Deposits

 

 

1,059,403

 

 

 

879,676

 

Series C Redeemable Preferred Stock, par value $0.01 per share; 47,000 shares authorized; 26,929 and 21,584 shares issued and outstanding and redemption value $26,928,919 and $21,584,002 as of September 30, 2023 and December 31, 2022, respectively

 

 

25,443,409

 

 

 

20,177,187

 

Total Liabilities

 

 

126,976,165

 

 

 

107,959,238

 

 

 

 

 

 

 

 

Commitments and Contingencies (See note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Stock – subject to redemption

 

 

 

 

 

 

Series A Cumulative Redeemable Convertible Preferred Stock, par value $0.01 per share; 4,000,000 shares authorized; 1,826,000 shares issued and outstanding and redemption value $6,847,500 as of September 30, 2023 and December 31, 2022

 

 

6,450,197

 

 

 

6,107,916

 

Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share; 1,000,000 shares authorized; 747,951 shares issued and outstanding and redemption value $11,219,265 as of September 30, 2023 and December 31, 2022

 

 

9,667,030

 

 

 

9,122,218

 

Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share; 75,000 shares authorized; 3,143 and 0 shares issued and outstanding and redemption value $3,146,831 and $0 as of September 30, 2023 and December 31, 2022, respectively

 

 

2,846,060

 

 

 

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

Common Stock, par value $0.01 per share; 200,000,000 shares authorized; 12,493,012 shares are issued and outstanding as of September 30, 2023 and December 31, 2022

 

 

124,930

 

 

 

124,930

 

Additional Paid in Capital

 

 

(6,848,712

)

 

 

(5,428,984

)

Accumulated Deficit

 

 

(18,555,748

)

 

 

(12,521,376

)

Total Manufactured Housing Properties Inc. Deficit

 

 

(25,279,530

)

 

 

(17,825,430

)

Non-controlling interest in Variable Interest Entities

 

 

(2,526,441

)

 

 

(1,770,789

)

Total Deficit

 

 

(27,805,971

)

 

 

(19,596,219

)

TOTAL LIABILITIES AND DEFICIT

 

$

118,133,481

 

 

$

103,593,153

 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

2


 

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(UNAUDITED)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Rental and related income

 

$

4,564,273

 

 

$

3,697,558

 

 

$

12,934,176

 

 

$

10,021,357

 

Gross Revenues from Home Sales

 

 

137,900

 

 

 

18,570

 

 

 

449,000

 

 

 

121,164

 

Total revenues

 

 

4,702,173

 

 

 

3,716,128

 

 

 

13,383,176

 

 

 

10,142,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Repair and maintenance

 

 

531,158

 

 

 

287,686

 

 

 

1,154,804

 

 

 

803,505

 

Real estate taxes

 

 

212,353

 

 

 

186,358

 

 

 

624,848

 

 

 

584,280

 

Utilities

 

 

334,817

 

 

 

259,758

 

 

 

920,183

 

 

 

735,638

 

Insurance

 

 

121,608

 

 

 

87,044

 

 

 

345,034

 

 

 

226,341

 

General and administrative expense

 

 

661,822

 

 

 

510,036

 

 

 

2,056,537

 

 

 

1,291,276

 

Total community operating expenses

 

 

1,861,758

 

 

 

1,330,882

 

 

 

5,101,406

 

 

 

3,641,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate payroll and overhead

 

 

1,487,110

 

 

 

1,519,271

 

 

 

4,542,780

 

 

 

3,683,267

 

Depreciation and amortization expense

 

 

1,174,457

 

 

 

898,963

 

 

 

3,375,561

 

 

 

2,477,642

 

Interest expense

 

 

2,366,051

 

 

 

1,506,290

 

 

 

6,712,375

 

 

 

3,843,031

 

Refinancing costs

 

 

 

 

 

3,604,671

 

 

 

 

 

 

3,620,422

 

Cost of home sales

 

 

88,777

 

 

 

22,676

 

 

 

351,078

 

 

 

177,410

 

Total expenses

 

 

6,978,153

 

 

 

8,882,753

 

 

 

20,083,200

 

 

 

17,442,812

 

Other income

 

 

 

 

 

500

 

 

 

 

 

 

500

 

Net loss before provision for income taxes

 

 

(2,275,980

)

 

 

(5,166,125

)

 

 

(6,700,024

)

 

 

(7,299,791

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,275,980

)

 

$

(5,166,125

)

 

$

(6,700,024

)

 

$

(7,299,791

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to non-controlling interest variable interest entities

 

 

(220,015

)

 

 

(376,105

)

 

 

(666,264

)

 

 

(786,590

)

Net loss attributable to Manufactured Housing Properties, Inc.

 

 

(2,055,965

)

 

 

(4,790,020

)

 

 

(6,033,760

)

 

 

(6,513,201

)

Preferred stock dividends and put option value accretion

 

 

 

 

 

 

 

 

 

 

 

 

Series A preferred dividends

 

 

86,700

 

 

 

94,178

 

 

 

269,633

 

 

 

282,778

 

Series A preferred put option value accretion

 

 

114,031

 

 

 

117,726

 

 

 

342,281

 

 

 

353,472

 

Series B preferred dividends

 

 

149,665

 

 

 

151,785

 

 

 

448,995

 

 

 

455,355

 

Series B preferred put option value accretion

 

 

181,604

 

 

 

159,472

 

 

 

544,812

 

 

 

527,980

 

Series D preferred dividends

 

 

26,924

 

 

 

 

 

 

28,057

 

 

 

 

Series D preferred put option value accretion

 

 

3,749

 

 

 

 

 

 

4,056

 

 

 

 

Total preferred stock dividends and put option value accretion

 

 

562,673

 

 

 

523,161

 

 

 

1,637,834

 

 

 

1,619,585

 

Net loss attributable to common stockholders

 

$

(2,618,638

)

 

$

(5,313,181

)

 

$

(7,671,594

)

 

$

(8,132,786

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - basic and fully diluted

 

 

12,916,854

 

 

 

12,812,232

 

 

 

12,916,854

 

 

 

12,779,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – basic and fully diluted

 

$

(0.20

)

 

$

(0.41

)

 

$

(0.59

)

 

$

(0.64

)

 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

3


 

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(UNAUDITED)

 

COMMON STOCK

 

 

ADDITIONAL
PAID IN

 

 

ACCUMULATED

 

 

TOTAL
MANUFACTURED
HOUSING
PROPERTIES

 

 

NON
CONTROLLING

 

 

 

 

 

SHARES

 

 

PAR VALUE

 

 

CAPITAL

 

 

DEFICIT

 

 

INC.

 

 

INTEREST

 

 

DEFICIT

 

Balance at January 1, 2022

 

 

12,403,680

 

 

$

124,037

 

 

$

(3,160,712

)

 

$

(4,672,537

)

 

$

(7,709,212

)

 

$

(977,513

)

 

$

(8,686,725

)

Stock option expense

 

 

 

 

 

 

 

 

49,760

 

 

 

 

 

 

49,760

 

 

 

 

 

 

49,760

 

Preferred shares Series A dividends

 

 

 

 

 

 

 

 

(94,300

)

 

 

 

 

 

(94,300

)

 

 

 

 

 

(94,300

)

Preferred shares Series A put option value accretion

 

 

 

 

 

 

 

 

(117,871

)

 

 

 

 

 

(117,871

)

 

 

 

 

 

(117,871

)

Preferred shares Series B dividends

 

 

 

 

 

 

 

 

(151,785

)

 

 

 

 

 

(151,875

)

 

 

 

 

 

(151,875

)

Preferred shares Series B put option value accretion

 

 

 

 

 

 

 

 

(184,254

)

 

 

 

 

 

(184,254

)

 

 

 

 

 

(184,254

)

Distributions from VIE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,000

)

 

 

(30,000

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(630,120

)

 

 

(630,120

)

 

 

(159,570

)

 

 

(789,690

)

Balance at March 31, 2022

 

 

12,403,680

 

 

$

124,037

 

 

$

(3,659,162

)

 

$

(5,302,657

)

 

$

(8,837,782

)

 

$

(1,167,083

)

 

$

(10,004,865

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

 

 

 

 

 

 

28,062

 

 

 

 

 

 

28,062

 

 

 

 

 

 

28,062

 

Common Stock issuance exercise stock options

 

 

8,333

 

 

 

83

 

 

 

 

 

 

 

 

 

83

 

 

 

 

 

 

83

 

Preferred shares Series A dividends

 

 

 

 

 

 

 

 

(94,300

)

 

 

 

 

 

(94,300

)

 

 

 

 

 

(94,300

)

Preferred shares Series A put option value accretion

 

 

 

 

 

 

 

 

(117,875

)

 

 

 

 

 

(117,875

)

 

 

 

 

 

(117,875

)

Preferred shares Series B dividends

 

 

 

 

 

 

 

 

(151,785

)

 

 

 

 

 

(151,785

)

 

 

 

 

 

(151,785

)

Preferred shares Series B put option value accretion

 

 

 

 

 

 

 

 

(184,254

)

 

 

 

 

 

(184,254

)

 

 

 

 

 

(184,254

)

Distributions from VIE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,000

)

 

 

(30,000

)

Net Loss

 

 

 

 

 

 

 

 

 

 

 

(1,093,061

)

 

 

(1,093,061

)

 

 

(250,915

)

 

 

(1,343,976

)

Balance at June 30, 2022

 

 

12,412,013

 

 

$

124,120

 

 

$

(4,179,314

)

 

$

(6,395,718

)

 

$

(10,450,912

)

 

$

(1,447,998

)

 

$

(11,898,910

)