v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,249,775) $ (5,263,981)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation of building and site improvements 1,476,059 1,630,737
Amortization of acquired tenant improvements 154,193 191,423
Amortization of in-place leases 562,466 735,182
Amortization of above-market leases 89,538 203,541
Amortization of below-market leases (85,752) (87,780)
Amortization of above market ground lease (366) (366)
Amortization of debt issuance costs 47,285 88,637
Amortization of debt discount 73,653 58,685
Restricted stock unit compensation 255,000 0
Non-cash ground lease expense 38,524 39,705
Dead deal expense 0 27,894
(Gain) loss on derivative valuation (351,803) 415,825
Loss on held for sale asset valuation 668,649 0
Loss on extinguishment of debt 26,634 926,398
(Gain) loss on sale of property (1,089,754) 44,782
Loss on transfer of LLC interests in satisfaction of debt 185,069 0
Changes in operating assets and liabilities    
Accounts receivable (289,254) (16,614)
Escrow and other assets 178,275 485,195
Deferred rent asset 32,672 (29,370)
Prepaid expenses (341,106) (750,253)
Accounts payable (145,265) 244,835
Accrued expenses 84,479 283,500
Accrued expenses - related party 122,115 223,993
Deferred rent liability (144,394) 2,936
Lease liability 26,444 25,263
Other loans payable 32,280 0
Net cash provided by operating activities (644,134) (519,833)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash transferred in disposition of LLC interests (7,491) 0
Purchase of land, buildings, other tangible and intangible assets (598,198) 0
Proceeds from sale of land, buildings, other tangible and intangible assets 4,170,255 10,333,595
Addition of deferred leasing costs (50,000) 0
Net cash used in investing activities 3,514,566 10,333,595
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of equity securities, net 4,565,833 0
Proceeds from exercise of pre-funded warrants 184 0
Repayment of other loans payable (456,644) 0
Proceeds of issuance on loan payable - related party 125,000 1,610,000
Repayment of loan payable - related party (125,000) 0
Mortgage loan borrowings 3,800,000 750,000
Mortgage loan repayments (5,757,284) (11,150,060)
Debt extinguishment costs 0 (640,180)
Equity issuance costs (258,715) 0
Debt issuance costs (121,374) (72,900)
Insurance financing borrowings 345,360 380,315
Insurance financing repayments (99,820) (114,741)
Distribution on non-controlling interests (9,022,627) (833,005)
Net cash used in financing activities (7,005,087) (10,070,571)
Net decrease in cash and cash equivalents (4,134,655) (256,809)
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 2,064,161 390,630
CASH TRANSACTIONS    
Interest Paid 1,902,170 3,378,842
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 3,591 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
Mortgage debt $ (1,100,000)  

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