Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Condensed Balance Sheets

Condensed Balance Sheets

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Total Assets	$	53,420,716		$	-		$	53,420,716
Liabilities and Equity
Total liabilities	$	30,145,523		$	-		$	30,145,523
Redeemable Non-Controlling Interests	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit	$	(5,419,624	)	$	16,468		$	(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest	$	-		$	469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214
Total Liabilities and Equity	$	53,420,716		$	-		$	53,420,716

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Total Assets	$	66,570,918		$	-		$	66,570,918
Liabilities and Equity
Total liabilities	$	42,997,873		$	-		$	42,997,873
Redeemable Non-Controlling Interests	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit	$	(6,000,158	)	$	21,526		$	(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest	$	-		$	464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716
Total Liabilities and Equity	$	66,570,918		$	-		$	66,570,918

Summary of Condensed Income Statements

Condensed Income Statements

	Three Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	988,190		$	-		$	988,190
Total expenses		1,305,855			-			1,305,855
Operating loss	$	(317,665	)	$	-		$	(317,665	)
Net loss	$	(317,665	)	$	-		$	(317,665	)
Less: Net income attributable to non-controlling interests		59,148			(6,824	)		52,324
Net loss attributable to Generation Income Properties, Inc.	$	(376,813	)	$	6,824		$	(369,989	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		582,867			582,867			582,867
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(0.65	)	$	0.02		$	(0.63	)
	Six Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,925,078		$	-		$	1,925,078
Total expenses		2,564,446			-			2,564,446
Operating loss	$	(639,368	)	$	-		$	(639,368	)
Net loss	$	(639,368	)	$	-		$	(639,368	)
Less: Net income attributable to non-controlling interests		209,974			(11,470	)		198,504
Net loss attributable to Generation Income Properties, Inc.	$	(849,342	)	$	11,470		$	(837,872	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		581,264			581,264			581,264
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(1.46	)	$	0.02		$	(1.44	)

	Three Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,033,494		$	-		$	1,033,494
Total expenses		1,305,594			-			1,305,594
Operating loss	$	(272,100	)	$	-		$	(272,100	)
Net income	$	655,828		$	-		$	655,828
Less: Net income attributable to non-controlling interests		199,716			561			200,277
Net income attributable to Generation Income Properties, Inc.	$	456,112		$	(561	)	$	455,551
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		939,559			939,559			939,559
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	0.49		$	(0.01	)	$	0.48
	Nine Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	2,958,572		$	-		$	2,958,572
Total expenses		3,870,040			-			3,870,040
Operating loss	$	(911,468	)	$	-		$	(911,468	)
Net income	$	16,460		$	-		$	16,460
Less: Net income attributable to non-controlling interests		409,690			(10,909	)		398,781
Net loss attributable to Generation Income Properties, Inc.	$	(393,230	)	$	10,909		$	(382,321	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		699,395			699,395			699,395
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(0.56	)	$	0.01		$	(0.55	)

	Twelve Months ended December 31, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	3,900,096		$	-		$	3,900,096
Total expenses		5,548,202			-			5,548,202
Operating loss	$	(1,648,106	)	$	-		$	(1,648,106	)
Net loss	$	(712,433	)	$	-		$	(712,433	)
Less: Net income attributable to non-controlling interests		530,049			(16,468	)		513,581
Net loss attributable to Generation Income Properties, Inc.	$	(1,242,482	)	$	16,468		$	(1,226,014	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		1,067,599			1,067,599			1,067,599
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(1.16	)	$	0.01		$	(1.15	)

	Three Months ended March 31, 2022
	As Reported			Adjustment			As Corrected
Total revenue	$	1,181,935		$	-		$	1,181,935
Total expenses		1,636,000			-			1,636,000
Operating loss	$	(454,065	)	$	-		$	(454,065	)
Net loss	$	(445,513	)	$	-		$	(445,513	)
Less: Net income attributable to non-controlling interests		135,021			(5,058	)		129,963
Net loss attributable to Generation Income Properties, Inc.	$	(580,534	)	$	5,058		$	(575,476	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,196,056			2,196,056			2,196,056
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(0.26	)	$	0.00		$	(0.26	)

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.

	As of June 30,		As of December 31,
	2022		2021
Cash and cash equivalents	$	3,649,084	$	10,589,576
Restricted cash		34,581		34,500
Cash and cash equivalents and restricted cash	$	3,683,665	$	10,624,076