v3.23.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (3,156,015) $ (1,874,327)
Adjustments to reconcile net loss to cash used in operating activities    
Depreciation 1,371,486 1,099,254
Amortization of acquired tenant improvements 95,172 61,960
Amortization of acquired lease intangible assets 630,312 389,865
Amortization of above market leases 55,337 0
Amortization of below market leases (136,745) (76,069)
Amortization of above market ground lease (549) (409)
Amortization of debt issuance costs 103,990 89,364
Restricted stock unit compensation 287,067 328,913
Non-cash ground lease expense 62,948 50,359
Income on investment in tenancy-in-common (32,773) (23,841)
Dead deal expense 109,569 153,031
Loss on debt extinguishment 0 144,029
Write off of deferred financing costs 0 137,522
Changes in operating assets and liabilities:    
Accounts receivable (209,825) 26,711
Escrow deposits and other assets (40,358) (74,607)
Deferred rent asset (51,401) (115,341)
Prepaid expenses (295,549) (141,976)
Accounts payable 130,817 (96,955)
Accrued expenses 1,004,983 251,263
Lease liability 24,420 (1,102)
Deferred rent liability 65,651 (51,927)
Net cash provided by operating activities 18,537 275,717
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets (31,959,572) (12,848,166)
Escrow (deposit) return for purchase of properties 0 25,000
Investment in tenancy-in-common 0 (455,888)
Purchase of remaining tenancy-in-common interest (1,355,401) 0
Net cash used in investing activities (33,314,973) (13,279,054)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interest 17,100,000 1,109,570
Redemption of redeemable non-controlling interests (4,579,299) (731,652)
Proceeds of issuance on loan payable - related party 4,000,000 0
Repayment on other payable - related party (777,460) 0
Mortgage loan borrowings 21,000,000 17,650,000
Mortgage loan repayments (578,433) (11,157,906)
Debt issuance costs (376,877) (330,177)
Equity Issuance Costs (362,384) (6,091)
Deferred financing costs 0 (204,289)
Insurance financing borrowings 352,307 288,693
Insurance financing repayments (260,384) (194,949)
Distribution on non-controlling interests (596,566) (356,951)
Dividends paid on preferred stock (95,000) 0
Dividends paid on common stock (909,792) (1,064,818)
Net cash provided by financing activities 33,916,112 5,001,430
Net increase (decrease) in cash and cash equivalents 619,676 (8,001,907)
Cash and cash equivalents and restricted cash - beginning of period 3,752,996 10,624,076
Cash and cash equivalents and restricted cash - end of period 4,372,672 2,622,169
CASH TRANSACTIONS    
Interest Paid 1,419,345 1,001,505
NON-CASH TRANSACTIONS    
Stock issued for cashless exercise of Investor Warrants 190 688
Deferred distribution on redeemable non-controlling interests 114,128 48,039
Recognition of ROU asset and lease liability for ground lease related to property acquisition 0 6,304,334
Issuance of Other payable - related party for Redemption of Non-Controlling Interest 0 2,912,300
Gain on change in fair value of derivative instrument 78,969 0
Issuance of Preferred Stock 12,000,000 0
Common stock issued to redeem non-controlling interest $ 0 $ 1,200,000

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