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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASHFLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,942,750) $ (1,362,210)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation 844,249 737,552
Amortization of acquired lease intangible assets 271,302 252,017
Amortization of debt issuance costs 57,730 61,606
Amortization of below market leases (101,989) (49,955)
Amortization of above market ground lease (366) (226)
Restricted stock unit compensation 167,687 218,044
Non-cash ground lease expense 42,133 28,936
Income on investment in tenancy-in-common (29,411) (7,090)
Dead deal expense 109,569 107,371
Loss on debt extinguishment 0 144,029
Changes in operating assets and liabilities:    
Accounts receivable (29,236) (6,136)
Escrow deposits and other assets (1,046) (46,187)
Deferred rent asset (30,731) (40,522)
Prepaid expenses (336,070) (126,596)
Accounts payable 69,394 (179,958)
Accrued expenses 390,983 60,568
Lease liability 9,649 23,517
Deferred rent liability (19,248) 57,993
Net cash used in operating activities (528,151) (127,247)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets (14,551) (12,780,680)
Prepaid capitalizable deal costs for future property acquisition (174,303) 0
Escrow (deposit) return for purchase of properties 0 75,000
Investment in tenancy-in-common 0 (455,889)
Net cash used in investing activities (188,854) (13,161,569)
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) (203,326)
Repayment on other payable - related party (325,000) 0
Mortgage loan borrowings 0 17,650,000
Mortgage loan repayments (332,760) (11,014,986)
Escrow deposit to bank for future debt financing (100,000) 0
Debt issuance costs 0 (354,432)
Stock issuance costs 0 (6,091)
Deferred financing costs 0 (87,020)
Insurance financing borrowings 352,307 288,693
Insurance financing repayments (159,374) (114,215)
Distribution on non-controlling interests (248,503) (241,735)
Dividends paid on common stock (603,470) (678,053)
Net cash used in (provided by) financing activities (896,099) 6,348,405
Net decrease in cash and cash equivalents (1,613,104) (6,940,411)
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 2,139,892 3,683,665
CASH TRANSACTIONS    
Interest Paid 882,585 624,470
NON-CASH TRANSACTIONS    
Stock issued for cashless exercise of Investor Warrants 173 373
Deferred distribution on redeemable non-controlling interests 32,610 31,734
Recognition of ROU asset and lease liability for ground lease related to property acquisition 0 6,304,334
Redemption of redeemable non-controlling interests accrued $ 0 $ 203,326