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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (2,420,749) $ (1,286,732)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 7,165,817 469,945
Amortization of above and below market leases and lease inducements 146,652 573,330
Amortization of restricted stock grants 36,010 38,733
Amortization of deferred financing costs 100,762 7,029
Amortization of discount (394,633) (32,882)
Unrealized loss on investments 263,067 0
Changes in assets and liabilities:    
Increase in other assets (645,326) (51,029)
Increase in accounts and other receivables (270,132) (196,506)
Increase in accounts payable, accrued expenses and other liabilities 2,412,936 726,716
Increase in due to affiliates 1,056,900 455,968
Net cash provided by operating activities 7,451,304 704,572
Cash flows from investing activities:    
Acquisition of real estate (41,024,719) (59,785,956)
Purchase of real estate-related loans and securities (29,413,318) (24,243,703)
Building improvements (2,095,032) (21,039)
Net cash used in investing activities (72,533,069) (84,050,698)
Cash flows from financing activities:    
Borrowings from mortgage loans 27,900,000 44,400,000
Proceeds from affiliate line of credit 0 41,511,958
Proceeds from issuance of common stock 49,040,510  
Redemptions of common stock (9,672,139)  
Payments of Offering Costs (822,612) 0
Distributions (2,166,964) 0
Payment of deferred financing costs (356,450) (318,870)
Distributions to non-controlling interests (191,274) (24,114)
Contributions from non-controlling interests 920,079 1,657,500
Net cash provided by financing activities 64,651,150 87,226,474
Net change in cash and cash-equivalents and restricted cash (430,615) 3,880,348
Cash and cash-equivalents and restricted cash, beginning of period 31,050,204 183,454
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 30,619,589 4,063,802
Cash and cash-equivalents and restricted cash, end of period 30,619,589 4,063,802
Supplemental disclosures:    
Interest paid 2,503,190 535,039
Non-cash investing and financing activities:    
Accrued Distributions 620,886 0
Accrued Stockholder Servicing Fee 75,626 0
Accrued Offering Costs 4,747,482 0
Distributions Reinvested 834,172 $ 0
Accrued redemptions $ 1,915,082