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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Equity Method Investments | The Company’s investments in unconsolidated entities as of December 31, 2019 and 2018 are as follows:
| December 31,
| 2019 |  | 2018
The TIC Interest | $ | 10,388,588 |  |  | $ | 10,749,332 |
REIT I (1) | — |  |  | 3,526,483 |
Total | $ | 10,388,588 |  |  | $ | 14,275,815 |
(1) | REIT I was merged with the Company effective December 31, 2019 (see Note 3).
Entities Equity In Earnings | The Company’s income (loss) from investments in unconsolidated entities for the years ended December 31, 2019 and 2018 are as follows:
| Years Ended December 31,
| 2019 |  | 2018
The TIC Interest | $ | 296,691 |  |  | $ | 269,191 |
REIT I | (62,643 | ) |  | (43,167 | )
Total | $ | 234,048 |  |  | $ | 226,024 |
Summarized Financial Information | The following are summarized financial information for REIT I as of and for the years ended December 31, 2019 and 2018:
| December 31,
| 2019 |  | 2018
Assets: |  |  |
Real estate investments, net | $ | — |  |  | $ | 125,075,537 |
Cash and cash equivalents and restricted cash | — |  |  | 3,376,145 |
Other assets | — |  |  | 3,070,475 |
Total assets | $ | — |  |  | $ | 131,522,157 |
Liabilities: |  |  |
Mortgage notes payable, net | $ | — |  |  | $ | 61,446,068 |
Below-market lease, net | — |  |  | 3,105,843 |
Other liabilities | — |  |  | 3,359,618 |
Total liabilities | — |  |  | 67,911,529 |
Redeemable common stock | — |  |  | 163,572 |
Total shareholders' equity | — |  |  | 63,447,056 |
Total liabilities, redeemable common stock and shareholders' equity | $ | — |  |  | $ | 131,522,157 |
| Years Ended December 31,
| 2019 |  | 2018
Total revenue | $ | 13,132,226 |  |  | $ | 13,166,631 |
Expenses: |  |  |
Depreciation and amortization | 5,787,709 |  |  | 5,783,643 |
Interest expense | 3,425,625 |  |  | 2,813,430 |
Other expenses | 5,342,365 |  |  | 4,603,963 |
Impairment of real estate investment property | — |  |  | 862,190 |
Total expenses | 14,555,699 |  |  | 14,063,226 |
Other income: |  |  |
Gain on sale of real estate investment property, net | (1,850,845 | ) |  | — |
Loss on debt restructuring | 1,964,618 |  |  | — |
Total other income | 113,773 |  |  | — |
Net loss | $ | (1,309,700 | ) |  | $ | (896,595 | )
The following are summarized financial information for the Santa Clara property as of and for the years ended December 31, 2019 and 2018:
| December 31,
| 2019 |  | 2018
Assets: |  |  |
Real estate investments, net | $ | 30,858,240 |  |  | $ | 31,668,300 |
Cash and cash equivalents | 275,760 |  |  | 466,379 |
Other assets | 228,770 |  |  | 117,075 |
Total assets | $ | 31,362,770 |  |  | $ | 32,251,754 |
Liabilities: |  |  |
Mortgage notes payable, net | $ | 13,746,635 |  |  | $ | 13,994,844 |
Below-market lease, net | 2,953,360 |  |  | 3,103,778 |
Other liabilities | 68,587 |  |  | 61,188 |
Total liabilities | 16,768,582 |  |  | 17,159,810 |
Total equity | 14,594,188 |  |  | 15,091,944 |
Total liabilities and equity | $ | 31,362,770 |  |  | $ | 32,251,754 |
| Years Ended December 31,
| 2019 |  | 2018
Total revenue | $ | 2,705,126 |  |  | $ | 2,678,110 |
Expenses: |  |  |
Depreciation and amortization | 993,564 |  |  | 991,621 |
Interest expense | 574,086 |  |  | 584,059 |
Other expenses | 731,044 |  |  | 730,448 |
Total expenses | 2,298,694 |  |  | 2,306,128 |
Net income | $ | 406,432 |  |  | $ | 371,982 |

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