Investment Properties

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Note 4. Investment Properties

Investment properties consist of the following:

Schedule of Investment Property

	June 30, 2022			December 31, 2021
Buildings	$	6,172,222		$	4,148,567
Land		3,227,655			2,468,111
Investment properties, gross		9,399,877			6,616,678
Less accumulated depreciation		(106,419	)		(40,889	)
Investment properties, net	$	9,293,458		$	6,575,789

Depreciation expense for the three months ended June 30, 2022 and 2021, was $39,089 and $9,283, respectively, and $65,530 and $9,283 for the six months ended June 30, 2022 and 2021, respectively.

At June 30, 2022, the Company has the following investment properties:

	●	Six townhomes (VH Willows) – the townhomes were acquired during 2021 from a commonly controlled affiliate recorded with an initial carrying value of $3,052,266.
	●	Five townhomes (VH 1121 14^th LLC) – the townhomes were acquired in November 2021 from a commonly controlled affiliate with an initial carrying value of $3,564,412.
	●	Senior care facility (Lynnwood Property) – The Lynnwood Property was acquired in March 2022 for $1,779,431.
	●	Senior care facility (Burien Property) – The Burien Property was acquired in March 2022 for $1,003,768.

iCap Vault 1, LLC

Notes to Unaudited Condensed Consolidated Financial Statements

iCap Vault 1, LLC 10-Q