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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 September 30, 2021

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 2,160,200 shares of Common Stock, par value $0.01 per share, outstanding as of November 11, 2021.

 


 

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
September 30, 2021 (unaudited) and December 31, 2020

3

 

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Operations
Three and Nine month Ended September 30, 2021 and 2020 (unaudited)

4

 

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Cash Flows
Nine month Ended September 30, 2021 and 2020 (unaudited)

5

 

 

 

 

Generation Income Properties, Inc. Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine month Ended September 30, 2021 and 2020 (unaudited)

6

 

Notes to Unaudited Consolidated Financial Statements

7

 

 

 

Item 2.

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

22

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

 

Item 4.

Controls and Procedures

31

 

 

 

PART II.

OTHER INFORMATION

32

 

 

 

Item 1.

Legal Proceedings

32

 

 

 

Item 1A.

Risk Factors

32

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

 

 

 

Item 3.

Defaults Upon Senior Securities

32

 

 

 

Item 4.

Mine Safety Disclosures

33

 

 

 

Item 5.

Other Information

33

 

 

 

Item 6.

Exhibits

34

 

 

SIGNATURES

35

 

2


 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Generation Income Properties, Inc. Consolidated Balance Sheets

 

 

As of September 30,

 

 

As of December 31,

 

 

2021

 

 

2020

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in real estate

 

 

 

 

 

 

 

Property

$

36,621,767

 

 

$

37,352,447

 

Tenant improvements

 

482,701

 

 

 

482,701

 

Acquired lease intangible assets

 

2,949,411

 

 

 

3,014,149

 

Less accumulated depreciation and amortization

 

(3,168,841

)

 

 

(2,317,454

)

Total investments

 

36,885,038

 

 

 

38,531,843

 

Investment in tenancy-in-common

 

717,337

 

 

 

-

 

Cash and cash equivalents

 

14,194,639

 

 

 

937,564

 

Restricted cash

 

34,500

 

 

 

184,800

 

Deferred rent asset

 

145,428

 

 

 

126,655

 

Prepaid expenses

 

220,652

 

 

 

134,165

 

Deferred financing costs

 

-

 

 

 

614,088

 

Accounts receivable

 

105,108

 

 

 

75,794

 

Escrow deposit and other assets

 

106,106

 

 

 

75,831

 

Total Assets

$

52,408,808

 

 

$

40,680,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholder's Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Accounts payable

$

156,638

 

 

$

118,462

 

Accounts payable - related party

 

100

 

 

 

-

 

Accrued expenses

 

278,581

 

 

 

406,125

 

Acquired lease intangible liability, net

 

608,697

 

 

 

415,648

 

Insurance payable

 

99,096

 

 

 

40,869

 

Deferred rent liability

 

185,805

 

 

 

188,595

 

Note Payable - related party

 

-

 

 

 

1,100,000

 

Mortgage loans, net of unamortized discount of $633,647 and $689,190 at September 30, 2021 and December 31, 2020, respectively

 

26,765,781

 

 

 

28,356,571

 

Total liabilities

 

28,094,698

 

 

 

30,626,270

 

 

 

 

 

 

 

 

 

Redeemable Non-Controlling Interests

 

9,605,028

 

 

 

8,684,431

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

Common stock, $0.01 par value, 100,000,000 shares authorized;

2,272,700 shares issued and 2,160,200 outstanding at September 30, 2021 and 576,918 issued and outstanding at December 31, 2020

 

22,727

 

 

 

5,770

 

Treasury shares, at cost

 

(100

)

 

 

-

 

Additional paid-in capital

 

19,256,827

 

 

 

5,541,411

 

Accumulated deficit

 

(4,570,372

)

 

 

(4,177,142

)

Total Generation Income Properties, Inc. stockholders' equity

 

14,709,082

 

 

 

1,370,039

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

$

52,408,808

 

 

$

40,680,740

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months ended September 30,

 

 

 

2021

 

2020

 

 

2021

 

2020

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

$

988,244

 

$

871,825

 

 

$

2,913,322

 

$

2,630,067

 

 

Other income

 

45,250

 

 

-

 

 

 

45,250

 

 

-

 

 

Total revenue

$

1,033,494

 

$

871,825

 

 

$

2,958,572

 

$

2,630,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General, administrative and organizational costs

 

268,632

 

 

267,608

 

 

 

808,623

 

 

689,660

 

 

Building expenses

 

195,464

 

 

179,319

 

 

 

539,739

 

 

534,947

 

 

Depreciation and amortization

 

388,141

 

 

363,898

 

 

 

1,164,838

 

 

1,083,917

 

 

Interest expense, net

 

336,025

 

 

334,323

 

 

 

1,028,446

 

 

1,060,776

 

 

Compensation costs

 

117,332

 

 

129,880

 

 

 

328,394

 

 

257,882

 

 

Total expenses

 

1,305,594

 

 

1,275,028

 

 

 

3,870,040

 

 

3,627,182

 

 

Operating loss

 

(272,100

)

 

(403,203

)

 

 

(911,468

)

 

(997,115

)

 

Income on investment in tenancy-in-common

 

4,750

 

 

-

 

 

 

4,750

 

 

-

 

 

Gain on disposal of property

 

923,178

 

 

-

 

 

 

923,178

 

 

-

 

 

Net income (loss)

$

655,828

 

$

(403,203

)

 

$

16,460

 

$

(997,115

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to non-controlling interest

 

199,716

 

 

152,023

 

 

 

409,690

 

 

334,718

 

 

Net Income (loss) attributable to Generation Income Properties, Inc.

$

456,112

 

$

(555,226

)

 

$

(393,230

)

$

(1,331,833

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Weighted Average Shares of Common Stock Outstanding – Basic

 

939,559

 

 

525,495

 

 

 

699,395

 

 

525,332

 

 

Total Weighted Average Shares of Common Stock Outstanding – Diluted

 

939,559

 

 

525,495

 

 

 

699,395

 

 

525,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Income (Loss) Per Share Attributable to Common Stockholder

$

0.49

 

$

(1.06

)

 

$

(0.56

)

$

(2.54

)

 

Diluted Income (Loss) Per Share Attributable to Common Stockholder

$

0.49

 

$

(1.06

)

 

$

(0.56

)

$

(2.54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4


Generation Income Properties, Inc. Consolidated Statements of Cash Flows

(unaudited)

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

CASHFLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

16,460

 

 

$

(997,115

)

Adjustments to reconcile net income (loss) to cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation

 

 

833,291

 

 

 

776,070

 

Amortization of acquired lease intangible assets

 

 

331,547

 

 

 

307,847

 

Amortization of debt issuance costs

 

 

94,600

 

 

 

106,210

 

Amortization of below market leases

 

 

(115,921

)

 

 

(82,123

)

Common stock issued in lieu of cash compensation

 

 

33,000

 

 

 

-

 

Restricted stock unit compensation

 

 

153,636

 

 

 

74,338

 

Equity in earnings on investment in tenancy-in-common

 

 

(4,750

)

 

 

-

 

Gain on sale of property

 

 

(923,178

)

 

 

-

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(29,314

)

 

 

(168

)

Other assets

 

 

(30,275

)

 

 

(35,636

)

Deferred rent asset

 

 

(18,773

)

 

 

(1,510

)

Prepaid expenses

 

 

(86,487

)

 

 

(103,223

)

Accounts payable

 

 

38,176

 

 

 

29,503

 

Accrued expenses

 

 

(116,544

)

 

 

64,173

 

Deferred rent liability

 

 

(2,790

)

 

 

38,333

 

Net cash provided by operating activities

 

 

172,678

 

 

 

176,699

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of land, buildings, other tangible and intangible assets

 

 

(3,530,809

)

 

 

(196,016

)

Investment in tenancy-in-common

 

 

(712,587

)

 

 

-

 

Proceeds from sale of land, buildings, other tangible and intangible assets

 

 

5,245,858

 

 

 

-

 

Net cash provided by (used in) investing activities

 

 

1,002,462

 

 

 

(196,016

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from issuance of stock and warrants, net

 

 

14,379,505

 

 

 

-

 

Proceeds from issuance of redeemable interest

 

 

2,100,000

 

 

 

-

 

Mortgage loan repayments - related party

 

 

(1,100,000

)

 

 

(800,000

)

Redemption of redeemable non-controlling interests

 

 

(1,200,000

)

 

 

-

 

Mortgage loan borrowings

 

 

2,125,000

 

 

 

11,287,500

 

Mortgage loan repayments

 

 

(3,771,333

)

 

 

(10,024,198

)

Deferred financing costs paid in cash

 

 

-

 

 

 

(153,239

)

Debt issuance costs paid in cash

 

 

(39,991

)

 

 

(564,857

)

Insurance financing borrowings

 

 

277,059

 

 

 

189,153

 

Insurance financing repayments

 

 

(218,832

)

 

 

(145,749

)

Distribution on redeemable non-controlling interests

 

 

(389,093

)

 

 

(334,718

)

Dividends paid on common stock

 

 

(230,680

)

 

 

(210,185

)

Net cash generated from (used in) financing activities

 

 

11,931,635

 

 

 

(756,293

)

Net increase (decrease) in cash and cash equivalents

 

 

13,106,775

 

 

 

(775,610

)

Cash and cash equivalents and restricted cash - beginning of period

 

 

1,122,364

 

 

 

1,398,365

 

Cash and cash equivalents and restricted cash - end of period

 

$

14,229,139

 

 

$

622,755

 

 

 

 

 

 

 

 

 

 

CASH TRANSACTIONS

 

 

 

 

 

 

 

 

Interest Paid

 

$

938,984

 

 

$

940,316

 

NON-CASH TRANSACTIONS

 

 

 

 

 

 

 

 

Stock issued for accrued liabilities

 

 

11,000

 

 

 

-

 

Deferred financing costs incurred on account

 

 

-

 

 

 

182,697

 

Deferred distribution on redeemable non-controlling interests

 

 

20,597

 

 

 

-

 

Accounts payable - related party for redemption of common stock shares

 

 

100

 

 

 

-

 

 

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

5


 

Generation Income Properties, Inc. Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

Common Stock Shares

 

 

Common Stock Amount

 

 

Treasury Stock Amount

 

 

Additional

Paid-In- Capital

 

 

Accumulated

Deficit

 

 

Generation Income Properties, Inc. Stockholders' Equity

 

 

Redeemable Non-

Controlling

Interest

 

Balance - December 31, 2019

 

 

525,250

 

 

$

5,253

 

 

$

 

 

$

4,773,639

 

 

$

(2,345,489

)

 

 

2,433,403

 

 

$

8,198,251

 

Restricted stock unit compensation

 

 

 

 

 

 

 

 

 

 

 

20,023

 

 

 

 

 

 

20,023

 

 

 

 

Distribution on Redeemable Non-Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(142,844

)

Dividends paid on Common Stock

 

 

 

 

 

 

 

 

 

 

 

(105,101

)

 

 

 

 

 

(105,101

)

 

 

 

Net (loss) income for the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(494,032

)

 

 

(494,032

)

 

 

142,844

 

Balance - March 31, 2020

 

 

525,250

 

 

$

5,253

 

 

$

 

 

$

4,688,561

 

 

$

(2,839,521

)

 

$

1,854,293

 

 

$

8,198,251

 

Restricted stock unit compensation

 

 

 

 

 

 

 

 

 

 

 

27,009

 

 

 

 

 

 

27,009

 

 

 

 

Distribution on Redeemable Non-Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,851

)

Net (loss) income for the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(282,575

)

 

 

(282,575

)

 

 

39,851

 

Balance - June 30, 2020

 

 

525,250

 

 

$

5,253

 

 

$

-

 

 

$

4,715,570

 

 

$

(3,122,096

)

 

$

1,598,727

 

 

$

8,198,251

 

Restricted stock unit compensation

 

 

1,668

 

 

 

17

 

 

 

 

 

 

 

27,289

 

 

 

 

 

 

27,306

 

 

 

 

Distribution on Redeemable Non-Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(152,023

)

Dividends paid on Common Stock

 

 

 

 

 

 

 

 

 

 

 

(105,084

)

 

 

 

 

 

(105,084

)

 

 

 

Net (loss) income for the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(555,226

)

 

 

(555,226

)

 

 

152,023

 

Balance - September 30, 2020

 

 

526,918

 

 

 

5,270

 

 

 

 

 

 

4,637,775

 

 

 

(3,677,322

)

 

 

965,723

 

 

 

8,198,251