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“On October 8, 2021, we issued 3,000 shares of our common stock as founder's shares in exchange for incorporation services provided to Dania Echemendia (1,000 shares), Andrew Murray (1,000 shares), and Richard Meruelo (1,000 shares).”— PPM p. 73
“USA REAL ESTATE BONDS MAXIMUM OFFERING AMOUNT: $75,000,000”— PPM p. 1
Automated checks across the fund's extracted PPM. Every finding is shown with the evidence it's based on — proven numbers or a verbatim quote and page.
Drafting defects found in the PPM prose — numeric inconsistencies, broken cross-references, unfilled placeholders, and defined-term problems. Each is shown with the offending quote and its page.
The same 'as of November 2, 2021' Lender-advances total is stated as $64,787 in the offering summary, Use of Proceeds, Liquidity, Related-Party sections and the financial-statement notes, but as $54,787 in the risk factor on page 30.
“As of November 2, 2021, advances to the Company by the Lender totaled $64,787. ... As of November 2, 2021, advances to the Company by the Lender totaled $54,787.”
The Index to Financial Statements header reads 'USA REAL ESTATE OPPORTUNITIES INCOME, INC.', which does not match the issuer's actual name 'USA Opportunity Income Fund, Inc.' used throughout the offering circular and on the signature page.
“USA REAL ESTATE OPPORTUNITIES INCOME, INC.”
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Structure). An allocator will ask this directly — the GP should be ready with an answer.
The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
How much of a standard institutional due-diligence questionnaire this fund's offering documents answer out of the box. Gaps are questions an allocator will ask directly.
What allocators are saying. Diligence notes, open questions, attached scenarios.
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