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CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities:      
Net loss $ (487,682) $ (771,712) $ (1,121,995)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization, net 1,912,254 1,912,254 1,493,033
Amortization of deferred financing costs 244,673 561,711 501,250
Straight-line rental income (79,302) (147,731) (210,776)
Equity-based compensation 82,500 20,625 0
Write-off of deferred financing costs 183,850 0 0
Changes in assets and liabilities:      
Rent and tenant receivables (89,619) 223,269 (494,449)
Prepaid expenses and other assets 24,482 37,598 (110,396)
Accrued expenses and accounts payable (54,633) (170,008) 487,383
Deferred rental income 217,149 (208,716) 4,092
Due to affiliates (757) (60,301) (14,466)
Net cash provided by operating activities 1,952,915 1,396,989 533,676
Cash flows from investing activities:      
Investment in real estate assets 0 0 (16,855,205)
Payment of property escrow deposits 0 0 (250,000)
Refund of property escrow deposits 0 0 250,000
Net cash used in investing activities 0 0 (16,855,205)
Cash flows from financing activities:      
Proceeds from issuance of common stock 350,001 10,187,281 16,677,720
Redemptions of common stock (560,257) (48,015) 0
Offering costs on issuance of common stock (37,072) (856,439) (1,299,977)
Distribution and stockholder servicing fees paid (60,948) (65,165) (21,753)
Distributions to stockholders (996,153) (912,391) (448,362)
Proceeds from credit facility 0 0 12,700,000
Repayments of credit facility 0 (7,800,000) (2,725,000)
Proceeds from subordinate promissory note 0 2,200,000 16,488,631
Repayment of subordinate promissory note 0 (3,800,000) (25,188,631)
Deferred financing costs paid (78,183) (17,762) (114,687)
Net cash (used in) provided by financing activities (1,382,612) (1,112,491) 16,067,941
Net increase (decrease) in cash and cash equivalents 570,303 284,498 (253,588)
Cash and cash equivalents, beginning of period 635,959 351,461 605,049
Cash and cash equivalents, end of period 1,206,262 635,959 351,461
Supplemental disclosures of non-cash investing and financing activities:      
Distributions declared and unpaid 132,145 155,111 100,241
Change in accrued distribution and stockholder servicing fees (15,884) 35,533 237,105
Common stock issued through distribution reinvestment plan 658,062 569,926 179,564
Supplemental cash flow disclosures:      
Interest paid 1,107,570 1,269,123 1,102,926
Cash paid for taxes $ 7,048 $ 6,467 $ 2,491