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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,340,584) $ (1,942,750)
Adjustments to reconcile net loss to cash from operating activities    
Depreciation of building and site improvements 1,501,860 844,249
Amortization of acquired tenant improvements 161,247 271,302
Amortization of in-place leases 743,731 0
Amortization of above market leases 203,542 0
Amortization of below market leases (67,604) (101,989)
Amortization of above market ground lease (366) (366)
Amortization of debt issuance costs 95,560 57,730
Restricted stock unit compensation 189,870 167,687
Non-cash ground lease expense 30,834 42,133
Income on investment in tenancy-in-common 0 (29,411)
Dead deal expense 35,873 109,569
Gain on derivative valuation, net (425,546) 0
Loss on held for sale asset valuation 1,058,994 0
Changes in operating assets and liabilities    
Accounts receivable (25,668) (29,236)
Escrow and other assets (274,806) (1,046)
Deferred rent asset 713,396 (30,731)
Prepaid expenses (263,263) (336,070)
Prepaid guaranty fees - related party (96,360) 0
Accounts payable 191,205 69,394
Accrued expenses (148,670) 390,983
Lease liability 24,134 9,649
Deferred rent liability (80,774) (19,248)
Net cash provided by (used in) operating activities 226,605 (528,151)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets 0 (14,551)
Prepaid capitalizable deal costs for future property acquisition 0 (174,303)
Net cash used in investing activities 0 (188,854)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interests 2,500,000 3,000,000
Redemption of redeemable non-controlling interests 0 (2,479,299)
Repayment on other payable - related party (904,920) (325,000)
Mortgage loan repayments (639,599) (332,760)
Equity issuance costs (77,421) 0
Escrow deposit to bank for future debt financing 0 (100,000)
Insurance financing borrowings 400,889 352,307
Insurance financing repayments (175,674) (159,374)
Distribution on non-controlling interests (544,611) (248,503)
Dividends paid on preferred stock (190,000) 0
Dividends paid on common stock (1,159,481) (603,470)
Net cash used in financing activities (790,817) (896,099)
Net decrease in cash and cash equivalents (564,212) (1,613,104)
Cash and cash equivalents and restricted cash - beginning of period 3,151,946 3,752,996
Cash and cash equivalents and restricted cash - end of period 2,587,734 2,139,892
CASH TRANSACTIONS    
Interest Paid 1,252,317 882,585
NON-CASH TRANSACTIONS    
Conversion of Preferred Stock into Common Stock 11,637,616 0
Stock issued for cashless exercise of Investor Warrants 79 173
Deferred distribution on redeemable non-controlling interests $ 1,400,835 $ 32,610