v3.26.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,266,147) $ (1,797,460)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation of building and site improvements 761,916 833,471
Amortization of acquired tenant improvements 80,753 95,107
Amortization of in-place leases 291,759 364,184
Amortization of above-market leases 46,961 101,771
Amortization of below-market leases (44,752) (41,626)
Amortization of above market ground lease (183) (183)
Amortization of debt issuance costs 10,655 42,533
Amortization of debt discount 38,531 0
Restricted stock unit compensation 165,000 0
Non-cash ground lease expense 19,337 19,925
Dead deal expense 0 27,894
Loss on derivative valuation 155,851 293,499
Loss on transfer of LLC interests in satisfaction of debt 185,069 0
Changes in operating assets and liabilities    
Accounts receivable (3,907) (157,444)
Escrow and other assets (55,517) 176,178
Deferred rent asset 17,748 (41,507)
Prepaid expenses 18,644 (320,763)
Accounts payable 42,987 470,340
Accrued expenses 371,425 365,389
Accrued expenses - related party 46,859 114,689
Deferred rent liability (156,687) 159,658
Lease liability 13,146 12,559
Loan payable - related party 23,414 0
Net cash provided by operating activities 451,160 718,214
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash transferred in disposition of LLC interests (7,491) 0
Net cash used in investing activities (7,491) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds of issuance on loan payable - related party 125,000 0
Mortgage loan repayments (324,301) (254,114)
Insurance financing repayments (32,538) (40,835)
Distribution on non-controlling interests (6,086,678) (405,647)
Net cash used in financing activities (6,318,517) (700,596)
Net (decrease) increase in cash and cash equivalents (5,874,848) 17,618
Cash and cash equivalents and restricted cash - beginning of period 6,198,816 647,439
Cash and cash equivalents and restricted cash - end of period 323,968 665,057
CASH TRANSACTIONS    
Interest Paid 936,415 1,004,991
NON-CASH TRANSACTIONS    
Assumption of loans in connection with property acquisitions 0 7,023,895
Issuance of Series B-2 Preferred Units in connection with property acquisitions 0 4,209,153
Stock issued for cashless exercise of Investor Warrants 34,553 0
Building and improvements derecognized 2,432,570 0
Tenant improvements derecognized 146,765 0
Lease intangible assets derecognized 121,017 0
Accumulated Depreciation Derecognized (800,298) 0
Other assets derecognized 36,532 0
Accounts payable derecognized (25,863) 0
Accrued expenses derecognized (42,840) 0
Lease liability derecognized (12,292) 0
Mortgage debt extinguished (1,078,013) 0
Related-party note payable forgiven $ (600,000) $ 0

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