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Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASHFLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,190,353) $ (445,513)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation 421,987 316,901
Amortization of acquired lease intangible assets 135,563 113,992
Amortization of debt issuance costs 28,865 33,673
Amortization of below market leases (26,114) (23,841)
Amortization of above market ground lease (183) (43)
Restricted stock unit compensation 90,648 93,926
Non-cash ground lease expense 21,149 7,247
Income on investment in tenancy-in-common (14,402) (8,553)
Changes in operating assets and liabilities:    
Accounts receivable (55,155) (6,753)
Other assets 23,945 (83,704)
Deferred rent asset (16,848) (17,522)
Prepaid expenses (409,932) (257,117)
Accounts payable (53,945) (106,911)
Accrued expenses 275,096 145,290
Lease liability 14,438 9,620
Deferred rent liability (95,723) 18,808
Net cash used in operating activities (850,964) (210,500)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets 0 (12,775,600)
Escrow (deposit) return for purchase of properties (50,000) 75,000
Net cash used in investing activities (50,000) (12,700,600)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable interest 3,000,000 1,109,570
Redemption of redeemable non-controlling interests (2,479,299) 0
Repayment on other payable - related party (325,000) 0
Mortgage loan borrowings 0 6,250,000
Mortgage loan repayments (151,627) (146,254)
Stock issuance costs 0 (6,091)
Deferred financing costs 0 (165)
Debt issuance costs 0 (78,878)
Insurance financing borrowings 352,307 288,693
Insurance financing repayments (60,628) (33,359)
Distribution on non-controlling interests (118,661) (119,241)
Dividends paid on common stock (297,479) (334,799)
Net cash used in (provided by) financing activities (80,387) 6,929,476
Net decrease in cash and cash equivalents (981,351) (5,981,624)
Cash and cash equivalents and restricted cash - beginning of period 3,752,996 10,624,076
Cash and cash equivalents and restricted cash - end of period 2,771,645 4,642,452
CASH TRANSACTIONS    
Interest Paid 469,191 284,569
NON-CASH TRANSACTIONS    
Stock issued for cashless exercise of Investor Warrants 106 277
Deferred distribution on redeemable non-controlling interests 16,305 15,780
Recognition of ROU asset and lease liability for ground lease related to property acquisition 0 $ 6,304,334
Common stock issued to redeem non-controlling interest $ 26,108