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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 3,337,672 $ (4,536,136)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,362,538 3,011,904
Amortization of deferred financing costs and debt discount as interest 6,276 9,009
Amortization of key money loans (56,779) (53,485)
Loss on acquisition   133,521
Gain on loan extinguishment (1,502,984)  
Gain on interest rate swap (295,087) (30,663)
Changes in operating assets and liabilities:    
Accounts receivable (329,077) 110,010
Due from related parties (56,950) (367,641)
Prepaid expenses and other assets (91,838) (69,101)
Accounts payable, accrued expenses and other 346,248 (25,361)
Due to related parties (641,229) 1,340,151
Net cash provided by (used in) operating activities 4,078,790 (477,792)
Cash Flows from Investing Activities:    
Acquisition of hotel property, net (15,062,376) (12,240,256)
Loan receivable origination (7,689,594)  
Loan receivable payment 7,689,594  
Capital improvements (932,960) (209,583)
Net cash used in investing activities (15,995,336) (12,449,839)
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock 9,295,309 10,476,003
Payment of commissions and dealer manager fees and stockholder servicing fees (508,460) (898,901)
Payment of other offering costs to affiliates (1,037,201)  
Proceeds from mortgage note 12,000,000 2,000,000
Proceeds from other debt 1,426,672 1,018,917
Payments of mortgage notes principal (4,397,358) (202,467)
Payment of deferred financing costs (214,807) (94,770)
Distributions to stockholders (3,256,456) (1,713,172)
Distributions to noncontrolling interest (876,820) (196,000)
Contributions from noncontrolling interests   120,050
Repurchase of common stock (945,878) (313,879)
Net cash provided by financing activities 11,485,001 10,195,781
Decrease in cash and cash equivalents and restricted cash (431,545) (2,731,850)
Cash and cash equivalents and restricted cash, beginning of period 10,269,947 13,001,797
Cash and cash equivalents and restricted cash, end of period $ 9,838,402 $ 10,269,947