JP 3E Holdings Inc (JPTE)

[Mr Smith 34]

John Park sold his $37 million real estate asset to $SPZI for $24 million in shares.
Not cash, shares.

There is $23,160,000 in debt associated with the property (Assessed Value $37,460,000 - Equity $14,300,000 =
Debt $23,160,000)
Bank of Hope (Mortgagee) expects to be paid by someone
Either the mortgage was transferred to SPZI, which would mean they paid double ( $23,160,000 Mortgage payments + $24,000,000 in shares) for the property
OR
Park / Hamilton Street Associates retained the mortgage but gave all the income to SPZI. Which would leave them on the hook for $23,160,000 and no revenue to pay for it.
The 510 Hamilton property is cash flow positive and currently generates approximately $200,000 in monthly income and is on track to generate $2,430,000 annual rental income for 2024

Do either of these scenarios seem the least bit plausible?