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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:                  
Net loss $ (7,592,000) $ (4,070,000) $ (5,013,000) $ (115,000) $ (2,499,000) $ (3,794,000) $ (16,673,000) $ (6,408,000)  
Adjustments to reconcile net loss to net cash used in operating activities:                  
Stock-based compensation and option amortization             464,000 308,000  
Gain on disposal of assets             (244,000) (3,938,000)  
Amortization of deferred financing costs             123,000 87,000  
Depreciation and amortization expense             1,470,000 925,000  
Accretion of mortgage income             (55,000) (323,000)  
Accretion of discount on note payable             263,000 705,000  
Non-cash interest expense funded by loan draw             1,122,000 811,000  
Non-cash provision for (recovery of) credit losses             2,598,000 0  
Unrealized loss on derivatives 39,000     0     330,000 0  
Changes in operating assets and liabilities, net of business combination:                  
Accrued interest receivable             318,000 12,000  
Other receivables             (179,000) (360,000)  
Other assets             (2,179,000) 78,000  
Accrued property taxes             674,000 111,000  
Accounts payable and accrued expenses             (1,454,000) (2,901,000)  
Customer deposits and funds held for others             1,384,000 137,000  
Accrued interest             (626,000) 344,000  
Total adjustments, net             4,009,000 (4,004,000)  
Net cash used in operating activities             (12,664,000) (10,412,000)  
Cash flows from investing activities:                  
Proceeds from sale of real estate owned and operating properties and other assets             895,000 8,709,000  
Purchases of property and equipment             (23,000) (23,000)  
Mortgage loan payoff             3,000,000 0  
Mortgage loan investment and fundings             (1,966,000) (3,000,000)  
Investment in unconsolidated entities             (2,612,000) 0  
Acquisition of cash and restricted cash through foreclosure             2,900,000 0  
Investment in real estate owned and other operating properties             (13,359,000) (7,208,000)  
Acquisition of non-controlling interests             (2,250,000) 0  
Net cash used in investing activities             (13,415,000) (1,522,000)  
Cash flows from financing activities:                  
Proceeds from notes payable             13,662,000 0  
Debt issuance costs paid             (144,000) (405,000)  
Repayments of notes payable             (10,176,000) (14,000)  
Dividends paid             (3,202,000) (1,926,000)  
Purchase of treasury stock             (1,000,000) 0  
Proceeds from Issuance of Preferred Equity             6,000,000 30,000,000  
Purchase of Interest rate cap             0 (548,000)  
Contribution of Hotel Fund capital costs             (48,000) (87,000)  
Contributions from Hotel Fund investors             7,518,000 9,815,000  
Distributions to Hotel Fund investors (400,000)     (100,000)     (1,005,000) (205,000)  
Net cash provided by financing activities             11,605,000 36,630,000  
Net increase (decrease) in cash, cash equivalents, and restricted cash             (14,474,000) 24,696,000  
Cash, cash equivalents, and restricted cash, beginning of period     $ 25,650,000     $ 11,932,000 25,650,000 11,932,000 $ 11,932,000
Cash, cash equivalents, and restricted cash, end of period 11,176,000     36,628,000     11,176,000 36,628,000 $ 25,650,000
Supplemental cash flow information:                  
Cash paid for interest             1,212,000 308,000  
Cash paid for taxes             90,000 0  
Non-cash investing and financing transactions:                  
Foreclosure on investment in mortgage loan             7,625,000 0  
Acquisition of operating property building and operations through foreclosure             7,379,000 0  
Assumption of first mortgage, accrued interest and operating liabilities through foreclosure             13,303,000 0  
Loan from JPM Chase Funding, Inc., (a related party) for purchase first mortgage on operating property             11,000,000 0  
Lease liability arising from the recognition of right-of-use asset $ 1,431,000     0     1,431,000 0  
Non-cash interest costs capitalized to operating property             1,000,000 0  
Capital expenditures in accounts payable and accrued expenses             1,790,000 929,000  
Decrease in non-controlling interest through profit participation       $ (1,939,000)     $ 0 $ (1,939,000)