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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 001-40771

 

GENERATION INCOME PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

 

Maryland

47-4427295

(State or other jurisdiction of

incorporation or organization)

(I.R.S. employer

identification no.)

 

 

401 E. Jackson Street

Suite 3300

Tampa, FL

33602

(Address of principal executive offices)

(Zip code)

 

Registrant’s telephone number, including area code: 813-448-1234

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

 

Trading symbol

 

Name of each exchange on which registered

Common Stock par value $0.01 per share

 

GIPR

 

The Nasdaq Stock Market LLC

 

Warrants to purchase Common Stock

 

GIPRW

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The registrant had 2,617,588 shares of Common Stock, par value $0.01 per share, outstanding as of August 8, 2023.

 

 


 

GENERATION INCOME PROPERTIES, INC.

TABLE OF CONTENTS

 

 Page

 

 

 

PART I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements

3

 

 

 

Generation Income Properties, Inc. Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022

3

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)

4

 

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)

5

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (unaudited)

6

Notes to Unaudited Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

 

 

 

Item 4.

Controls and Procedures

33

 

 

 

PART II.

OTHER INFORMATION

34

 

 

 

Item 1.

Legal Proceedings

34

 

 

 

Item 1A.

Risk Factors

34

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

 

 

 

Item 3.

Defaults Upon Senior Securities

35

 

 

 

Item 4.

Mine Safety Disclosures

35

 

 

 

Item 5.

Other Information

35

 

 

 

Item 6.

Exhibits

36

 

 

SIGNATURES

37

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements GENERATION INCOME PROPERTIES, INC.

Consolidated Balance Sheets

 

As of June 30,

 

As of December 31,

 

 

2023

 

2022

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

Investments in real estate

 

 

 

 

Land

$

12,577,544

 

$

12,577,544

 

Building and site improvements

 

39,772,590

 

 

39,764,890

 

Tenant improvements

 

907,382

 

 

907,382

 

Acquired lease intangible assets

 

4,387,526

 

 

4,677,928

 

Less: accumulated depreciation and amortization

 

(6,441,616

)

 

(5,623,318

)

Net real estate investments

$

51,203,426

 

$

52,304,426

 

Investment in tenancy-in-common

 

1,247,679

 

 

1,218,268

 

Cash and cash equivalents

 

2,105,392

 

 

3,718,496

 

Restricted cash

 

34,500

 

 

34,500

 

Deferred rent asset

 

319,528

 

 

288,797

 

Prepaid expenses

 

533,446

 

 

132,642

 

Accounts receivable

 

125,299

 

 

96,063

 

Escrow deposits and other assets

 

285,287

 

 

184,241

 

Right of use asset, net

 

6,190,529

 

 

6,232,662

 

Total Assets

$

62,045,086

 

$

64,210,095

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

Liabilities

 

 

 

 

 Accounts payable

$

242,855

 

$

173,461

 

 Accrued expenses

 

379,508

 

 

365,624

 

 Accrued expense - related party

 

506,000

 

 

128,901

 

 Acquired lease intangible liabilities, net

 

537,618

 

 

639,973

 

 Insurance payable

 

239,301

 

 

46,368

 

 Deferred rent liability

 

232,550

 

 

251,798

 

 Lease liability, net

 

6,365,937

 

 

6,356,288

 

 Other payable - related party

 

2,262,300

 

 

2,587,300

 

 Loan payable - related party

 

1,500,000

 

 

1,500,000

 

 Mortgage loans, net of unamortized debt issuance costs of $659,651 and $717,381 at June 30, 2023 and December 31, 2022, respectively

 

34,958,848

 

 

35,233,878

 

 Total liabilities

$

47,224,917

 

$

47,283,591

 

 

 

 

 

 

 Redeemable Non-Controlling Interests

$

6,343,042

 

$

5,789,731

 

 

 

 

 

 

 Stockholders' Equity

 

 

 

 

 Common stock, $0.01 par value, 100,000,000 shares authorized; 2,617,538 and 2,501,644 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

$

26,175

 

$

25,016

 

 Additional paid-in capital

 

18,870,576

 

 

19,307,518

 

 Accumulated deficit

 

(10,839,825

)

 

(8,640,796

)

 Total Generation Income Properties, Inc. Stockholders' Equity

$

8,056,926

 

$

10,691,738

 

 

 

 

 

 

 Non-Controlling Interest

$

420,201

 

$

445,035

 

 Total equity

$

8,477,127

 

$

11,136,773

 

 

 

 

 

 

 Total Liabilities and Equity

$

62,045,086

 

$

64,210,095

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3


 

GENERATION INCOME PROPERTIES, INC.

Consolidated Statements of Operations

(unaudited)

 

 

Three Months ended June 30,

 

 

Six Months ended June 30,

 

 

2023

 

2022

 

 

2023

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

Rental income

$

1,318,750

 

$

1,378,562

 

 

$

2,645,457

 

$

2,560,497

 

Other income

 

10,128

 

 

541

 

 

 

20,460

 

 

541

 

Total revenue

$

1,328,878

 

$

1,379,103

 

 

$

2,665,917

 

$

2,561,038

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

General and administrative expense

$

358,989

 

$

472,736

 

 

$

703,136

 

$

814,416

 

Building expenses

 

320,255

 

 

325,201

 

 

 

633,855

 

 

578,592

 

Depreciation and amortization

 

558,001

 

 

558,676

 

 

 

1,115,551

 

 

989,569

 

Interest expense, net

 

466,751

 

 

375,627

 

 

 

935,961

 

 

705,921

 

Compensation costs

 

282,719

 

 

310,698

 

 

 

634,006

 

 

590,440

 

Total expenses

$

1,986,715

 

$

2,042,938

 

 

$

4,022,509

 

$

3,678,938

 

Operating loss

 

(657,837

)

 

(663,835

)

 

 

(1,356,592

)

 

(1,117,900

)

Other expense

 

-

 

 

-

 

 

 

(506,000

)

$

-

 

Income (loss) on investment in tenancy-in-common

 

15,009

 

 

(1,462

)

 

 

29,411

 

 

7,090

 

Dead deal expense

 

(109,569

)

 

(107,371

)

 

 

(109,569

)

 

(107,371

)

Loss on debt extinguishment

 

-

 

 

(144,029

)

 

 

-

 

 

(144,029

)

Net loss

$

(752,397

)

$

(916,697

)

 

$

(1,942,750

)

$

(1,362,210

)

Less: Net income attributable to non-controlling interests

 

129,065

 

 

130,181

 

 

 

256,279

 

 

260,144

 

Net loss attributable to Generation Income Properties, Inc.

$

(881,462

)

$

(1,046,878

)

 

$

(2,199,029

)

$

(1,622,354

)

 

 

 

 

 

 

 

 

 

 

Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted

 

2,615,471

 

 

2,255,441

 

 

 

2,578,678

 

 

2,224,419

 

 

 

 

 

 

 

 

 

 

 

Basic & Diluted Loss Per Share Attributable to Common Stockholders

$

(0.34

)

$

(0.46

)

 

$

(0.85

)

$

(0.73

)

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4


 

GENERATION INCOME PROPERTIES, INC.

Consolidated Statements of Changes in Equity

(unaudited)

 

Common Stock

 

Additional
 Paid-In Capital

 

Accumulated Deficit

 

Stockholders' Equity

 

Non-Controlling Interest

 

Total Equity

 

Redeemable Non-Controlling Interest

 

 

Shares

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

2,172,950

 

$

21,729

 

$

19,051,929

 

$

(5,403,156

)

$

13,670,502

 

$

469,712

 

$

14,140,214

 

$

9,134,979

 

Restricted stock unit compensation

 

47,142

 

 

471

 

 

93,455

 

 

-

 

 

93,926

 

 

-

 

 

93,926

 

 

-

 

Stock issuance costs

 

-

 

 

-

 

 

(6,091

)

 

-

 

 

(6,091

)

 

-

 

 

(6,091

)

 

-

 

Cashless exercise of warrants

 

27,676

 

 

277

 

 

(277

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Issuance of Redeemable Non-Controlling Interest for property acquisition

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

1,109,570

 

Distribution on Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(3,938

)

 

(3,938

)

 

(115,303

)

Dividends paid on common stock

 

-

 

 

-

 

 

(334,799

)

 

-

 

 

(334,799

)

 

-

 

 

(334,799

)

 

-

 

Net (loss) income for the quarter

 

-

 

 

-

 

 

-

 

 

(575,476

)

 

(575,476

)

 

(1,120

)

 

(576,596

)

 

131,083

 

Balance, March 31, 2022

 

2,247,768

 

$

22,477

 

$

18,804,217

 

$

(5,978,632

)

$

12,848,062

 

$

464,654

 

$

13,312,716

 

$

10,260,329

 

Restricted stock unit compensation

 

357

 

 

4

 

 

124,114

 

 

-

 

 

124,118

 

 

-

 

 

124,118

 

 

-

 

Cashless exercise of warrants

 

9,662

 

 

96

 

 

(96

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Redemption of Redeemable Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(406,652

)

Distribution on Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(3,938

)

 

(3,938

)

 

(118,556

)

Dividends paid on common stock

 

-

 

 

-

 

 

(343,254

)

 

-

 

 

(343,254

)

 

-

 

 

(343,254

)

 

-

 

Net (loss) income for the quarter

 

 

 

 

 

 

 

(1,046,878

)

 

(1,046,878

)

 

(4,329

)

 

(1,051,207

)

 

134,510

 

Balance, June 30, 2022

 

2,257,787

 

$

22,577

 

$

18,584,981

 

$

(7,025,510

)

$

11,582,048

 

$

456,387

 

$

12,038,435

 

$

9,869,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2022

 

2,501,644

 

$

25,016

 

$

19,307,518

 

$

(8,640,796

)

$

10,691,738

 

$

445,035

 

$

11,136,773

 

$

5,789,731

 

Restricted stock unit compensation

 

98,593

 

 

986

 

 

89,662

 

 

-

 

 

90,648

 

 

-

 

 

90,648

 

 

-

 

Cashless exercise of warrants

 

10,648

 

 

106

 

 

(106

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Issuance of Redeemable Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3,000,000

 

Redemption of Redeemable Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2,479,299

)

Distribution on Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2,844

)

 

(2,844

)

 

(115,817

)

Dividends paid on common stock

 

-

 

 

-

 

 

(297,479

)

 

-

 

 

(297,479

)

 

-

 

 

(297,479

)

 

-

 

Net (loss) income for the quarter

 

-

 

 

-

 

 

-

 

 

(1,317,567

)

 

(1,317,567

)

 

(4,908

)

 

(1,322,475

)

 

132,122

 

Balance, March 31, 2023

 

2,610,885

 

$

26,108

 

$

19,099,595

 

$

(9,958,363

)

$

9,167,340

 

$

437,283

 

$

9,604,623

 

$

6,326,737

 

Restricted stock unit compensation

 

-

 

 

-

 

 

77,039

 

 

-

 

 

77,039

 

 

-

 

 

77,039

 

 

-

 

Cashless exercise of warrants

 

6,653

 

 

67

 

 

(67

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Issuance of Redeemable Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Redemption of Redeemable Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Distribution on Non-Controlling Interest

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2,844

)

 

(2,844

)

 

(126,998

)

Dividends paid on common stock

 

-

 

 

-

 

 

(305,991

)

 

-

 

 

(305,991

)

 

-

 

 

(305,991

)

 

-

 

Net (loss) income for the quarter

 

-

 

 

-

 

 

-

 

 

(881,462

)

 

(881,462

)

 

(14,238

)