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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:        
Net income $ (932,119) $ (961,937) $ 772,934 $ 4,452,723
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 1,574,526 2,210,081 7,364,688 9,101,605
Stock compensation 157,371 433,285 686,133 460,651
Bad debt expense   18,139 (32,544) 110,416
Gain on sale of real estate assets 9,835 (1,214,242) (6,319,272) (12,200,138)
Impairment of real estate assets 0     532,951
Accretion of original issue discount 337,802   386,595  
Amortization of financing costs 363,183 227,374 965,239 675,087
Amortization of above-market leases 12,671 17,455 55,466 68,878
Amortization of below-market leases (42,595) (47,599) (185,995) (894,445)
Straight-line rent adjustment (52,941) (14,856) (63,895) 45,778
Changes in operating assets and liabilities:        
Other assets 1,947,145 2,051,150 1,035,806 (818,384)
Accounts payable and accrued liabilities (2,612,649) (459,901) (767,440) (1,183,057)
Accrued real estate taxes (1,236,304) (941,134) (106,779) 80,387
Net cash (used in) provided by operating activities (474,075) 1,317,815 3,790,936 432,452
Cash flows from investing activities:        
Real estate acquisitions (3,573,743) 0 (13,037,562) (17,326,915)
Additions to buildings and tenant improvements (889,673) (2,696,422) (6,393,711) (3,359,283)
Additions to deferred leasing costs   (151,903) (661,401) (714,596)
Proceeds from sale of real estate assets 24,587,128 10,836,118 32,073,721 46,991,372
Net cash provided by investing activities 20,123,712 7,987,793 11,981,047 25,590,578
Cash flows from financing activities:        
Proceeds from mortgage notes payable, net of issuance costs 4,347,502 3,674,303 15,494,715 20,510,012
Repayment of mortgage notes payable (19,803,831) (7,682,670) (23,176,581) (31,374,774)
Repayment of note payable (5,224,401)      
Redemption of mandatorily redeemable preferred stock   (900,000) (16,900,000) (13,800,000)
Payment of deferred offering costs (100,031)     (153,500)
Proceeds from note payable, net of issuance costs     11,479,237  
Contributions from noncontrolling interests, net of distributions paid (277,472) (258,708) 331,603 260,872
Repurchase of common stock     (227,428)  
Dividends paid to stockholders   (1,075,521) (2,158,469)  
Net cash used in financing activities (21,058,233) (6,242,596) (15,156,923) (24,557,390)
Net (decrease) increase in cash equivalents and restricted cash (1,408,596) 3,063,012 615,060 1,465,640
Cash, cash equivalents and restricted cash-beginning of period 10,391,275 9,776,215 9,776,215 8,310,575
Cash, cash equivalents and restricted cash-end of period 8,982,679 12,839,227 10,391,275 9,776,215
Supplemental disclosure of cash flow information:        
Interest paid-Series B preferred stock   580,650 1,859,672 4,357,694
Interest paid-mortgage notes payable 1,674,483 $ 1,727,008 6,442,750 7,806,068
Interest paid-notes payable 247,805   $ 713,262  
Unpaid deferred offering costs $ 14,608      
Non-cash investing and financing activities:        
Accrual of dividends payable       $ 1,075,371