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MERGER AND SELF-MANAGEMENT TRANSACTION (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Purchase Price Allocation | The following table summarizes the allocation of the purchase price to the fair values assigned to the BrixInvest assets acquired and liabilities assumed as of December 31, 2019, the closing date of the Self-Management Transaction. These fair values are based on internal Company and independent external third-party valuations:
Fair Values Assigned |  | December 31, 2019
Assets: |  |
Cash and cash equivalents |  | $ | 204,176 |
Prepaid expenses and other assets |  | 305,212 |
Operating lease right-of-use asset |  | 2,386,877 |
Intangible assets |  | 7,700,000 |
Liabilities: |  |
Short-term notes payable |  | (4,800,000 | )
Due to affiliates |  | (630,820 | )
Bank line of credit |  | (800,000 | )
Accounts payable and other liabilities |  | (2,070,968 | )
Operating lease liability |  | (2,386,877 | )
Net |  | (92,400 | )
Add: Cancellation of investment in the Company |  | 107,400 |
Less: Contribution of Class M OP Units and Class P OP Units |  | 50,603,000 |
Goodwill |  | $ | 50,588,000 |
The following table summarizes the allocation of the purchase price to the fair values assigned to the REIT I assets acquired and liabilities assumed as of December 31, 2019, the Merger closing date. These fair values are based on internal Company and independent external third-party valuations:
Fair Values Assigned |  | December 31, 2019
Assets: |  |
Real estate property, including above/below lease intangibles |  | $ | 151,099,097 |
Cash and cash equivalents |  | 1,612,331 |
Tenant receivable |  | 310,169 |
Prepaid expenses and other assets |  | 51,924 |
Liabilities: |  |
Mortgage notes payable, net |  | (62,985,425 | )
Accounts payable and other liabilities |  | (2,243,156 | )
Net |  | 87,844,940 |
Less: Cancellation of investment in REIT I (Note 5) |  | (3,091,489 | )
Capitalized transaction-related costs |  | (3,044,480 | )
Net Assets Acquired |  | $ | 81,708,971 |
Class M OP Units Conversion | The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for assets under management (“AUM”) and adjusted funds from operations (“AFFO”) in a given year as set forth below:
| Hurdles |  |
| AUM |  | AFFO Per Share |  | Class M
| ($ in billions) |  | ($) |  | Conversion Ratio
Initial Conversion Ratio |  |  |  |  | 1:5.00
Fiscal Year 2021 | $ | 0.860 |  |  | $ | 0.59 |  |  | 1:5.75
Fiscal Year 2022 | $ | 1.175 |  |  | $ | 0.65 |  |  | 1:7.50
Fiscal Year 2023 | $ | 1.551 |  |  | $ | 0.70 |  |  | 1:9.00
Unaudited Pro Forma Financial Information | The following table presents unaudited pro forma financial information for the years ended December 31, 2019 and 2018: Year ended December 31, 2019
Pro Forma Financial Information (Unaudited) |  | Company |  | REIT I |  | BrixInvest |  | Adjustments |  | Consolidated
Revenue |  | $ | 24,544,958 |  |  | $ | 13,132,226 |  |  | $ | 7,814,987 |  |  | $ | (5,524,969 | ) |  | $ | 39,967,202 |
Net loss |  | $ | (4,415,992 | ) |  | $ | (1,311,153 | ) |  | $ | (2,719,200 | ) |  | $ | 2,678,782 |  |  | $ | (5,767,563 | )
Loss per share: |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.29 | ) |  | $ | (0.16 | ) |  | $ | (3.97 | ) |  |  |  | $ | (0.22 | )
Weighted average shares: |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | 15,036,474 |  |  | 8,340,602 |  |  | 684,268 |  |  | 2,333,090 |  |  | 26,394,434 |
Year ended December 31, 2018
Pro Forma Financial Information (Unaudited) |  | Company |  | REIT I |  | BrixInvest |  | Adjustments |  | Consolidated
Revenue |  | $ | 17,984,625 |  |  | $ | 13,166,631 |  |  | $ | 9,715,769 |  |  | $ | (7,556,678 | ) |  | $ | 33,310,347 |
Net loss |  | $ | (1,801,724 | ) |  | $ | (896,595 | ) |  | $ | (48,875 | ) |  | $ | (4,610,233 | ) |  | $ | (7,357,427 | )
Loss per share: |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.16 | ) |  | $ | (0.11 | ) |  | $ | (0.07 | ) |  |  |  | $ | (0.33 | )
Weighted average shares: |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | 11,069,864 |  |  | 8,404,346 |  |  | 684,268 |  |  | 2,333,090 |  |  | 22,491,568 |
Other Intangible Assets Acquired | The fair values of the intangible assets as of December 31, 2019, and useful lives are as follows:
Intangible Assets |  | Weighted-Average Useful Life |  | Amount
Customer list |  | 5.0 years |  | $ | 4,800,000 |
Web services technology, domains and licenses |  | 3.0 years |  | 2,900,000 |
Total |  |  |  | $ | 7,700,000 |

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