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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (1,084,902) $ (1,292,229)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 29,250 25,000
Depreciation and amortization 3,481,218 806,537
Deferred loan and lease commission costs amortization 136,199 44,525
Equity in loss of unconsolidated entities 0 396,979
Bad debt provision 7,130 51,873
Changes in operating assets and liabilities:    
Accrued rent and accounts receivable (812,049) (172,782)
Deferred leasing commissions (272,393) (54,562)
Prepaid expenses and other assets (415,990) (19,803)
Accounts payable and accrued expenses 1,399,675 183,994
Due to (from) related parties (210,534) (609,469)
Tenants' security deposits (15,282) 1,849
Net cash used in operating activities 2,242,322 (638,088)
Cash flows from investing activities:    
Additions to real estate (45,512,410) (21,608,048)
Acquisition deposit (1,740,000) 40,000
Note receivable - related party (4,400,000) 0
Net cash used in investing activities (51,652,410) (21,568,048)
Cash flows from financing activities:    
Proceeds from issuance of common stock 45,203,004 17,345,813
Payment of redemption of common stock (111,248) (85,510)
Distributions paid in cash (1,936,812) (788,270)
Payment of selling commissions (3,449,411) (1,325,852)
Deferred loan costs paid (83,163) (222,605)
Escrowed investor proceeds 50,700 (16,924)
Change in subscriptions for common stock (50,700) 16,929
Proceeds from revolving credit facility 18,550,100 8,268,750
Repayments under revolving credit facility (10,818,849) 0
Proceeds from term loan notes 0 2,520,000
Repayments on term loan (3,525,000) 0
Net cash provided by financing activities 43,828,621 25,712,331
Net (decrease) increase in cash and cash equivalents and restricted cash (5,581,467) 3,506,195
Cash and cash equivalents and restricted cash, beginning of period 5,991,935 2,485,740
Cash and cash equivalents and restricted cash, end of period 410,468 5,991,935
Supplemental disclosures of non-cash investing and financing activities:    
Cash paid for interest 412,232 261,144
Increase in distributions payable 40,570 135,537
Distributions paid in stock $ 2,106,458 $ 1,075,562