v3.24.1.1.u2
Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Investment in real estate    
Land $ 21,236,021 $ 21,996,902
Building and site improvements 64,654,032 71,621,499
Acquired tenant improvements 2,072,205 2,072,205
Acquired lease intangible assets 9,927,046 10,571,331
Less: accumulated depreciation and amortization (8,618,181) (8,855,332)
Net real estate investments 89,271,123 97,406,605
Cash and cash equivalents 1,655,820 3,117,446
Restricted cash 34,500 34,500
Deferred rent asset 366,278 1,106,191
Prepaid expenses 473,380 139,941
Prepaid guaranty fees - related party 96,360 0
Accounts receivable 283,850 241,166
Escrow deposit and other assets 569,803 493,393
Held for sale assets 5,750,250 0
Right of use asset, net 6,131,688 6,152,174
Total Assets 104,633,052 108,691,416
Liabilities    
Accounts payable 51,901 406,772
Accrued expenses 593,731 688,146
Accrued expense - related party 683,347 683,347
Acquired lease intangible liabilities, net 982,275 1,016,260
Insurance payable 367,322 34,966
Deferred rent liability 170,317 260,942
Lease liability, net 6,427,039 6,415,041
Other payable - related party 1,357,380 1,809,840
Loan payable - related party 5,500,000 5,500,000
Mortgage loans, net of unamortized debt discount of $1,278,582 and $1,326,362 at March 31, 2024 and December 31, 2023, respectively 56,545,312 56,817,310
Derivative liabilities 169,942 537,424
Total liabilities 72,848,566 74,170,048
Redeemable Non-Controlling Interests 19,498,296 18,812,423
Preferred Stock - Series A Redeemable Preferred stock, net,    
Preferred Stock $0.01 par value, 2,400,000 shares authorized, no shares issued or outstanding as of March 31, 2024 and 2,400,000 shares issued and outstanding at December 31, 2023 with liquidation preferences of $5 per share 0 11,637,616
Stockholders' Equity    
Common stock, $0.01 par value, 100,000,000 shares authorized; 5,419,855 and 2,620,707 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 54,199 26,207
Additional paid-in capital 29,589,564 18,472,049
Accumulated deficit (17,753,278) (14,833,058)
Total Generation Income Properties, Inc. stockholders' equity 11,890,485 3,665,198
Non-Controlling Interest 395,705 406,131
Total equity 12,286,190 4,071,329
Total Liabilities and Equity $ 104,633,052 $ 108,691,416

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