Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Schedule of net intangible assets and liabilities

		September 30,
		2022
	(unaudited)		December 31, 2021
Intangible Assets
Leasing commissions	$	1,196,385	$	1,153,736
Legal and marketing costs		187,197		163,019
Above market leases		239,375		360,509
Net leasehold asset		2,443,038		2,523,128
	$	4,065,995	$	4,200,392
Intangible Liabilities
Below market leases	$	(2,344,281)	$	(1,880,612)

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

	For the three months ended				For the nine months ended
	September 30,				September 30,
		2022		2021		2022		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Amortization of above market leases	$	(33,862)	$	(67,206)	$	(159,388)	$	(180,803)
Amortization of below market leases		115,679		73,174		305,456		183,153
	$	81,817	$	5,968	$	146,068	$	2,350

Schedule of amortization related to intangible assets

	For the three months ended				For the nine months ended
	September 30,				September 30,
		2022		2021		2022		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Leasing commissions	$	(62,882)	$	(54,798)	$	(185,331)	$	(146,473)
Legal and marketing costs		(18,533)		(9,738)		(48,000)		(23,620)
Net leasehold asset		(242,877)		(211,399)		(804,469)		(525,918)
	$	(324,292)	$	(275,935)	$	(1,037,800)	$	(696,011)

Schedule of future amortization of above and below market leases

		For the
		remaining three
		months ending
		December 31,
	2022		2023		2024		2025		2026		2027-2041		Total
Intangible Assets
Leasing commissions	$	60,963	$	219,221	$	173,352	$	145,550	$	107,312	$	489,987	$	1,196,385
Legal and marketing costs		17,759		61,506		39,837		24,004		13,160		30,931		187,197
Above market leases		29,515		97,960		45,608		21,526		15,629		29,137		239,375
Net leasehold asset		209,049		623,930		400,511		295,851		199,466		714,231		2,443,038
	$	317,286	$	1,002,617	$	659,308	$	486,931	$	335,567	$	1,264,286	$	4,065,995
Intangible Liabilities
Below market leases, net	$	(110,169)	$	(368,802)	$	(285,892)	$	(213,348)	$	(178,776)	$	(1,187,294)	$	(2,344,281)

Schedule of property and purpose of reserve

	September 30, 2022		December 31,
	(unaudited)		2021
Property and Purpose of Reserve
Clemson Best Western Property - improvements	$	—	$	50,012
Clemson Best Western Property - furniture, fixtures and equipment		—		275,109
Franklin Square Property - leasing costs		815,561		700,000
Brookfield Center Property - maintenance reserve		129,289		92,349
Greenbrier Business Center - capital reserve		—		150,000
Total	$	944,850	$	1,267,470