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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (8,982,952) $ (6,434,800)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 4,214,830 2,811,065
Amortization of debt issuance costs 276,258 208,543
Stock based compensation expense related to issuance of restricted stock 8,070 4,842
Accretion of preferred equity costs   15,848
Unrealized derivative gain 87,000  
Derivative fair value adjustment (951,943)  
Unrealized foreign currency adjustment 2,206,103 468,154
Changes in operating assets and liabilities:    
Other assets, net (66,166) (18,324)
Purchase of interest rate derivative (711,000)  
Accounts payable and accrued liabilities (213,380) (439,667)
Due to affiliates 3,347,491 1,727,150
Net cash used in operating activities (785,689) (1,657,189)
Cash flows from investing activities:    
Purchase of real estate facilities   (51,910,735)
Additions to real estate facilities (2,253,847) (919,043)
Investments in unconsolidated real estate ventures (6,449,918) (2,264,568)
Net cash used in investing activities (8,703,765) (55,094,346)
Cash flows from financing activities:    
Proceeds from issuance of secured debt   33,677,500
Scheduled principal payments of secured debt (385,375) (122,018)
Prepaid debt issuance costs   (36,770)
Debt issuance costs   (88,319)
Gross proceeds from issuance of common stock 10,586,181 11,006,130
Offering costs (1,035,663) (1,086,148)
Proceeds from issuance of preferred equity in our Operating Partnership   15,000,000
Preferred equity in our Operating Partnership issuance costs   (189,920)
Proceeds from issuance of Series C Units 359,926  
Redemption of common stock (118,560)  
Distributions paid to common stockholders (1,801,202) (1,396,733)
Distributions paid to noncontrolling interest in our Operating Partnership (84,870) (84,089)
Distributions paid to preferred stockholders (3,131,250)  
Distributions paid to preferred unitholders in our Operating Partnership   (87,500)
Net cash provided by financing activities 4,389,187 56,592,133
Impact of foreign exchange rate changes on cash and restricted cash (483,052) (683,798)
Net change in cash, cash equivalents and restricted cash (5,583,319) (843,200)
Cash, cash equivalents and restricted cash, beginning of year 25,708,071 7,791,544
Cash, cash equivalents and restricted cash, end of year 20,124,752 6,948,344
Supplemental disclosures and non-cash transactions:    
Cash paid for interest, net of amounts capitalized 4,220,435 2,249,913
Deposits applied to investments in unconsolidated real estate ventures 333,765 382,819
Real estate facilities in due to affiliates   2,198,424
Debt issuance costs in due to affiliates   150,000
Debt issuance costs in accounts payable and accrued liabilities   10,888
Proceeds from issuance of common stock in accounts payable and accrued liabilities   (120,000)
Offering costs included in accounts payable and accrued liabilities 222,836 216,738
Interest rate swap contract in other assets 663,978  
Interest rate swap contracts in accounts payable and accrued liabilities 147,121 31,489
Issuance of shares pursuant to distribution reinvestment plan 1,303,340 974,931
Distributions payable to common and preferred stockholders 4,265,856 857,816
Distributions payable to noncontrolling interests in our Operating Partnership 28,885 28,964
Distributions payable to Preferred unitholders   90,417
Real estate and construction in process in accounts payable and accrued liabilities 384,198 4,529
Purchase of interest rate derivative in accounts payable and accrued liabilities 415,000  
Redemption of common stock in accounts payable and accrued liabilities $ 784,542  
Deposits applied to acquisition of real estate   $ 220,000