XML 38 R2.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash $ 8,051,300 $ 9,665,300
Restricted Cash 597,600 597,600
Accounts Receivable 184,100 1,707,000
Notes Receivable, net 1,060,000 4,525,300
Prepaid Expense and Other Assets 1,755,100 5,318,100
Real Estate 208,860,500 205,478,200
Property and Equipment, net 1,683,900 2,289,500
Right of Use Assets 1,788,500 1,926,100
Deferred Tax Asset, net 0 4,659,300
TOTAL ASSETS 223,981,000 236,166,400
LIABILITIES    
Accounts Payable and Accrued Expenses 7,527,900 14,090,700
Dividends Payable 5,711,100 634,700
Contract Liabilities 319,200 497,400
Deferred Revenue 49,200 52,000
Note Payable - Insurance 356,000 378,500
Revolving Line of Credit Loan, net of Unamortized Debt Discount of $0 and $0.6 million, respectively 14,858,100 24,359,700
Equipment Loans 0 2,057,100
Finance Leases 0 154,500
Right of Use Liabilities 2,605,800 2,779,400
TOTAL LIABILITIES 172,528,500 160,610,500
COMMITMENTS AND CONTINGENCIES - SEE NOTE 12
STOCKHOLDERS’ EQUITY    
Preferred Stock, no par value per share, 10,000,000 shares authorized and 3,799,799 issued and outstanding at September 30, 2023 and December 31, 2022 62,912,100 62,912,100
Common Stock, no par value per share, 50,000,000 shares authorized and 2,329,322 issued and outstanding at September 30, 2023 and 718,835 issued and outstanding at December 31, 2022 41,689,500 35,704,700
Additional Paid In Capital 4,401,600 1,266,300
Retained Earnings (Accumulated Deficit) (57,550,700) (24,327,200)
TOTAL STOCKHOLDERS’ EQUITY 51,452,500 75,555,900
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 223,981,000 236,166,400
Nonrelated Party    
LIABILITIES    
Construction Loans 141,101,200 107,483,700
Related Party    
LIABILITIES    
Construction Loans $ 0 $ 8,122,800