v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,389,000) $ (4,872,888)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation of building and site improvements 3,230,181 2,942,893
Amortization of acquired tenant improvements 368,982 345,658
Amortization of in-place leases 1,396,553 1,476,650
Amortization of above-market leases 353,273 407,083
Amortization of below-market leases (180,773) (143,641)
Amortization of above-market ground lease (731) (731)
Amortization of debt issuance costs 252,903 202,621
Amortization of debt discount 135,747 0
Restricted stock unit compensation 345,000 379,739
Non-cash ground lease expense 78,826 84,216
Non-cash loan extension fee 62,000 0
Dead deal expense 75,502 35,873
Loss (gain) on derivative valuation 335,344 (372,573)
Loss on held for sale asset valuation 0 77,244
Loss on extinguishment of debt 926,398 0
Gain on sale of property (1,936,446) 0
Changes in operating assets and liabilities:    
Accounts receivable 20,560 193,048
Escrow and other assets 367,991 (734,895)
Deferred rent asset (66,203) 774,354
Prepaid expenses (606,765) (36,460)
Accounts payable 1,425,783 (235,510)
Accrued expenses 102,086 534,746
Accrued expenses - related party 450,247 0
Lease liability 51,110 49,860
Deferred rent liability 130,904 (84,925)
Net cash provided by operating activities 929,474 1,022,362
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets 0 (5,773,323)
Proceeds from sale of land, buildings, other tangible and intangible assets 23,108,724 0
Net cash provided by (used in) investing activities 23,108,724 (5,773,323)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of redeemable non-controlling interests 0 5,580,000
Proceeds of issuance on loan payable - related party 1,610,000 0
Repayment of other payable - related party 0 (1,809,840)
Mortgage loan borrowings 1,100,000 2,217,350
Mortgage loan repayments (17,837,511) (868,144)
Debt extinguishment costs (640,179) 0
Equity issuance costs 0 (282,650)
Debt issuance costs (73,095) (28,903)
Insurance financing borrowings 380,315 400,889
Insurance financing repayments (388,612) (395,021)
Distribution on non-controlling interests (2,637,739) (1,217,747)
Dividends paid on preferred stock 0 (190,000)
Dividends paid on common stock 0 (1,159,481)
Net cash (used in) provided by financing activities (18,486,821) 2,246,453
Net increase (decrease) in cash and cash equivalents 5,551,377 (2,504,507)
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 6,198,816 647,439
CASH TRANSACTIONS    
Interest Paid 5,523,332 4,002,922
NON-CASH TRANSACTIONS    
Assumption of loans in connection with property acquisitions 7,023,895 0
Issuance of Series B-2 Preferred Units in connection with property acquisitions 4,209,153 0
Conversion of Preferred Stock into Common Stock 0 11,637,616
Stock issued for cashless exercise of Investor Warrants 0 79
Deferred distribution on redeemable non-controlling interests $ 0 $ 2,805,204

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