INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Equity Method Investments

The Company’s investments in unconsolidated entities as of December 31, 2019 and 2018 are as follows:

	December 31,
	2019		2018
The TIC Interest	$	10,388,588	$	10,749,332
REIT I (1)	—		3,526,483
Total	$	10,388,588	$	14,275,815

(1) REIT I was merged with the Company effective December 31, 2019 (seeNote 3).

Entities Equity In Earnings

The Company’s income (loss) from investments in unconsolidated entities for the years ended December 31, 2019 and 2018 are as follows:

	Years Ended December 31,
	2019			2018
The TIC Interest	$	296,691		$	269,191
REIT I	(62,643		)	(43,167		)
Total	$	234,048		$	226,024

Summarized Financial Information

The following are summarized financial information for REIT I as of and for the years ended December 31, 2019 and 2018:

	December 31,
	2019		2018
Assets:
Real estate investments, net	$	—	$	125,075,537
Cash and cash equivalents and restricted cash	—		3,376,145
Other assets	—		3,070,475
Total assets	$	—	$	131,522,157
Liabilities:
Mortgage notes payable, net	$	—	$	61,446,068
Below-market lease, net	—		3,105,843
Other liabilities	—		3,359,618
Total liabilities	—		67,911,529
Redeemable common stock	—		163,572
Total shareholders' equity	—		63,447,056
Total liabilities, redeemable common stock and shareholders' equity	$	—	$	131,522,157

	Years Ended December 31,
	2019			2018
Total revenue	$	13,132,226		$	13,166,631
Expenses:
Depreciation and amortization	5,787,709			5,783,643
Interest expense	3,425,625			2,813,430
Other expenses	5,342,365			4,603,963
Impairment of real estate investment property	—			862,190
Total expenses	14,555,699			14,063,226
Other income:
Gain on sale of real estate investment property, net	(1,850,845		)	—
Loss on debt restructuring	1,964,618			—
Total other income	113,773			—
Net loss	$	(1,309,700	)	$	(896,595	)

The following are summarized financial information for the Santa Clara property as of and for the years ended December 31, 2019 and 2018:

	December 31,
	2019		2018
Assets:
Real estate investments, net	$	30,858,240	$	31,668,300
Cash and cash equivalents	275,760		466,379
Other assets	228,770		117,075
Total assets	$	31,362,770	$	32,251,754
Liabilities:
Mortgage notes payable, net	$	13,746,635	$	13,994,844
Below-market lease, net	2,953,360		3,103,778
Other liabilities	68,587		61,188
Total liabilities	16,768,582		17,159,810
Total equity	14,594,188		15,091,944
Total liabilities and equity	$	31,362,770	$	32,251,754

	Years Ended December 31,
	2019		2018
Total revenue	$	2,705,126	$	2,678,110
Expenses:
Depreciation and amortization	993,564		991,621
Interest expense	574,086		584,059
Other expenses	731,044		730,448
Total expenses	2,298,694		2,306,128
Net income	$	406,432	$	371,982