XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (2,255,074) $ (932,119)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,428,934 1,574,526
Stock compensation 301,547 157,371
Loss on sale of real estate assets, net 1,161,328 9,835
Gain on extinguishment of government debt (10,000) 0
Impairment of real estate assets 300,000 0
Accretion of original issue discount 0 337,802
Amortization of financing costs 261,779 363,183
Amortization of above-market leases 18,027 12,671
Amortization of below-market leases (19,037) (42,595)
Straight-line rent adjustment (132,990) (52,941)
Changes in operating assets and liabilities:    
Other assets 481,459 1,947,145
Accounts payable and accrued liabilities (1,980,474) (2,612,649)
Accrued real estate taxes (1,023,680) (1,236,304)
Net cash used in operating activities (1,468,181) (474,075)
Cash flows from investing activities:    
Real estate acquisitions 0 (3,573,743)
Additions to buildings and tenant improvements (100,765) (889,673)
Additions to deferred leasing costs (37,585) 0
Proceeds from sales of real estate, net 19,047,906 24,587,128
Net cash provided by investing activities 18,909,556 20,123,712
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 6,013,700 4,347,502
Repayment of mortgage notes payable (17,231,730) (19,803,831)
Repayment of note payable (7,675,598) (5,224,401)
Payment of deferred offering costs (70,276) (100,031)
Contributions from noncontrolling interests, net of distributions paid (2,034,212) (277,472)
Dividends paid to stockholders (998,795) 0
Net cash used in financing activities (21,996,911) (21,058,233)
Net increase in cash equivalents and restricted cash (4,555,536) (1,408,596)
Cash, cash equivalents and restricted cash - beginning of period 11,540,917 10,391,275
Cash, cash equivalents and restricted cash - end of period 6,985,381 8,982,679
Supplemental disclosure of cash flow information:    
Interest paid-mortgage notes payable 1,239,193 1,674,483
Interest paid-notes payable 103,861 247,805
Unpaid deferred financing costs $ 0 $ 14,608