v3.23.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Investment in real estate    
Land $ 12,577,544 $ 12,577,544
Building and site improvements 39,760,694 39,764,890
Tenant improvements 907,382 907,382
Acquired lease intangible assets 4,677,928 4,677,928
Less: accumulated depreciation and amortization (6,176,672) (5,623,318)
Net real estate investments 51,746,876 52,304,426
Investment in tenancy-in-common 1,232,670 1,218,268
Cash and cash equivalents 2,737,145 3,718,496
Restricted cash 34,500 34,500
Deferred rent asset 305,645 288,797
Prepaid expenses 542,574 132,642
Accounts receivable 151,218 96,063
Escrow deposit and other assets 210,296 184,241
Right of use asset, net 6,211,513 6,232,662
Total Assets 63,172,437 64,210,095
Liabilities    
Accounts payable 119,516 173,461
Accrued expenses 263,621 365,624
Accrued expense - related party 506,000 128,901
Acquired lease intangible liabilities, net 613,676 639,973
Insurance payable 338,047 46,368
Deferred rent liability 156,075 251,798
Lease liability, net 6,370,726 6,356,288
Other payable - related party 2,262,300 2,587,300
Loan payable - related party 1,500,000 1,500,000
Mortgage loans, net of unamortized debt issuance costs of $688,516 and $717,381 at March 31, 2023 and December 31, 2022, respectively 35,111,116 35,233,878
Total liabilities 47,241,077 47,283,591
Redeemable Non-Controlling Interests 6,326,737 5,789,731
Stockholders' Equity    
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,610,885 and 2,501,644 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 26,108 25,016
Additional paid-in capital 19,099,595 19,307,518
Accumulated deficit (9,958,363) (8,640,796)
Total Generation Income Properties, Inc. stockholders' equity 9,167,340 10,691,738
Non-Controlling Interest 437,283 445,035
Total equity 9,604,623 11,136,773
Total Liabilities and Stockholders' Equity $ 63,172,437 $ 64,210,095

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