v3.24.2.u1
Consolidated Balance Sheets (unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Investment in real estate    
Land $ 21,236,021 $ 21,996,902
Building and site improvements 64,800,757 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 (9,900,184) (8,855,332)
Net real estate investments 88,135,845 97,406,605
Cash and cash equivalents 2,553,234 3,117,446
Restricted cash 34,500 34,500
Deferred rent asset 392,795 1,106,191
Prepaid expenses 367,331 139,941
Prepaid guaranty fees - related party 96,360 0
Accounts receivable 266,834 241,166
Escrow deposit and other assets 775,351 493,393
Held for sale assets 5,750,250 0
Right of use asset, net 6,121,340 6,152,174
Total Assets 104,493,840 108,691,416
Liabilities    
Accounts payable 328,725 406,772
Accrued expenses 862,986 688,146
Accrued expense - related party 683,347 683,347
Acquired lease intangible liabilities, net 948,290 1,016,260
Insurance payable 260,182 34,966
Deferred rent liability 180,168 260,942
Lease liability, net 6,439,175 6,415,041
Other payable - related party 904,920 1,809,840
Loan payable - related party 5,500,000 5,500,000
Mortgage loans, net of unamortized debt discount of $1,230,802 and $1,326,362 at June 30, 2024 and December 31, 2023, respectively, and debt issuance costs 56,273,271 56,817,310
Derivative liabilities 119,029 537,424
Total liabilities 72,500,093 74,170,048
Redeemable Non-Controlling Interests 22,527,046 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively 54,232 26,207
Additional paid-in capital 29,034,608 18,472,049
Accumulated deficit (20,015,000) (14,833,058)
Total Generation Income Properties, Inc. Stockholders' Equity 9,073,840 3,665,198
Non-Controlling Interest 392,861 406,131
Total equity 9,466,701 4,071,329
Total Liabilities and Equity $ 104,493,840 $ 108,691,416

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