Item
2.01 Completion of Acquisition of Assets.
(a)
October 1, 2021, the Company, through its subsidiary Boabab Investments LLC, a Wyoming Limited Liability Company, completed the acquisition
of the real property located 4505 Orchard Avenue in Los Angeles. The property was vacant at the time of purchase. The acquisition was
for $675,000. The Boabab purchase is subject to one loan as follows: (1) A $675,000 first position note owing by Boabab to Belladonna
Lily Investments, Inc. (“Belladonna”), whose terms of payments due were interest only, payable on unpaid principal at the
rate of 5.00% per annum. Interest only payable in monthly installments of $2,812.50 or more on the 22nd day of each month beginning on
the 22nd day of October 2021 and continuing until the 1st day of October 2029, at which time the entire principal balance together with
interest due thereon, shall become due and payable.
The
foregoing description of the acquisition of the Orchard Agreement and the transaction contemplated thereby contained herein is qualified
in its entirety by reference to the Orchard Agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated into this
Item 1.01 by reference.
(b)
On October 6, 2021, the Company, through its subsidiary, Lantana Investments, LLC, closed on the acquisition of the real property located
at 3777 Ruthelen Street, Los Angeles. The property was vacant at the time of purchase. The acquisition was for $699,000. The Lantana
purchase is subject to one loan as follows. (1) A first position note with interest only for $699,000 owing by Lantana to Belladonna,
whose terms of payments due were interest only, payable on unpaid principal at the rate of 5.00% per annum. Interest only payable in
monthly installments of $2,912.50 or more on the 1st day of each month beginning on the 1st day of November 2021 and continuing until
the 1st day of October 2029, at which time the entire principal balance together with interest due thereon, shall become due and payable.
The
foregoing description of the acquisition of the Ruthelen Agreement and the transaction contemplated thereby contained herein is qualified
in its entirety by reference to the Ruthelen Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated into this
Item 1.01 by reference.
(c)
January 7, 2022, the Company, through its subsidiary Boabab Investments LLC, a Wyoming Limited Liability Company, completed the acquisition
of the real property located 3791 S. Normandie Avenue in Los Angeles. The property was vacant at the time of purchase. The acquisition
was for $640,000. The Boabab purchase is subject to two loans as follows: (1) A $576,000 first position note owing by Boabab to Center
Street Lending VIII SPE, LLC. (“Center Street”), whose terms of payments due were interest only, payable on unpaid principal
at the rate of 8.50% per annum. Interest only payable in monthly installments of $4,080.00 or more on the 1st day of each month beginning
on the 1st day of February 2022 and continuing until the 29th day of December 2022, at which time the entire principal balance together
with interest due thereon, shall become due and payable. (2) A $75,000 second position note owing by Boabab to Belladonna Lily Investments,
Inc. (“Belladonna”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 5.00% per
annum. Interest only payable in monthly installments of $312.50 or more on the 5th day of each month beginning on the 5th
day of February 2022 and continuing until the 4th day of January 2029, at which time the entire principal balance together with
interest due thereon, shall become due and payable.
The
foregoing description of the acquisition of the Normandie Agreement and the transaction contemplated thereby contained herein is qualified
in its entirety by reference to the Normandie Agreement, a copy of which is attached hereto as Exhibit 10.4 and incorporated into this
Item 1.01 by reference.
(d)
January 20, 2022, the Company, through its subsidiary Boabab Investments LLC, a Wyoming Limited Liability Company, completed the acquisition
of the real property located 2029 W. 41st Place in Los Angeles. The property was vacant at the time of purchase. The acquisition
was for $720,000. The Boabab purchase is subject to two loans as follows: (1) A $648,000 first position note owing by Boabab to Center
Street Lending VIII SPE, LLC. (“Center Street”), whose terms of payments due were interest only, payable on unpaid principal
at the rate of 8.50% per annum. Interest only payable in monthly installments of $4,590.00 or more on the 1st day of each month beginning
on the 1st day of March 2022 and continuing until the 6th day of January 2023, at which time the entire principal balance together with
interest due thereon, shall become due and payable. (2) A $84,950 second position note owing by Boabab to Belladonna Lily Investments,
Inc. (“Belladonna”), whose terms of payments due were interest only, payable on unpaid principal at the rate of 5.00% per
annum. Interest only payable in monthly installments of $361.38 or more on the 18th day of each month beginning on the 18th
day of February 2022 and continuing until the 17th day of January 2029, at which time the entire principal balance together with
interest due thereon, shall become due and payable.
The
foregoing description of the acquisition of the 41st Place Agreement and the transaction contemplated thereby contained herein
is qualified in its entirety by reference to the 41st Place Agreement, a copy of which is attached hereto as Exhibit 10.3
and incorporated into this Item 1.01 by reference.
The
Company intends, if applicable, to amend this Form 8-K to include the required Item 9.01 financial statements prepared pursuant to Rule
3-14 of Regulation S-X relating to the acquisition of Ruthelen, Orchard, 41st Place, and Normandie, which is significant within
the meaning of Rule 3-14.