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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 June 30, 2023


☐	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 August 9, 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 June 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.	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	30
Item 4.	Controls and Procedures.	30

	PART II OTHER INFORMATION

Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	33
Item 6.	Exhibits	34

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

MANUFACTURED HOUSING PROPERTIES INC.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


		Page

Condensed Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022		2
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)		3
Condensed Consolidated Statements of Changes in Deficit for the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)		4
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (unaudited)		5
Notes to Unaudited Condensed Consolidated Financial Statements		6

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022


	June 30, 2023			December 31, 2022
Assets	(unaudited)
Investment Property
Land	$	37,403,653		$	30,263,687
Site and Land Improvements		49,267,021			44,035,649
Buildings and Improvements		31,005,616			23,229,657
Construction in Process		1,726,093			2,541,376
Total Investment Property		119,402,383			100,070,369
Accumulated Depreciation		(10,416,912	)		(8,225,976	)
Net Investment Property		108,985,471			91,844,393
Cash and Cash Equivalents		1,745,129			5,090,369
Restricted Cash		5,374,687			5,315,246
Accounts Receivable		326,109			368,081
Other Assets		1,377,189			975,064
TOTAL ASSETS	$	117,808,585		$	103,593,153

Liabilities
Accounts Payable	$	732,614		$	755,124
Notes Payable, net of $3,873,258 and $3,666,214 debt discount, respectively		86,758,070			75,883,866
Lines of Credit – Variable Interest Entities, net of $199,737 and $160,372 debt discount, respectively		7,498,868			6,208,947
Lines of Credit – Related Party		2,000,000			2,000,000
Accrued Liabilities including amounts due to related parties of $1,305,833 and $1,154,166, respectively		2,825,777			2,054,438
Tenant Security Deposits		957,714			879,676
Series C Redeemable Preferred Stock, par value $0.01 per share; 47,000 shares authorized; 27,089 and 21,584 shares issued and outstanding and redemption value $27,088,919 and $21,584,002 as of June 30, 2023 and December 31, 2022, respectively		25,488,375			20,177,187
Total Liabilities		126,261,418			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 June 30, 2023 and December 31, 2022		6,336,166			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 June 30, 2023 and December 31, 2022		9,485,426			9,122,218
Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share; 75,000 shares authorized; 738 and 0 shares issued and outstanding and redemption value $737,942 and $0 as of June 30, 2023 and December 31, 2022, respectively		654,666			—

Deficit
Common Stock, par value $0.01 per share; 200,000,000 shares authorized; 12,493,012 shares are issued and outstanding as of June 30, 2023 and December 31, 2022		124,930			124,930
Additional Paid in Capital		(6,277,812	)		(5,428,984	)
Accumulated Deficit		(16,499,783	)		(12,521,376	)
Total Manufactured Housing Properties Inc. Deficit		(22,652,665	)		(17,825,430	)
Non-controlling interest in Variable Interest Entities		(2,276,426	)		(1,770,789	)
Total Deficit		(24,929,091	)		(19,596,219	)
TOTAL LIABILITIES AND DEFICIT	$	117,808,585		$	103,593,153

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(UNAUDITED)


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenue
Rental and related income	$	4,224,714		$	3,283,777		$	8,369,903		$	6,323,799
Gross Revenues from Home Sales		198,800			87,594			311,100			102,594
Total revenues		4,423,514			3,371,371			8,681,003			6,426,393

Community operating expenses
Repair and maintenance		348,117			327,265			623,646			515,819
Real estate taxes		210,862			217,093			412,495			397,922
Utilities		278,954			239,985			585,366			475,880
Insurance		119,367			78,999			223,426			139,297
General and administrative expense		686,547			405,044			1,394,715			781,240
Total community operating expenses		1,643,847			1,268,386			3,239,648			2,310,158

Corporate payroll and overhead		1,484,216			1,254,918			3,055,670			2,163,996
Depreciation expense		1,178,089			818,975			2,201,104			1,578,679
Interest expense		2,292,869			1,235,048			4,346,324			2,336,741
Refinancing costs		—			15,751			—			15,751
Cost of home sales		131,495			122,269			262,301			154,734
Total expenses		6,730,516			4,715,347			13,105,047			8,560,059
Net loss before provision for income taxes		(2,307,002	)		(1,343,976	)		(4,424,044	)		(2,133,666	)
Provision for income taxes		—			—			—			—
Net loss	$	(2,307,002	)	$	(1,343,976	)	$	(4,424,044	)	$	(2,133,666	)

Net loss attributable to non-controlling interest variable interest entities		(263,783	)		(250,915	)		(446,249	)		(410,485	)
Net loss attributable to Manufactured Housing Properties, Inc.		(2,043,219	)		(1,093,061	)		(3,977,795	)		(1,723,181	)
Preferred stock dividends and put option value accretion
Series A preferred dividends		91,300			94,300			182,933			188,600
Series A preferred put option value accretion		114,125			117,875			228,250			235,746
Series B preferred dividends		149,665			151,785			299,330			303,570
Series B preferred put option value accretion		181,604			184,254			363,208			368,508
Series D preferred dividends		1,132			—			1,132			—
Series D preferred put option value accretion		307			—			307			—
Total preferred stock dividends and put option value accretion		538,133			548,214			1,075,160			1,096,424
Net loss attributable to common stockholders	$	(2,581,352	)	$	(1,641,275	)	$	(5,052,955	)	$	(2,819,605	)

Weighted average shares - basic and fully diluted		12,916,854			12,835,977			12,916,854			12,833,928

Net loss per share – basic and fully diluted	$	(0.20	)	$	(0.13	)	$	(0.39	)	$	(0.22	)

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT

FOR THE THREE MONTHS ENDED JUNE 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	)

Balance at January 1, 2023		12,493,012	$	124,930	$	(5,428,985	)	$	(12,521,376	)	$	(17,825,430	)	$	(1,770,789	)	$	(19,596,219	)
Stock option expense		—		—		109,975			—			109,974			—			109,974
Preferred shares Series A dividends		—		—		(91,633	)		—			(91,633	)		—			(91,633	)
Preferred shares Series A put option value accretion		—		—		(114,125	)		—			(114,125	)		—			(114,125	)
Preferred shares Series B dividends		—		—		(149,665	)		—			(149,665	)		—			(149,665	)
Preferred shares Series B put option value accretion		—		—		(181,604	)		—			(181,604	)		—			(181,604	)
Distributions from VIE		—		—		—			(612	)		(612	)		(29,388	)		(30,000	)
Net Loss		—		—		—			(1,934,576	)		(1,934,576	)		(182,466	)		(2,117,042	)
Balance at March 31, 2023		12,493,012	$	124,930	$	(5,856,037	)	$	(14,456,564	)	$	(20,187,671	)	$	(1,982,643	)	$	(22,170,314	)

Stock option expense		—		—		116,358			—			116,358			—			116,358
Preferred shares Series A dividends		—		—		(91,300	)		—			(91,300	)		—			(91,300	)
Preferred shares Series A put option value accretion		—		—		(114,125	)		—			(114,125	)		—			(114,125	)
Preferred shares Series B dividends		—		—		(149,665	)		—			(149,665	)		—			(149,665	)
Preferred shares Series B put option value accretion		—		—		(181,604	)		—			(181,604	)		—			(181,604	)
Preferred shares Series D dividends		—		—		(1,132	)		—			(1,132	)		—			(1,132	)
Preferred shares Series D put option value accretion		—		—		(307	)		—			(307	)		—			(307	)
Distributions from VIE		—		—		—			—			—			(30,000	)		(30,000	)
Net Loss		—		—		—			(2,043,219	)		(2,043,219	)		(263,783	)		(2,307,002	)
Balance at June 30, 2023		12,493,012	$	124,930	$	(6,277,812	)	$	(16,499,783	)	$	(22,652,665	)	$	(2,276,426	)	$	(24,929,091	)

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

MANUFACTURED HOUSING PROPERTIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(UNAUDITED)


	June 30, 2023			June 30, 2022
Cash Flows from Operating Activities:
Net Loss	$	(4,424,044	)	$	(2,133,666	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock option expense		226,333			77,822
Amortization of debt discount		659,703			306,230
Write off debt issuance costs recorded as debt discount		—			15,751
Write off acquisition and development pursuit costs		—			60,759
(Gain) Loss on Home Sales		(48,799	)		52,140
Depreciation		2,201,104			1,578,679
Changes in operating assets and liabilities:
Accounts receivable		41,972			(111,329	)
Other assets		211,658			316,864
Accounts payable		(22,510	)		202,116
Tenant security deposits		78,038			105,085
Accrued liabilities		771,343			(444,026	)
Net Cash (Used in) Provided by Operating Activities		(305,202	)		26,425
Cash Flows from Investing Activities:
Capital improvements		(1,585,169	)		(1,507,382	)
Proceeds from sales of homes		311,100			102,594
Purchases of investment properties		(6,528,479	)		(3,697,135	)
Purchase of intangible assets		(613,783	)		—
Payment of pursuit costs		—			(113,964	)
Payment of acquisition costs		(161,716	)		(296,170	)
Net Cash Used in Investing Activities		(8,578,047	)		(5,512,057	)
Cash Flows from Financing Activities:
Proceeds from line of credit – related party		—			4,700,000
Repayment of note payable - VIEs		—			(850,000	)
Proceeds from notes payable		—			1,875,000
Repayment of notes payable		(28,753	)		(1,916,434	)
Proceeds from lines of credit - VIEs		1,353,000			596,563
Repayment of lines of credit - VIEs		(242,831	)		(682,646	)
Proceeds from exercise of options		—			83
Proceeds from issuance of preferred stock		6,285,525			6,297,617
Payment of debt costs and Series C Preferred Stock costs recorded as debt discount		(1,099,846	)		(1,263,667	)
Redemption of Preferred Stock		(126,250	)		—
Fees paid in advance for debt		—			(1,761,363	)
Series A, Series B and Series D Preferred share dividends		(483,395	)		(485,570	)
Distributions from VIE		(60,000	)		(60,000	)
Net Cash Provided by Financing Activities		5,597,450			6,449,583
Net change in cash, cash equivalents and restricted cash		(3,285,799	)		963,951
Cash, cash equivalents and restricted cash at beginning of the period		10,405,615			2,106,329
Cash, cash equivalents and restricted cash at end of the period	$	7,119,816		$	3,070,280
Cash, cash equivalents and restricted cash consist of the following:
End of period
Cash and cash equivalents	$	1,745,129		$	2,260,000
Restricted cash		5,374,687			810,280
Total	$	7,119,816		$	3,070,280
Cash, cash equivalents and restricted cash consist of the following:
Beginning of period
Cash and cash equivalents	$	5,090,369		$	1,401,134
Restricted cash		5,315,246			705,195
Total	$	10,405,615		$	2,106,329
Cash paid for:
Income Taxes		—			—
Interest	$	2,519,320		$	1,448,072
Series C Preferred share dividends included in interest expense	$	815,321		$	275,137

Non-Cash Investing and Financing Activities
Notes and lines of credit related to acquisitions and capital improvements	$	11,329,120		$	5,875,735
Non-cash Series A, B and D Preferred Stock accretion	$	591,765		$	604,254

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

MANUFACTURED HOUSING PROPERTIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2023 AND 2022

(UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

Organization

Manufactured Housing Properties Inc. (the “Company”) is a Nevada corporation whose principal activities are to acquire, own, and operate manufactured housing communities.

Basis of Presentation

The Company prepares its unaudited condensed financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 29, 2023. The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company, entities controlled by the Company through its direct or indirect ownership of a majority interest, and any other entities in which the Company has a controlling financial interest. The Company consolidates variable interest entities (“VIEs”) where the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Company’s formation of all subsidiaries and VIEs’ date of consolidation are as follows:

MANUFACTURED HOUSING PROPERTIES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2023 AND 2022

(UNAUDITED)


Name of Subsidiary	State of Formation	Date of Formation	Ownership
Pecan Grove MHP LLC	North Carolina	October 12, 2016	100%
Azalea MHP LLC	North Carolina	October 25, 2017	100%
Holly Faye MHP LLC	North Carolina	October 25, 2017	100%
Chatham Pines MHP LLC	North Carolina	October 31, 2017	100%
Maple Hills MHP LLC	North Carolina	October 31, 2017	100%
Lakeview MHP LLC	South Carolina	November 1, 2017	100%
MHP Pursuits LLC	North Carolina	January 31, 2019	100%
Mobile Home Rentals LLC	North Carolina	September 30, 2016	100%
Hunt Club MHP LLC	South Carolina	March 8, 2019	100%
B&D MHP LLC	South Carolina	April 4, 2019	100%
Crestview MHP LLC	North Carolina	June 28, 2019	100%
Springlake MHP LLC	Georgia	October 10, 2019	100%
ARC MHP LLC	South Carolina	November 13, 2019	100%
Countryside MHP LLC	South Carolina	March 12, 2020	100%
Evergreen MHP LLC	Tennessee	March 17, 2020	100%
Golden Isles MHP LLC	Georgia	March 16, 2021	100%
Anderson MHP LLC	South Carolina	June 2, 2021	100%
Capital View MHP LLC	South Carolina	August 6, 2021	100%
Hidden Oaks MHP LLC	South Carolina	August 6, 2021	100%
North Raleigh MHP LLC	North Carolina	September 16, 2021	100%
Carolinas 4 MHP LLC	North Carolina	November 30, 2021	100%
Charlotte 3 Park MHP LLC	North Carolina	December 10, 2021	100%
Sunnyland MHP LLC	Georgia	January 7, 2022	100%
Warrenville MHP LLC	South Carolina	February 15, 2022	100%
Solid Rock MHP LLC	South Carolina	June 6, 2022	100%
Spaulding MHP LLC	Georgia	June 10, 2022	100%
Raeford MHP Development LLC	North Carolina	June 20, 2022	100%
Solid Rock MHP Homes LLC	South Carolina	June 22, 2022	100%
Country Estates MHP LLC(1)	North Carolina	July 6, 2022	100%
Statesville MHP LLC	North Carolina	July 6, 2022	100%
Timberview MHP LLC	North Carolina	July 7, 2022	100%
Red Fox MHP LLC	North Carolina	July 7, 2022	100%
Northview MHP LLC	North Carolina	July 8, 2022	100%
Meadowbrook MHP LLC	South Carolina	July 25, 2022	100%
Sunnyland 2 MHP LLC	Georgia	July 27, 2022	100%
Dalton 3 MHP LLC(1)	Georgia	August 8, 2022	100%
MHP Home Holdings LLC	North Carolina	August 17, 2022	100%
Glynn Acres MHP LLC	Georgia	September 9, 2022	100%
Wake Forest 2 MHP LLC	North Carolina	October 27, 2022	100%
Country Aire MHP LLC	South Carolina	December 1, 2022	100%
Mobile Cottage MHP LLC	North Carolina	December 7, 2022	100%
Merritt Place MHP LLC	Georgia	December 6, 2022	100%
MHR Home Development LLC	Delaware	January 19, 2023	100%
Palm Shadows LLC	Texas	April 12, 2023	100%
Gvest Finance LLC	North Carolina	December 11, 2018	VIE
Gvest Homes I LLC	Delaware	November 9, 2020	VIE
Brainerd Place LLC	Delaware	February 24, 2021	VIE
Bull Creek LLC	Delaware	April 13, 2021	VIE
Gvest Anderson Homes LLC	Delaware	June 22, 2021	VIE
Gvest Capital View Homes LLC	Delaware	August 6, 2021	VIE
Gvest Hidden Oaks Homes LLC	Delaware	August 6, 2021	VIE
Gvest Springlake Homes LLC	Delaware	September 24, 2021	VIE
Gvest Carolinas 4 Homes LLC	Delaware	November 13, 2021	VIE
Gvest Sunnyland Homes LLC	Delaware

MANUFACTURED HOUSING PROPERTIES INC. 10-Q