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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (3,009,989) $ (790,050)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,338,430 843,984
Equity in earnings (951,454) (240,096)
Amortization of real estate note investment issuance cost 12,562 12,110
Amortization of debt issuance costs 58,638 37,331
Noncash interest expense on preferred stock 278,506 42,047
Share based compensation 45,000 0
Changes in operating assets and liabilities:    
Related party receivables (29,875) 0
Other assets 431,115 37,550
Related party payables (40,690) 267,855
Accounts payable, accrued expenses and other liabilities 1,665,551 361,147
Net cash (used in) provided by operating activities (202,206) 571,878
Cash flows from investing activities:    
Acquisition of real estate 0 (53,904,597)
Capital improvements to real estate (36,262) (18,674)
Investments in unconsolidated real estate entities (2,512,338) (5,210,937)
Issuance of real estate note investment including issuance costs (823,566) (1,741,219)
Net cash used in investing activities (3,372,166) (60,875,427)
Cash flows from financing activities:    
Proceeds from line of credit 3,500,000 0
Repayments of line of credit (5,000,000) 0
Proceeds from issuance of preferred stock, net of issuance costs 9,363,586 7,016,263
Proceeds from issuance of common stock 0 12,928,418
Distributions to common stockholders (1,503,402) (888,805)
Net cash provided by financing activities 6,360,184 19,055,876
Net increase (decrease) in cash and cash equivalents and restricted cash 2,785,812 (41,247,673)
Cash and cash equivalents and restricted cash, beginning of period 4,632,804 47,741,994
Cash and cash equivalents and restricted cash, end of period 7,418,616 6,494,321
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets:    
Total cash and cash equivalents and restricted cash 7,418,616 6,494,321
Supplemental disclosure of non-cash investing and financing activities:    
Credit facility entered into in conjunction with acquisition of real estate $ 0 $ 49,616,479