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Merger and Issuance of Common Stock to Terra Offshore REIT (Tables) | 9 Months Ended
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Sep. 30, 2021
Terra Property Trust 2 Inc |
Business Acquisition |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Merger:
Total Consideration |  |
Equity issued in the Merger |  | $ | 34,630,615 |
|  | $ | 34,630,615 |
Net Assets of TPT2 Received in the Merger |  |
Loans held for investment acquired through participation |  | $ | 17,688,741 |
Cash and cash equivalents |  | 16,897,074 |
Interest receivable |  | 134,543 |
Other assets |  | 18,384 |
Accounts payable and accrued expenses |  | (57,433) |
Due to Manager |  | (50,694) |
Total identifiable net assets |  | $ | 34,630,615 |
Terra Offshore Funds REIT |
Business Acquisition |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Issuance of Common Stock to Terra Offshore REIT:
Total Consideration |  |
Equity issued to Terra Offshore REIT |  | $ | 40,749,378 |
|  | $ | 40,749,378 |
Net Assets of Terra Offshore REIT Received |  |
Investments through participation interest, at fair value |  | $ | 32,112,257 |
Cash and cash equivalents |  | 8,600,000 |
Interest receivable |  | 270,947 |
Due to Manager |  | (233,826) |
Total identifiable net assets |  | $ | 40,749,378 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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