v3.25.2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,263,981) $ (3,340,584)
Adjustments to reconcile net loss to cash (used in) provided by operating activities    
Depreciation of building and site improvements 1,630,737 1,501,860
Amortization of acquired tenant improvements 191,423 161,247
Amortization of in-place leases 735,182 743,731
Amortization of above-market leases 203,541 203,542
Amortization of below-market leases (87,780) (67,604)
Amortization of above market ground lease (366) (366)
Amortization of debt issuance costs 88,637 95,560
Amortization of debt discount 58,685 0
Restricted stock unit compensation 0 189,870
Non-cash ground lease expense 39,705 30,834
Dead deal expense 27,894 35,873
Loss (gain) on derivative valuation 415,825 (425,546)
Loss on held for sale asset valuation 0 1,058,994
Loss on extinguishment of debt 926,398 0
Loss on sale of property 44,782 0
Changes in operating assets and liabilities    
Accounts receivable (16,614) (25,668)
Escrow and other assets 485,195 (274,806)
Deferred rent asset (29,370) 713,396
Prepaid expenses (750,253) (263,263)
Prepaid guaranty fees - related party 0 (96,360)
Accounts payable 244,835 191,205
Accrued expenses 283,500 (148,670)
Accrued expenses - related party 223,993 0
Lease liability 25,263 24,134
Deferred rent liability 2,936 (80,774)
Net cash provided by (used in) operating activities (519,833) 226,605
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of land, buildings, other tangible and intangible assets 10,333,595 0
Net cash used in investing activities 10,333,595 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interests 0 2,500,000
Proceeds of issuance on loan payable - related party 1,610,000 0
Repayment on other payable - related party 0 (904,920)
Mortgage loan borrowings 750,000 0
Mortgage loan repayments (11,150,060) (639,599)
Debt extinguishment costs (640,180) 0
Equity issuance costs 0 (77,421)
Debt issuance costs (72,900) 0
Insurance financing borrowings 380,315 400,889
Insurance financing repayments (114,741) (175,674)
Distribution on non-controlling interests (833,005) (544,611)
Dividends paid on preferred stock 0 (190,000)
Dividends paid on common stock 0 (1,159,481)
Net cash used in financing activities (10,070,571) (790,817)
Net decrease in cash and cash equivalents (256,809) (564,212)
Cash and cash equivalents and restricted cash - beginning of period 647,439 3,151,946
Cash and cash equivalents and restricted cash - end of period 390,630 2,587,734
CASH TRANSACTIONS    
Interest Paid 3,378,842 1,252,317
NON-CASH TRANSACTIONS    
Assumption of loans in connection with property acquisitions 7,023,895 0
Issuance of Series B-2 Preferred Units in connection with property acquisitions 4,209,153 0
Conversion of Preferred Stock into Common Stock 0 11,637,616
Stock issued for cashless exercise of Investor Warrants 0 79
Deferred distribution on redeemable non-controlling interests $ 0 $ 1,400,835

Source

PDF HTML 10-Q Filing
ZIP XLS XBRL