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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Jun. 30, 2023
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company pays the members of its board of directors who are not executive officers for services rendered through cash payments and by issuing shares of Class C common stock to them. Total fees incurred and paid or accrued for board of directors' services to the Company for the three and six months ended June 30, 2023 and 2022 are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Board of Directors Compensation |  | 2023 |  | 2022 |  | 2023 |  | 2022
Payments for services rendered |  | $ | 67,500 |  |  | $ | 67,500 |  |  | $ | 135,000 |  |  | $ | 135,000 |
Value of shares issued for services rendered |  | 82,500 |  |  | 82,500 |  |  | 165,000 |  |  | 165,000 |
Total |  | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |
Number of shares issued for services rendered |  | 5,500 |  |  | 4,666 |  |  | 13,261 |  |  | 9,265 |
Transactions with Other Related Parties On January 31, 2022, the Company acquired an industrial property and related equipment leased to Kalera Inc. (“Kalera”) in Saint Paul, Minnesota for $8,079,000. Kalera was introduced to the Company by Curtis B. McWilliams, one of the Company’s independent directors. Since Mr. McWilliams was serving as an executive of Kalera at the time of the acquisition, all of the disinterested members of the Company’s board of directors approved this transaction in January 2022. On April 4, 2023, Kalera filed a voluntary petition for bankruptcy relief under Chapter 11 of Title 11 of the United States Code. In April 2023, Mr. McWilliams was appointed as Kalera’s independent director as Kalera continues to operate its business while in bankruptcy. Mr. McWilliams has recused himself from any matters relating to the Company’s property in Saint Paul, Minnesota leased to Kalera. During June 2023, Kalera conducted an auction of all of its assets and the sale of Kalera’s assets to the winning bidder, Kalera’s lender, was approved by the bankruptcy court on June 30, 2023. The pending sale of Kalera’s assets may include its interest in the Company's lease for the Saint Paul, Minnesota property; however, the winning bidder has the right to accept or reject the Company's lease. In the event of the latter outcome, the Company would be responsible for the mechanic's liens discussed in Note 10 and would seek to find a new tenant or sell the property. On July 25, 2023, Kalera filed a motion with the bankruptcy court requesting that the deadline for assuming or rejecting unexpired leases be extended to the earlier of October 31, 2023 or the effective date of Kalera’s Chapter 11 plan of reorganization and the court issued an order granting this motion on July 27, 2023. Related Party Transactions with Unconsolidated Investment in a Real Estate Property The Company's taxable REIT subsidiary serves as the asset manager of the TIC Interest property and earned asset management fees, including the Company's share of the management fee, for the three and six months ended June 30, 2023 and 2022 as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
TIC Interest management fee |  | $ | 65,993 |  |  | $ | 65,993 |  |  | $ | 131,986 |  |  | $ | 131,986 |
Company's share in the management fee |  | $ | 47,984 |  |  | $ | 47,984 |  |  | $ | 95,967 |  |  | $ | 95,967 |

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