v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,872,888) $ (4,441,465)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation of building and site improvements 2,942,893 2,168,146
Amortization of acquired tenant improvements 345,658 188,586
Amortization of in-place leases 1,476,650 1,181,837
Amortization of above market leases 407,083 169,784
Amortization of below market leases (143,641) (171,925)
Amortization of above market ground lease (731) (732)
Amortization of debt issuance costs 202,621 146,745
Restricted stock unit compensation 379,739 382,002
Non-cash ground lease expense 84,216 80,488
Income on investment in tenancy-in-common 0 (32,773)
Dead deal expense 35,873 109,569
(Loss) gain on derivative valuation, net (372,573) 401,782
Loss on held for sale asset valuation 77,244 0
Changes in operating assets and liabilities:    
Accounts receivable 193,048 (145,103)
Escrow and other assets (734,895) (173,510)
Deferred rent asset 774,354 (817,394)
Prepaid expenses (36,460) (116,868)
Accounts payable (235,510) 233,311
Accrued expenses 534,746 227,522
Accrued expenses - related party 0 554,446
Lease liability 49,860 58,753
Deferred rent liability (84,925) 9,144
Net cash provided by operating activities 1,022,362 12,345
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets (5,773,323) (31,956,583)
Purchase of remaining tenancy-in-common interest 0 (1,358,391)
Net cash used in investing activities (5,773,323) (33,314,974)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interest 5,580,000 17,100,000
Redemption of redeemable non-controlling interests 0 (4,579,299)
Proceeds of issuance on loan payable - related party 0 4,000,000
Repayment on other payable - related party (1,809,840) (777,460)
Mortgage loan borrowings 2,217,350 21,000,000
Mortgage loan repayments (897,047) (886,927)
Equity issuance costs (282,650) (362,384)
Debt issuance costs 0 (371,959)
Insurance financing borrowings 400,889 368,939
Insurance financing repayments (395,021) (380,341)
Distribution on non-controlling interests (1,217,747) (812,710)
Dividends paid on preferred stock (190,000) (380,000)
Dividends paid on common stock (1,159,481) (1,216,280)
Net cash provided by financing activities 2,246,453 32,701,579
Net (decrease) increase in cash and cash equivalents (2,504,507) (601,050)
Cash and cash equivalents and restricted cash - beginning of period 3,151,946 3,752,996
Cash and cash equivalents and restricted cash - end of period 647,439 3,151,946
CASH TRANSACTIONS    
Interest Paid 4,002,922 2,445,585
NON-CASH TRANSACTIONS    
Accrual of preferred stock dividend 0 95,000
Assumption of loan in connection with purchase of remaining tenancy-in-common interest 0 1,695,573
Conversion of preferred stock to Common stock 11,637,616 0
Stock issued for cashless exercise of Investor Warrants 79 205
Deferred distribution on redeemable non-controlling interests 2,805,204 501,991
Gain On Change In Fair Values of Derivative Instrument 0 0
Issuance of Preferred Stock for Modiv acquisition $ 0 $ 12,000,000

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