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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:      
Net income (loss) $ (4,208,702)   $ 1,286,454
Adjustments to reconcile net income (loss) to net cash from operating activities:      
Net unrealized loss on equity securities at fair value 729,793   547,569
Net (income) loss from equity method investments at fair value 1,537,455   (3,386,117)
Net realized gain on investments 0   (517,447)
Straight - line rent (16,270)   (8,208)
Depreciation and amortization 1,559,668   912,304
Amortization of deferred financing costs and debt mark-to-market 248,437   259,522
Accretion of above (below) market lease, net (95,434)   (12,422)
Changes in assets and liabilities:      
Investments income, rents and other receivables 327,940   1,002,972
Prepaid expenses and other assets 12,522   (575,497)
Deferred rent and other liabilities (19,896)   268,216
Accounts payable and accrued liabilities 441,883   (584,292)
Due to related entities (330)   (43,230)
Net cash from operating activities 517,066   (850,176)
Cash flows from investing activities:      
Investments in real estate assets (5,055,288)   (1,215,049)
Purchase of investments (393,530)   (105,562)
Return of capital distributions 21,000   1,017,016
Proceeds from sale of and sales distribution from investments 0   2,083,728
Investment acquisition advance 0   (369,000)
Payment on contingent liability 0   (858,000)
Net cash from investing activities (5,427,818)   553,133
Cash flows from financing activities:      
Proceeds from mortgage notes payable 2,945,715   0
Payments on mortgage notes payable (294,927)   (51,486)
Payments on notes payable (4,676)   (2,972)
Dividend to stockholders (1,345,908)   (970,654)
Proceeds from issuance of preferred stock 1,359,350   5,031,850
Payment of finance lease liabilities (14,216) $ (30,276) 0
Payment of selling commissions and fees (184,766)   (538,902)
Distributions to non-controlling interests holders (167,365)   (58,956)
Redemption of common stock, net of stock redemption payable (444,999)   (348,051)
Capital pending acceptance (396,600)   150,000
Net cash from financing activities 1,451,608   3,210,829
Net increase (decrease) in cash, cash equivalents and restricted cash (3,459,144)   2,913,786
Cash, cash equivalents and restricted cash at beginning of the period 18,141,019   8,998,165
Cash, cash equivalents and restricted cash at end of the period 14,681,875 18,141,019 11,911,951
Cash and cash equivalents at end of the period 13,981,263 17,242,781 10,763,645
Restricted cash at end of the period 700,612 $ 898,238 837,137
Cash and restricted cash at end of the period classified as assets held for sale 0   311,169
Supplemental disclosure of non-cash financing activities and other cash flow information:      
Issuance of common stock through reinvestment of dividends 443,271   386,385
Issuance of preferred stock through reinvestment of dividends 39,858   4,829
Issuance Operating Partnership Preferred Units through reinvestment of dividends 20,454   0
Cash paid for interest 1,015,556   1,138,118
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) 0   2,711,378
Fair value of assets acquired from consolidation 0   18,188,301
Fair value of liabilities assumed from consolidation $ 0   $ 13,239,923