v3.25.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,797,460) $ (1,879,096)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation of building and site improvements 833,471 748,654
Amortization of acquired tenant improvements 95,107 80,623
Amortization of in-place leases 364,184 397,328
Amortization of above market leases 101,771 101,771
Amortization of below market leases (41,626) (33,802)
Amortization of above market ground lease (183) (183)
Amortization of debt issuance costs 42,533 47,780
Restricted stock unit compensation 0 94,935
Non-cash ground lease expense 19,925 20,486
Dead deal expense 27,894 0
Loss on derivative valuation, net 293,499 (380,550)
Loss on held for sale asset valuation 0 1,058,994
Changes in operating assets and liabilities    
Accounts receivable (157,444) (42,684)
Escrow and other assets 176,178 (63,342)
Deferred rent asset (41,507) 739,913
Prepaid expenses (320,763) (333,439)
Prepaid guaranty fees - related party 0 (96,360)
Accounts payable 470,340 (354,871)
Accrued expenses 365,389 (1,553)
Accrued expenses - related party 114,689 0
Lease liability 12,559 11,998
Deferred rent liability 159,658 (90,625)
Net cash provided by operating activities 718,214 25,977
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of other payable - related party 0 (452,460)
Mortgage loan repayments (254,114) (319,778)
Equity issuance costs 0 (61,938)
Insurance financing borrowings 0 400,889
Insurance financing repayments (40,835) (68,533)
Distribution on non-controlling interests (405,647) (270,677)
Dividends paid on preferred stock 0 (190,000)
Dividends paid on common stock 0 (525,106)
Net cash used in financing activities (700,596) (1,487,603)
Net increase (decrease) in cash and cash equivalents 17,618 (1,461,626)
Cash and cash equivalents and restricted cash - beginning of period 647,439 3,151,946
Cash and cash equivalents and restricted cash - end of period 665,057 1,690,320
CASH TRANSACTIONS    
Interest Paid 1,004,991 1,247,442
NON-CASH TRANSACTIONS    
Conversion of Preferred Stock into Common Stock 0 11,637,616
Assumption of loans in connection with property acquisitions 7,023,895
Issuance of Series B-2 Preferred Units in connection with property acquisitions 4,209,153
Stock issued for cashless exercise of Investor Warrants 0 46
Deferred distribution on redeemable non-controlling interests $ 0 $ 685,873

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