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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (903,866) $ (3,924,121)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 4,104,018 4,823,673
Stock compensation 867,903 541,865
Bad debt expense 52 93,958
Gain on sale of real estate assets, net (2,060,336) (656,975)
Gain on extinguishment of government debt (10,000) 0
Net change in fair value marketable securities 37,673 0
Impairment of real estate assets 300,000 845,674
Accretion of original issue discount 0 1,013,405
Amortization of financing costs 431,806 992,705
Amortization of above-market leases 42,064 38,012
Amortization of below-market leases (46,481) (122,439)
Straight-line rent adjustment (215,655) 67,732
Changes in operating assets and liabilities:    
Other assets 633,354 2,171,813
Accounts payable and accrued liabilities (1,014,848) (1,974,401)
Accrued real estate taxes (1,040,680) (1,014,760)
Net cash provided by operating activities 1,125,004 2,896,141
Cash flows from investing activities:    
Real estate acquisitions (7,758,066) (8,996,248)
Additions to buildings and tenant improvements (1,122,051) (2,510,152)
Investment in marketable securities (2,682,192) 0
Proceeds from sale of marketable securities 1,032,297 0
Additions to deferred leasing costs (97,932) (137,961)
Proceeds from sales of real estate, net 47,906,909 33,810,274
Net cash provided by investing activities 37,278,965 22,165,913
Cash flows from financing activities:    
Proceeds from mortgage notes payable, net of issuance costs 8,003,807 13,339,739
Repayment of mortgage notes payable (41,862,782) (32,399,522)
Repayment of note payable (7,675,598) (5,224,402)
Payment of extension costs, note payable 0 (351,025)
Payment of deferred offering costs (572,458) (435,736)
Distributions to noncontrolling interests, net (5,624,969) (358,357)
Issuance of Common Stock Series A, net of offering costs 8,871,879 0
Issuance of Preferred Stock Series D, net of offering costs 20,489,803 0
Repurchase of common stock, at cost (68,396) (18,000)
Dividends paid to preferred stockholders (455,207) 0
Dividends paid to common stockholders (3,234,669) 0
Net cash used in financing activities (22,128,590) (25,447,303)
Net increase (decrease) in cash equivalents and restricted cash 16,275,379 (385,249)
Cash, cash equivalents and restricted cash - beginning of period 11,540,917 10,391,275
Cash, cash equivalents and restricted cash - end of period 27,816,296 10,006,026
Supplemental disclosure of cash flow information:    
Interest paid-mortgage notes payable 3,407,689 4,542,959
Interest paid-notes payable 103,861 604,679
Non-cash financing activities:    
Issuance of stock for limited partnership interests 0 1,247,990
Dividends payable - Preferred Stock Series D $ 179,685 $ 0