v3.24.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,444,133) $ (3,156,015)
Adjustments to reconcile net loss to cash from operating activities    
Depreciation of building and site improvements 2,142,914 1,371,486
Amortization of acquired tenant improvements 241,870 95,172
Amortization of in-place leases 1,090,135 630,312
Amortization of above market leases 305,312 55,337
Amortization of below market leases (101,406) (136,745)
Amortization of above market ground lease (549) (549)
Amortization of debt issuance costs 156,091 103,990
Restricted stock unit compensation 284,804 287,067
Non-cash ground lease expense 64,149 62,948
Income on investment in tenancy-in-common 0 (32,773)
Dead deal expense 35,873 109,569
Gain on derivative valuation, net 308,570 0
Loss on held for sale asset valuation 1,058,994 0
Changes in operating assets and liabilities    
Accounts receivable 76,617 (209,825)
Escrow and other assets (185,932) (40,358)
Deferred rent asset 670,424 (51,401)
Prepaid expenses (166,558) (295,549)
Accounts payable (327,476) 130,817
Accrued expenses 641,342 1,004,983
Lease liability 37,443 24,420
Deferred rent liability (104,974) 65,651
Net cash provided by operating activities 783,511 18,537
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets (5,960,892) (31,959,572)
Purchase of remaining tenancy-in-common interest 0 (1,355,401)
Net cash used in investing activities (5,960,892) (33,314,973)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interests 5,580,000 17,100,000
Redemption of redeemable non-controlling interests 0 (4,579,299)
Proceeds from issuance on loan payable - related party 0 4,000,000
Repayment of other payable - related party (1,357,380) (777,460)
Mortgage loan borrowings 2,217,350 21,000,000
Mortgage loan repayments (639,599) (578,433)
Equity issuance costs (77,421) (362,384)
Debt issuance costs   (376,877)
Insurance financing borrowings 400,889 352,307
Insurance financing repayments (285,406) (260,384)
Distribution on non-controlling interests (881,907) (596,566)
Dividends paid on preferred stock (190,000) (95,000)
Dividends paid on common stock (1,159,481) (909,792)
Net cash provided by financing activities 3,607,045 33,916,112
Net (decrease) increase in cash and cash equivalents (1,570,336) 619,676
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 1,581,610 4,372,672
CASH TRANSACTIONS    
Interest Paid 1,243,608 1,419,345
NON-CASH TRANSACTIONS    
Conversion of Preferred Stock into Common Stock 11,637,616 0
Stock issued for cashless exercise of Investor Warrants 79 190
Deferred distribution on redeemable non-controlling interests 2,280,471 114,128
Gain on change in fair value of derivative instrument 0 78,969
Issuance of Preferred Stock $ 0 $ 12,000,000

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