XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (4,928,582) $ 5,960,563
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation 3,533,765 3,675,253
Amortization of debt issuance costs 160,428 190,163
Stock based compensation expense related to issuance of restricted stock 6,366 6,501
Loss on extinguishment of debt   1,985,602
Gain on sale of real estate, net   (12,101,937)
Gain on equity method investment   (573,430)
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:    
Other assets 270,908 202,021
Accounts payable and accrued liabilities 667,769 344,327
Due to affiliates 1,217,667 178,090
Net cash provided by (used in) operating activities 928,321 (132,847)
Cash flows from investing activities:    
Additions to real estate (2,041,568) (905,447)
Net proceeds from sale of real estate   48,503,131
Distributions of capital from equity method investment   979,131
Net cash (used in) provided by investing activities (2,041,568) 48,576,815
Cash flows from financing activities:    
Principal payments of KeyBank Bridge Loans (300,000) (17,000,000)
Repayment of Tallahassee Nationwide mortgage loan   (23,500,000)
Scheduled principal payments of mortgage loans (842,382) (708,061)
Net cash used in financing activities (1,142,382) (41,208,061)
Net change in cash, cash equivalents, and restricted cash (2,255,629) 7,235,907
Cash, cash equivalents, and restricted cash, beginning of period 12,544,609 9,884,580
Cash, cash equivalents, and restricted cash, end of period 10,288,980 17,120,487
Supplemental disclosures and non-cash transactions:    
Cash paid for interest 4,460,589 4,006,047
Additions to real estate facilities and construction in process included in accounts payable and accrued liabilities 236,062 15,433
Distributions payable to preferred unit holders in our Operating Partnership $ 654,534 $ 612,558