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v3.20.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended
--- | ---
Sep. 30, 2020 | Sep. 30, 2019
Cash flows from operating activities: |  |
Net (loss) income | $ (3,924,121) | $ 914,977
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |
Depreciation and amortization | 4,823,673 | 5,714,446
Stock compensation | 541,865 | 809,127
Bad debt expense | 93,958 | 19,088
Gain on sale of real estate assets, net | (656,975) | (6,243,819)
Impairment of real estate assets | 845,674 | 0
Accretion of original issue discount | 1,013,405 | 48,793
Amortization of financing costs | 992,705 | 592,598
Amortization of above-market leases | 38,012 | 42,796
Amortization of below-market leases | (122,439) | (140,777)
Straight-line rent adjustment | 67,732 | (26,590)
Changes in operating assets and liabilities: |  |
Other assets | 2,171,813 | 1,709,386
Accounts payable and accrued liabilities | (1,974,401) | (244,791)
Accrued real estate taxes | (1,014,760) | (817,366)
Net cash provided by operating activities | 2,896,141 | 2,377,868
Cash flows from investing activities: |  |
Real estate acquisitions | (8,996,248) | (6,116,035)
Additions to buildings and tenant improvements | (2,510,152) | (5,182,033)
Additions to deferred leasing costs | (137,961) | (661,401)
Proceeds from sales of real estate, net | 33,810,274 | 29,211,836
Net cash provided by investing activities | 22,165,913 | 17,252,367
Cash flows from financing activities: |  |
Proceeds from mortgage notes payable, net of issuance costs | 13,339,739 | 10,667,286
Repayment of mortgage notes payable | (32,399,522) | (20,723,326)
Repayment of note payable | (5,224,402) | 0
Payment of extension costs, note payable | (351,025) | 0
Redemption of mandatorily redeemable preferred stock | 0 | (16,900,000)
Payment of deferred offering costs | (435,736) | 0
Distributions to noncontrolling interests, net of contributions | (358,357) | (628,462)
Repurchase of common stock | (18,000) | (215,206)
Dividends paid to stockholders | 0 | (2,158,467)
Net cash used in financing activities | (25,447,303) | (18,335,011)
Net (decrease) increase in cash equivalents and restricted cash | (385,249) | 1,295,224
Cash, cash equivalents and restricted cash - beginning of period | 10,391,275 | 9,776,215
Cash, cash equivalents and restricted cash - end of period | 10,006,026 | 11,071,439
Supplemental disclosure of cash flow information: |  |
Interest paid-Series B preferred stock | 0 | 1,859,672
Interest paid-mortgage notes payable | 4,542,959 | 4,792,830
Interest paid-notes payable | 604,679 | 0
Non-cash financing activities: |  |
Issuance of stock for limited partnership interests | 1,247,990 | 0
Polar Multi-Strategy Master Fund [Member] | Notes Payable to Banks [Member] |  |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |
Amortization of financing costs | 748,000 |
Cash flows from financing activities: |  |
Proceeds from note payable, net of issuance cost of $1.1 million | 0 | 11,623,164
Payment of extension costs, note payable | $ (351,000) |
Payment of deferred offering costs |  | $ (1,100,000)

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