Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 28

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 28
---
          
         13,311,313

         -

         -

         13,311,313

         Thereafter
          
         23,269,514

         -

         -

         23,269,514

         $
         66,184,027
          
         $
         -
          
         $
         5,500,000
          
         $
         71,684,027

        Note 9 – Related Party As disclosed previously, on August 9, 2022 the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded an other payable - related party in the amount of $2,912,299 upon execution of the Redemption Agreement entered into July 20, 2022 and has paid the note in full as of December 31, 2024. Additionally, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to additional paid in capital.As disclosed previously, on October 14, 2022, the Company entered into a loan transaction that is evidenced by a secured non-convertible promissory note to Brown Family Enterprises, LLC, a preferred equity partner and therefore a related party, for $1,500,000 that is due on October 14, 2024, and bears a fixed interest rate of 9%, simple interest. Interest is payable monthly. The loan may be repaid without penalty at any time. The loan is secured by the Operating Partnership’s equity interest in its current direct subsidiaries that hold real estate assets pursuant to the terms of a security agreement between the Operating Partnership and Brown Family Enterprises, LLC. On July 21, 2023, the Company amended and restated the promissory note to reflect an increase in the loan to $5.5 million and extend the maturity date thereof from October 14, 2024 to October 14, 2026. Except for the increase in the amount of the Loan and Note and the extension of the maturity date thereof, no changes were made to the original note.As previously disclosed, on April 25, 2025, the Company entered into a short-term secured non-convertible promissory note with Brown Family Enterprises for $1,000,000 comprising terms as follows: i) 16% simple interest, per annum, on the