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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 5,987,053 $ 6,645,185
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,587,240 9,341,504
Amortization of deferred financing costs 310,190 318,699
Amortization of mortgage premium (12,341) (12,341)
Gain on involuntary conversion of assets (235,037) (779,645)
Unrealized loss on hedging activities 791,421 155,632
Loss on early extinguishment of debt 241,878  
PPP loan forgiveness   (275,494)
Gain on disposal of assets (4,400)  
ESOP and stock / unit - based compensation 303,783 314,951
Changes in assets and liabilities:    
Accounts receivable 332,763 950,783
Prepaid expenses, inventory and other assets (1,347,134) (2,281,131)
Accounts payable and other accrued liabilities 1,095,976 (1,015,280)
Advance deposits (390,832) 470,252
Net cash provided by operating activities 16,660,560 13,833,115
Cash flows from investing activities:    
Improvements and additions to hotel properties (5,241,788) (4,503,657)
Proceeds from involuntary conversion 235,037 426,442
Proceeds from sale of assets 4,400 137,252
Net cash used in investing activities (5,002,351) (3,939,963)
Cash flows from financing activities:    
Proceeds from mortgage loans 35,000,000 2,715,833
Redemption of interest rate swap 965,000  
Payments on mortgage loans (30,209,018) (3,010,079)
Payments on unsecured notes (395,046) (348,593)
Payments of deferred financing costs (1,035,052) (413,909)
Purchase of interest rate cap (916,000)  
Preferred dividends paid (3,988,625) (3,988,625)
Net cash provided by (used in) financing activities (578,741) (5,045,373)
Net increase in cash, cash equivalents and restricted cash 11,079,468 4,847,779
Cash, cash equivalents and restricted cash at the beginning of the period 26,236,340 27,341,630
Cash, cash equivalents and restricted cash at the end of the period 37,315,808 32,189,409
Supplemental disclosures:    
Cash paid during the period for interest 9,234,239 8,212,620
Cash paid during the period for income taxes 126,484 528,000
Non-cash investing and financing activities:    
Change in amount of improvements to hotel property in accounts payable and accrued liabilities (451,352) 79,838
Right of use assets acquired under lease liability 131,816  
Sotherly Hotels LP [Member]    
Cash flows from operating activities:    
Net income 5,987,053 6,645,185
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,587,240 9,341,504
Amortization of deferred financing costs 310,190 318,699
Amortization of mortgage premium (12,341) (12,341)
Gain on involuntary conversion of assets (235,037) (779,645)
Unrealized loss on hedging activities 791,421 155,632
Loss on early extinguishment of debt 241,878  
PPP loan forgiveness   (275,494)
Gain on disposal of assets (4,400)  
ESOP and stock / unit - based compensation 238,386 223,268
Changes in assets and liabilities:    
Accounts receivable 332,763 950,783
Prepaid expenses, inventory and other assets (1,347,134) (2,281,131)
Accounts payable and other accrued liabilities 1,095,976 (1,015,280)
Advance deposits (390,832) 470,252
Net cash provided by operating activities 16,595,163 13,741,432
Cash flows from investing activities:    
Improvements and additions to hotel properties (5,241,788) (4,503,657)
ESOP loan payments received 65,397 91,683
Proceeds from involuntary conversion 235,037 426,442
Proceeds from sale of assets 4,400 137,252
Net cash used in investing activities (4,936,954) (3,848,280)
Cash flows from financing activities:    
Proceeds from mortgage loans 35,000,000 2,715,833
Redemption of interest rate swap 965,000  
Payments on mortgage loans (30,209,018) (3,010,079)
Payments on unsecured notes (395,046) (348,593)
Payments of deferred financing costs (1,035,052) (413,909)
Purchase of interest rate cap (916,000)  
Preferred dividends paid (3,988,625) (3,988,625)
Net cash provided by (used in) financing activities (578,741) (5,045,373)
Net increase in cash, cash equivalents and restricted cash 11,079,468 4,847,779
Cash, cash equivalents and restricted cash at the beginning of the period 26,236,340 27,341,630
Cash, cash equivalents and restricted cash at the end of the period 37,315,808 32,189,409
Supplemental disclosures:    
Cash paid during the period for interest 9,185,332 8,278,126
Cash paid during the period for income taxes 126,484 528,000
Non-cash investing and financing activities:    
Change in amount of improvements to hotel property in accounts payable and accrued liabilities (451,352) $ 79,838
Right of use assets acquired under lease liability $ 131,816