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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (3,732,456) $ (3,824,032)
Adjustments to reconcile consolidated net loss to net cash flows from operating activities    
Depreciation 2,471,365 1,665,203
Amortization 1,037,800 696,011
Loan cost amortization 80,607 80,711
Mandatorily redeemable preferred stock issuance cost and discount amortization 165,338 151,616
Convertible debenture issuance cost, discount and beneficial conversion feature amortization   1,718,487
Above (below) market lease amortization, net (146,068) (2,350)
Bad debt expense 12,946 26,014
Note payable forgiveness   (176,300)
Share-based compensation 233,100 149,981
Impairment of assets held for sale 175,671 0
Loss on impairment 36,670  
Loss on extinguishment of debt 389,207  
Loss (gain) on sale of investment property 389,471 (124,641)
Changes in assets and liabilities    
Rent and other receivables, net 211,376 53,240
Unbilled rent (112,767) (164,977)
Other assets (147,130) (91,849)
Accounts payable and accrued liabilities 608,351 485,387
Net cash flows from operating activities 1,673,481 642,501
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment property acquisitions (10,279,714) (13,152,547)
Capital expenditures (651,653) (283,018)
Cash received from disposal of investment properties 2,011,462 2,144,529
Net cash flows from investing activities (8,919,905) (11,291,036)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends and distributions paid (1,116,660) (711,899)
Cash paid for lender fees associated with Clemson Best Western sale (84,900)  
Repayment of line of credit, short term   (325,000)
Proceeds from mortgages payable, net 18,477,304 6,421,870
Repayment of mortgages payable (11,692,557) (437,662)
Proceeds from sale of convertible debentures, net of capitalized offering costs   1,305,000
Proceeds from sales of common stock, net of capitalized offering costs 1,538,887 10,826,920
Repurchases of common stock, including costs and fees (286,543)  
Net cash flows from financing activities 6,835,531 17,079,229
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (410,893) 6,430,694
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 7,383,977 5,096,928
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 6,973,084 $ 11,527,622