v3.25.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,981,835) $ (5,444,133)
Adjustments to reconcile net loss to cash provided by operating activities    
Depreciation of building and site improvements 2,461,135 2,142,914
Amortization of acquired tenant improvements 285,911 241,870
Amortization of in-place leases 1,097,408 1,090,135
Amortization of above-market leases 305,311 305,312
Amortization of below-market leases (133,000) (101,406)
Amortization of above market ground lease (549) (549)
Amortization of debt issuance costs 137,097 156,091
Amortization of debt discount 97,216 0
Restricted stock unit compensation 258,750 284,804
Non-cash ground lease expense 59,340 64,149
Dead deal expense 35,160 35,873
Loss on derivative valuation 427,081 308,570
Loss on held for sale asset valuation 0 1,058,994
Loss on extinguishment of debt 926,398 0
Loss on sale of property 44,782 0
Changes in operating assets and liabilities    
Accounts receivable 14,416 76,617
Escrow and other assets 432,957 (185,932)
Deferred rent asset (50,540) 670,424
Prepaid expenses (719,726) (166,558)
Prepaid guaranty fees - related party 0 0
Accounts payable 440,146 (327,476)
Accrued expenses 907,472 641,342
Accrued expenses - related party 334,870 0
Lease liability 38,112 37,443
Deferred rent liability (2,359) (104,974)
Net cash provided by operating activities 415,553 783,511
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of land, buildings, other tangible and intangible assets 0 (5,960,892)
Proceeds from sale of land, buildings, other tangible and intangible assets 10,333,595 0
Net cash provided by investing activities 10,333,595 (5,960,892)
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 on other payable - related party 0 (1,357,380)
Mortgage loan borrowings 750,000 2,217,350
Mortgage loan repayments (11,436,360) (639,599)
Debt extinguishment costs (640,180) 0
Equity issuance costs 0 (77,421)
Debt issuance costs (72,900) 0
Insurance financing borrowings 380,315 400,889
Insurance financing repayments (292,312) (285,406)
Distribution on non-controlling interests (1,413,362) (881,907)
Dividends paid on preferred stock 0 (190,000)
Distribution on Non-Controlling Interests 0 (1,159,481)
Net cash used in financing activities (11,114,799) 3,607,045
Net decrease in cash and cash equivalents (365,651) (1,570,336)
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 281,788 1,581,610
CASH TRANSACTIONS    
Interest Paid 4,454,725 1,243,608
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 $ 2,280,471

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