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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (Loss) Income $ 916,278 $ (4,042,065)
Adjustments to reconcile consolidated net loss to net cash flows from operating activities    
Depreciation 2,500,529 2,768,969
Amortization 478,613 690,293
Loan cost amortization 71,299 80,967
Mandatorily redeemable preferred stock issuance cost and discount amortization 196,621 180,303
Amortization of lease incentives 2,223  
Above (below) market lease amortization, net (193,398) (211,904)
Bad debt expense 37,643 49,868
Share-based compensation 277,500  
Loss on extinguishment of debt 51,837 50,859
Gain on disposal of investment property (2,819,502)  
Changes in assets and liabilities    
Rent and other receivables, net 39,443 257,784
Unbilled rent (62,487) (84,852)
Other assets (208,463) (82,962)
Accounts payable and accrued liabilities 122,833 758,343
Net cash flows from operating activities 1,410,969 415,603
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment property acquisitions (145,345)  
Capital expenditures (664,264) (1,144,354)
Cash received from disposal of investment properties, net 3,110,149  
Net cash flows from investing activities 2,300,540 (1,144,354)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends and distributions paid (685,659) (374,665)
Repayment of line of credit, short term (1,000,000)  
Operating partnership unit redemption (77,226)  
Proceeds from line of credit, short term   1,000,000
Repayment of mortgages payable (754,398) (804,282)
Repurchases of common stock, including costs and fees (32,467)  
Retire fractional shares resulting from reverse stock split (2,705) (4,999)
Net cash flows from financing activities (2,552,455) (183,946)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,159,054 (912,697)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 3,809,605 5,662,853
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 4,968,659 $ 4,750,156