In 2019, we bought three single family residences (SFR) with a cost/carrying amount of $1,452,897, in Los Angeles. We financed the purchase with borrowing from our controlling shareholder. Our goals for the properties was to rehabilitee and deliver each of them to eligible homebuyers as part of our mission of promoting homeownership affordable housing. As at June 30, 2020, we have sold two of the three properties with only one of the three properties left. With part of the proceeds from the properties sales, we paid down the related party loan and reduced the balance on the loan to $561,751 as at June 30, 2020.
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