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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (21,222,167) $ (2,530,485)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible lease asset 113,744 113,744
Amortization of debt costs 15,696 42,951
Loan modification expense 160,000
Stock-based compensation 407,151 452,366
Impairment expense 17,998,981
Depreciation 671,607 1,209,418
Gain on sale of property (394,394) (1,040,452)
Changes in operating assets and liabilities    
Accounts receivable 62,198
Deferred rent receivable (54,402) 269,984
Prepaid expenses and deposits (514,007) (34,595)
Other assets (1,480)
Other liabilities 79,700
Accounts payable 30,867 (499,140)
Accrued expenses 1,956,572 142,950
Prepaid rent (33,000) (37,161)
Net cash used in operating activities (943,652) (1,689,702)
Investing activities    
Cash received for sale of properties 715,642 2,409,178
Cash received for mortgage loan receivables 155,000
Net cash provided by investing activities 870,642 2,409,178
Financing activities    
Principal payment on long-term debt (1,096,246) (294,414)
Net cash used in financing activities (1,096,246) (294,414)
Net increase (decrease) in cash and cash equivalents and restricted cash (1,169,256) 425,062
Cash and cash equivalents and restricted cash, beginning of period 4,104,884 3,847,871
Cash and cash equivalents and restricted cash, end of period 2,935,628 4,272,933
Supplemental disclosure of cash flow information:    
Interest paid 519,601 1,103,063
Reclass of deferred debt issuance costs to liability upon reduction of total loan commitment 46,023
Mortgage loan receivables entered into in connection with sale of properties 1,250,000
Accrued interest transferred to loan $ 2,181,876