1 min read
Sources:
Form 1-SA, Form 1-A, press and public records
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Short answer
Bondholders have received their 5% coupon monthly; the company paid $871,185 of bond interest in the first half of 2026. Common shareholders who paid $1.00 from 2022 to 2024 hold shares with no market, a net tangible book value of about $0.83 at the end of 2025, and management’s belief that the real estate is worth more than book. Whether any common dividend has been paid, and what the company’s own measure of investor return to date is,. 12
What is on the record
Bondholders: 5% a year, paid monthly, $871,185 in the first half of 2026, plus a conversion right at $1.40 from 2027. 1
Common holders from 2022 to 2024: shares bought at $1.00 with no market to sell into. Net tangible book value was about $0.83 a share at the end of 2025, reflecting startup losses and depreciation; the company’s position is that the real estate is worth more than book, which would put the shares above $1.00 on that view but is not an audited figure. 2
Bond interest, by period
Bondholders were paid $279,795 for the first half of 2025 on $16.8 million of bonds and $871,185 for the first half of 2026 on $38.6 million, both in monthly installments. Common shareholders’ filed record: the 2022 investors’ warrants let them buy 5,199,184 more shares at $1.00 in April 2024; the 2024 investors at $2.00 were made whole to $1.00 in October 2024 by matching shares; and the company repurchased 10,000 shares for $10,000 in 2024. No dividend on common stock appears in any report through June 2026.
Bondholders have been paid 5% every month. Common holders have had no dividend and no market, and the company has not stated a return. Everything else is an estimate of what the buildings are worth. 1
Simply put
✅ Bonds
➡️ 5% a year, paid monthly, $871,185 in the first half of 2026.
✅ Common stock
➡️ No dividend through June 2026. No market. Book value about $0.83 a share; the company believes the real estate is worth more than book.
Sources
Form 1-SA, Note 6, Convertible Bonds (interest expense $871,185, six months ended June 30, 2026) Open the filing
Form 1-A, Dilution (net tangible book value about $0.83 per share at December 31, 2025); Business (management believes market value may exceed carrying value) Open the filing
Form 1-SA for the six months ended June 30, 2025, filed September 29, 2025, Note 5; Note 6 Open
Form 1-SA for the six months ended June 30, 2024, filed November 26, 2024, Note 6 Open
Form 1-SA, Note 6 Open the filing
