Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Schedule of net intangible assets and liabilities

		June 30,
		2022
	(unaudited)		December 31, 2021
Intangible Assets
Leasing commissions	$	1,259,267	$	1,153,736
Legal and marketing costs		205,730		163,019
Above market leases		273,235		360,509
Net leasehold asset		2,685,917		2,523,128
	$	4,424,149	$	4,200,392
Intangible Liabilities
Below market leases	$	(2,459,960)	$	(1,880,612)

Schedule of adjustments to rental revenue related to the above and below market leases

	For the three months ended				For the six months ended
	June 30,				June 30,
		2022		2021		2022		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Amortization of above market leases	$	(55,943)	$	(59,984)	$	(125,526)	$	(113,597)
Amortization of below market leases		94,160		59,603		189,777		109,979
	$	38,217	$	(381)	$	64,251	$	(3,618)

Schedule of amortization related to intangible assets

	For the three months ended				For the six months ended
	June 30,				June 30,
		2022		2021		2022		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Leasing commissions	$	(59,417)	$	(48,430)	$	(122,449)	$	(91,675)
Legal and marketing costs		(14,908)		(7,588)		(29,467)		(13,882)
Net leasehold asset		(255,546)		(165,599)		(561,592)		(314,519)
	$	(329,871)	$	(221,617)	$	(713,508)	$	(420,076)

Schedule of future amortization of above and below market leases

		For the
		remaining six
		months ending
		December 31,
	2022		2023		2024		2025		2026		2027-2041		Total
Intangible Assets
Leasing commissions	$	123,846	$	219,221	$	173,352	$	145,550	$	107,312	$	489,986	$	1,259,267
Legal and marketing costs		36,293		61,506		39,837		24,004		13,160		30,930		205,730
Above market leases		63,375		97,960		45,608		21,526		15,629		29,137		273,235
Net leasehold asset		451,927		623,930		400,511		295,851		199,466		714,232		2,685,917
	$	675,441	$	1,002,617	$	659,308	$	486,931	$	335,567	$	1,264,285	$	4,424,149
Intangible Liabilities
Below market leases, net	$	(225,849)	$	(368,802)	$	(285,892)	$	(213,348)	$	(178,776)	$	(1,187,293)	$	(2,459,960)

Schedule of property and purpose of reserve

	June 30, 2022		December 31,
	(unaudited)		2021
Property and Purpose of Reserve
Clemson Best Western Property - improvements	$	50,014	$	50,012
Clemson Best Western Property - furniture, fixtures and equipment		550		275,109
Franklin Square Property - leasing costs		740,272		700,000
Brookfield Center Property - maintenance reserve		114,513		92,349
Greenbrier Business Center - capital reserve		—		150,000
Total	$	905,349	$	1,267,470