Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Real Property Assets

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	40 years
Site Improvements	7 to 10 years

Summary of Fixed Rate Debt Payable

The table below summarizes the carrying amounts and fair values of financial instruments that are not carried at fair value as of December 31, 2023 and 2022. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable rate debt was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (categorized within Level 2 of the fair value hierarchy). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. As of December 31, 2023 and 2022, we believe the carrying amounts of our variable rate debt are

reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices.

	December 31, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Fixed Rate Secured Debt	$	131,800,000	$	135,840,497	$	129,350,000	$	137,513,495

Summary of Income Tax Expense (Benefit)

Income tax expense (benefit) is reconciled to the hypothetical amounts computed at the U.S. federal statutory income tax rate for the years ended December 31, 2023, 2022, and 2021:

	For the year ended December 31, 2023			Rate
Expected tax at statutory rate	$	(2,048,337	)		21	%
Non-taxable REIT loss		1,439,687			-15	%
State and local income tax expense - net of federal benefit		(128,821	)		1	%
Change in valuation allowance		737,471			-7	%
Total provision	$	-			0	%
	For the year ended December 31, 2022			Rate
Expected tax at statutory rate	$	152,324			21	%
Non-taxable REIT income		(1,465,580	)		-202	%
State and local income tax expense - net of federal benefit		(299,937	)		-41	%
Change in valuation allowance		1,613,193			222	%
Total provision	$	-			0	%
	For the year ended December 31, 2021			Rate
Expected tax at statutory rate	$	(1,959,395	)		21	%
Non-taxable REIT loss		1,075,188			-11	%
State and local income tax expense - net of federal benefit		(194,699	)		2	%
Change in valuation allowance		1,492,007			-16	%
Other		(413,101	)		4	%
Total provision	$	-			0	%

Schedule of Temporary Differences to Deferred Tax Effects

The major sources of temporary differences that give rise to the deferred tax effects are shown below:

	December 31, 2023			December 31, 2022
Deferred tax liabilities:
Depreciation timing differences	$	(121,118	)	$	(44,705	)
Other		(34,089	)		—
Total deferred tax liability		(155,207	)		(44,705	)
Deferred tax assets:
Net operating loss carryovers		6,007,314			4,976,303
Other		90,290			273,327
Total deferred tax assets		6,097,604			5,249,630
Valuation allowance (1)		(5,942,397	)		(5,204,925	)
Net deferred tax assets	$	—		$	—

(1)Full valuation allowance was applied as the recoverability of such net deferred tax assets was less than more likely than not.