v3.24.1.1.u2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
CASHFLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (1,879,096) $ (1,190,353)  
Adjustments to reconcile net loss to cash used in operating activities      
Depreciation 748,654 398,399  
Amortization of acquired tenant improvements 80,623 23,588  
Amortization of in-place leases 397,328 135,563  
Amortization of above market leases 101,771 0  
Amortization of below market leases (33,802) (26,114)  
Amortization of above market ground lease (183) (183)  
Amortization of debt issuance costs 47,780 28,865  
Restricted stock unit compensation 94,935 90,648  
Non-cash ground lease expense 20,486 21,149  
Income on investment in tenancy-in-common 0 (14,402)  
Gain on derivative valuation, net (380,550) 0  
Loss on held for sale asset valuation 1,058,994 0  
Changes in operating assets and liabilities:      
Accounts receivable (42,684) (55,155)  
Other assets (63,342) 23,945  
Deferred rent asset 739,913 (16,848)  
Prepaid expenses (333,439) (409,932)  
Prepaid guaranty fees - related party (96,360) 0  
Accounts payable (354,871) (53,945)  
Accrued expenses (1,553) 275,096  
Lease liability 11,998 14,438  
Deferred rent liability (90,625) (95,723)  
Net cash provided by operating activities 25,977 (850,964)  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Escrow return for purchase of properties 0 (50,000)  
Net cash used in investing activities 0 (50,000)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of redeemable non-controlling interests 0 3,000,000  
Redemption of redeemable non-controlling interests 0 (2,479,299)  
Repayment on other payable - related party (452,460) (325,000)  
Mortgage loan repayments (319,778) (151,627)  
Equity issuance costs (61,938) 0  
Insurance financing borrowings 400,889 352,307  
Insurance financing repayments (68,533) (60,628)  
Distribution on non-controlling interests (270,677) (118,661)  
Dividends paid on preferred stock (190,000) 0  
Dividends paid on common stock (525,106) (297,479)  
Net cash used in financing activities (1,487,603) (80,387)  
Net decrease in cash and cash equivalents (1,461,626) (981,351)  
Cash and cash equivalents and restricted cash - beginning of period 3,151,946 3,752,996 $ 3,752,996
Cash and cash equivalents and restricted cash - end of period 1,690,320 2,771,645 $ 3,151,946
CASH TRANSACTIONS      
Interest Paid 1,247,442 469,191  
NON-CASH TRANSACTIONS      
Conversion of preferred stock to Common stock 11,637,616 0  
Stock issued for cashless exercise of Investor Warrants 46 106  
Deferred distribution on redeemable non-controlling interests $ 685,873 $ 16,305  

Source