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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net income $ 5,809,864 $ 2,919,913
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,852,336 2,443,246
Amortization of deferred financing costs and debt discount as interest (20,875) (1,876)
Amortization of key money loans (40,125) (43,404)
Gain on loan extinguishment (942,605) (635,317)
Gain on interest rate cap/swap (147,218) (289,412)
Loss on disposal of fixed assets 10,535  
Changes in operating assets and liabilities:    
Accounts receivable 49,023 (194,338)
Due from related parties (165,026) (56,950)
Prepaid expenses and other assets (382,270) (326,593)
Accounts payable, accrued expenses and other 844,129 927,188
Due to related parties 200,730 1,055,340
Net cash provided by operating activities 8,068,498 5,797,797
Cash Flows from Investing Activities:    
Acquisition of hotel property, net   (15,062,376)
Loan receivable funding   (7,689,594)
Loan receivable payment   7,689,594
Capital improvements (2,300,075) (538,782)
Net cash used in investing activities (2,300,075) (15,601,158)
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock   9,295,309
Payment of commissions and dealer manager fees and stockholder servicing fees (4,278) (506,995)
Payment of other offering costs to affiliates   (766,217)
Proceeds from mortgage note 1,270,226 4,000,000
Proceeds from other debt   1,426,672
Payments of mortgage notes principal (275,915) (298,580)
Payment of deferred financing costs (41,234) (83,301)
Distributions to stockholders (2,254,296) (1,041,589)
Distributions to noncontrolling interest (833,000) (645,820)
Repurchase of common stock (850,999) (869,417)
Net cash (used in) provided by financing activities (2,989,496) 10,510,062
Increase in cash and cash equivalents and restricted cash 2,778,927 706,701
Cash and cash equivalents and restricted cash, beginning of period 9,838,402 10,269,947
Cash and cash equivalents and restricted cash, end of period $ 12,617,329 $ 10,976,648