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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2022
Cash flows from operating activities:          
Net income (loss) $ (10,238,617) $ 5,664,692 $ (13,851,187) $ 15,144,826  
Adjustments to reconcile net income (loss) to net cash from operating activities:          
Net unrealized loss on equity securities at fair value 238,559 3,838,217 1,312,612 876,882  
Net income (loss) from equity method investments at fair value     (1,478,779) (7,053,372)  
Net realized gain on investments 0 (5,109,713) (830,964) (9,462,904)  
Loss on disposal of fixed assets     3,604 0  
Impairment loss on assets held for sale 6,207,743 0 8,121,089 0  
Straight - line rent     (41,920) (418,951)  
Depreciation and amortization     3,737,983 3,225,189  
Amortization of deferred financing costs     451,433 14,320  
Accretion of market lease and other intangibles, net     (167,555) (121,881)  
Changes in assets and liabilities:          
Investments income, rent and other receivables     1,138,360 160,959  
Due from related entities     0 (27,001)  
Prepaid expenses and other assets     (1,287,821) (199,924)  
Deferred rent and other liabilities     (318,917) 22,483  
Accounts payable and accrued liabilities     (1,323,635) 505,626  
Due to related entities     (377,581) 74,741  
Net cash from operating activities     (4,913,278) 2,740,993  
Cash flows from investing activities:          
Proceeds from sale of and sales distribution from investments     13,225,365 30,333,194  
Investment acquisition advance     0 (900,000)  
Investments in real estate assets     (17,944,745) (22,851,479)  
Purchase of investments     (303,884) (13,786,878)  
Return of capital distributions     12,282,338 22,250,314  
Payment on contingent liability     (1,154,125) 0  
Net cash from investing activities     6,104,949 15,045,151  
Cash flows from financing activities:          
Proceeds from mortgage notes payable     3,034,349 16,129,689  
Payments on mortgage notes payable     (455,400) (1,294,879)  
Proceeds on notes payable     9,632 0  
Payments on notes payable     (12,388) 0  
Payment of deferred financing cost     0 (784,327)  
Dividend to stockholders     (3,203,432) (1,960,849)  
Proceeds from issuance of preferred stock     11,449,495 1,984,500  
Payment of finance lease liabilities     (16,213) 0  
Payment of selling commissions and fees     (1,005,925) (523,032)  
Contributions by non-controlling interests holders     0 856,364  
Distributions to non-controlling interests holders     (280,835) (8,068)  
Redemption of common stock, net of redemptions payable     (1,150,404) (162,884)  
Capital pending acceptance     464,400 10,000  
Net cash from financing activities     8,833,279 14,246,514  
Net increase in cash, cash equivalents and restricted cash     10,024,950 32,032,658  
Cash, cash equivalents and restricted cash at beginning of the period     8,998,165 7,753,553 $ 7,753,553
Cash, cash equivalents and restricted cash at end of the period 19,023,115 39,786,211 19,023,115 39,786,211 8,998,165
Cash and cash equivalents at end of the period 17,582,046 31,399,223 17,582,046 31,399,223 7,400,163
Restricted cash at end of the period 906,312 5,570,020 906,312 5,570,020 $ 1,092,816
Cash and restricted cash at end of the period classified as assets held for sale $ 534,757 $ 2,816,968 534,757 2,816,968  
Supplemental disclosure of non-cash financing activities and other cash flow information          
Issuance of common stock through reinvestment of dividends     1,208,909 839,610  
Issuance of preferred stock through reinvestment of dividends     39,988 75  
Written off Contingent Consideration     57,875 0  
Cash paid for interest     3,759,832 1,174,261  
First & Main, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information          
Issuance of the Operating Partnership Preferred units for the purchase of interest (Note 1)     2,711,378 0  
Fair value of assets acquired from consolidation     18,507,861 0  
Fair value of liabilities assumed from consolidation     13,559,483 0  
Main Street West, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information          
Issuance of the Operating Partnership Preferred units for the purchase of interest (Note 1)     3,242,557 0  
Fair value of assets acquired from consolidation     20,699,145 0  
Fair value of liabilities assumed from consolidation     16,119,679 0  
1300 Main, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information          
Fair value of assets acquired from consolidation     10,546,464 0  
Fair value of liabilities assumed from consolidation     8,753,242 0  
Woodland Corporate Center Two, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information          
Fair value of assets acquired from consolidation     11,538,400 0  
Fair value of liabilities assumed from consolidation     $ 8,295,843 $ 0