XML 16 R4.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenue    
Rental and reimbursements $ 15,736,103 $ 15,107,219
Expenses    
Depreciation and amortization 7,153,411 5,273,793
Property operating and maintenance 6,523,406 9,028,493
Interest expense 6,124,395 7,099,968
Asset management fees to related party (note 8) 3,224,834 3,004,725
General and administrative 1,060,039 913,258
Administrative cost reimbursements to related party (note 8) 756,733 726,000
Professional fees 639,696 615,132
Directors' fees 105,000 106,000
Transfer agent cost reimbursements to related party (note 8) 66,267 92,000
Impairment loss on assets held for sale 0 8,121,090
Total operating expenses 25,653,781 34,980,459
Operating loss (9,917,678) (19,873,240)
Other income (loss)    
Dividend and distribution income from equity securities at fair value 581,030 535,199
Net unrealized loss on equity securities at fair value (697,644) (2,079,093)
Net income from equity method investments at fair value 1,827,232 2,580,035
Net realized gain (loss) from investments (3,016,772) 656,984
Net loss on disposal of real estate 0 (352,540)
Gain on extinguishment of debt 0 14,840,728
Net loss (11,223,832) (3,691,927)
Net income attributable to non-controlling interests (853,665) (405,478)
Net income attributable to preferred stockholders Series A and B (1,153,486) (695,601)
Net loss attributable to common stockholders $ (13,230,983) $ (4,793,006)
Net loss per share attributable to common stockholders (in dollars per share) $ (1) $ (0.36)
Weighted average common shares outstanding (in shares) 13,293,221.84 13,282,927.98