XML 15 R6.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (9,753,985) $ 725,351 $ (9,330,454)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 7,070,186 7,415,888 9,300,992
Amortization of debt issuance costs 320,856 370,415 468,703
Stock based compensation expense related to issuance of restricted stock 14,166 14,246 24,347
Forgiveness of PPP Loans     (1,971,157)
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) (484,488)
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:      
Other assets 357,114 (172,386) 207,144
Accounts payable and accrued liabilities 352,207 844,596 (133,803)
Due to affiliates 2,579,228 1,403,388 2,637,266
Net cash provided by (used in) operating activities 939,772 (88,267) 718,550
Cash flows from investing activities:      
Additions to real estate (2,922,925) (4,030,077) (1,106,197)
Net proceeds from sale of real estate   48,503,131  
Settlement of company owned life insurance     328,172
Distributions of capital from equity method investments   979,131 1,352,523
Net cash provided by (used in) investing activities (2,922,925) 45,452,185 574,498
Cash flows from financing activities:      
Principal payments of KeyBank Bridge Loans (600,000) (17,650,000) (50,000)
Repayment of Tallahassee Nationwide mortgage loan   (23,500,000)  
Scheduled principal payments of mortgage loans (1,672,997) (937,856) (646,586)
Debt issuance costs   (92,458) (164,875)
Distributions paid to common stockholders   (522,553)  
Distributions paid to Operating Partnership unitholders   (1,022)  
Net cash used in financing activities (2,272,997) (42,703,889) (861,461)
Net change in cash, cash equivalents, and restricted cash (4,256,150) 2,660,029 431,587
Cash, cash equivalents, and restricted cash, beginning of year 12,544,609 9,884,580 9,452,993
Cash, cash equivalents, and restricted cash, end of year 8,288,459 12,544,609 9,884,580
Supplemental disclosures and non-cash transactions:      
Cash paid for interest 9,011,353 8,241,981 9,548,429
Additions to real estate and construction in process in accounts payable and accrued liabilities 26,522 371,341 5,347
Distributions payable to preferred unit holders in our operating partnership $ 1,341,278 $ 1,256,632 $ 1,171,988