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(LOSS) EARNINGS PER SHARE (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table presents the computation of the Company's basic and diluted net (loss) income per share attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator - Basic: |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,047,736) |  |  | $ | (6,905,242) |  |  | $ | 4,851,323 |  |  | $ | (6,854,210) |
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership (a) |  | 274,646 |  |  | 1,368,896 |  |  | (388,349) |  |  | 1,600,254 |
Preferred stock dividends |  | (921,875) |  |  | (921,875) |  |  | (2,765,625) |  |  | (2,765,625) |
Net (loss) income attributable to common stockholders |  | $ | (1,694,965) |  |  | $ | (6,458,221) |  |  | $ | 1,697,349 |  |  | $ | (8,019,581) |
Numerator - Diluted: |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,047,736) |  |  | $ | (6,905,242) |  |  | $ | 4,851,323 |  |  | $ | (6,854,210) |
Preferred stock dividends |  | (921,875) |  |  | (921,875) |  |  | (2,765,625) |  |  | (2,765,625) |
Net (loss) income attributable to common stockholders and noncontrolling interests |  | $ | (1,969,611) |  |  | $ | (7,827,117) |  |  | $ | 2,085,698 |  |  | $ | (9,619,835) |
Denominator: |  |  |  |  |  |  |  |
Weighted average shares outstanding - basic |  | 9,430,885 |  |  | 7,548,052 |  |  | 9,151,287 |  |  | 7,537,505 |
Class C OP Units (b) |  | 1,528,145 |  |  | 1,599,898 |  |  | 2,093,793 |  |  | 1,504,059 |
Weighted average shares and units outstanding - diluted |  | 10,959,030 |  |  | 9,147,950 |  |  | 11,245,080 |  |  | 9,041,564 |
(Loss) earnings per share attributable to common stockholders: |  |  |  |  |  |  |  |
Basic |  | $ | (0.18) |  |  | $ | (0.86) |  |  | $ | 0.19 |  |  | $ | (1.06) |
(Loss) earnings per share attributable to common stockholders and noncontrolling interests: |  |  |  |  |  |  |  |
Diluted |  | $ | (0.18) |  |  | $ | (0.86) |  |  | $ | 0.19 |  |  | $ | (1.06) |
(a) Each Class C Common Share and Class C OP Unit have the same participation in earnings (loss) and therefore there is no difference between basic and diluted earnings (loss) per share. Consequently, net loss (income) attributable to noncontrolling interest in Operating Partnership for the three month periods presented above equals the product of (i) the Operating Partnership weighted average units as a percentage of diluted weighted average shares and units outstanding and (ii) the net (loss) income attributable to common shareholders and noncontrolling interests for each period presented. This can result in a different net loss (income) attributable to noncontrolling interest in Operating Partnership than the amount presented on the statements of operations and equity for the three month periods, as those amounts are calculated for the year-to-date period less the prior quarter’s year-to-date net loss (income) attributable to noncontrolling interest in Operating Partnership. (b) For each of the three and nine months ended September 30, 2023, the weighted average dilutive effect of 1,980,822 Class M OP Units, Class P OP Units, and Class R OP Units, discussed in Note 12, was excluded from the computation of diluted loss per share because their effect would be anti-dilutive since the units did not vest until the first quarter of 2024 and were not yet entitled to participate in earnings (losses).

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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