Earnings (Loss) per Share and per Unit (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic Net Earnings (Loss) Per Share

The computation of the Company’s basic net earnings (loss) per share is presented below:

	Twelve Months Ended			Twelve Months Ended			Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2022
Numerator
Net income	$	1,179,854		$	3,809,711		$	33,959,848
Less: Net income allocated to participating share awards		(13,194	)		(49,118	)		(113,405	)
Net income attributable to non-controlling interest		122,515			131,710			(1,423,327	)
Undeclared distributions to preferred stockholders		(7,977,250	)		(7,977,250	)		(7,634,219	)
Gain on extinguishment of preferred stock		—			—			64,518
Net (loss) income attributable to common stockholders for EPS computation	$	(6,688,075	)	$	(4,084,947	)	$	24,853,415
Denominator
Weighted average number common shares outstanding for basic EPS computation		19,417,448			18,843,032			17,802,772
Basic and diluted net (loss) income per common share:
Undistributed (loss) income	$	(0.34	)	$	(0.22	)	$	1.40
Total basic and diluted	$	(0.34	)	$	(0.22	)	$	1.40

Computation of Basic Earnings (Loss) Per Unit

The computation of basic earnings (loss) per general and limited partnership unit in the Operating Partnership is presented below:

	Twelve Months Ended			Twelve Months Ended			Twelve Months Ended
	December 31, 2024			December 31, 2023			December 31, 2022
Numerator
Net income	$	1,179,854		$	3,809,711		$	33,959,848
Less: Net income allocated to participating unit awards		(13,194	)		(49,118	)		(113,405	)
Undeclared distributions to preferred unitholders		(7,977,250	)		(7,977,250	)		(7,634,219	)
Gain on extinguishment of preferred stock		—			—			64,518
Net (loss) income attributable to unitholders for EPU computation	$	(6,810,590	)	$	(4,216,657	)	$	26,276,742
Denominator
Weighted average number of units outstanding for basic EPU computation		19,997,274			19,808,602			19,266,320
Basic and diluted net (loss) income per unit:
Undistributed (loss) income	$	(0.34	)	$	(0.21	)	$	1.36
Total basic and diluted	$	(0.34	)	$	(0.21	)	$	1.36