XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Land $ 17,836,329 $ 21,136,379
Buildings and improvements 115,053,575 119,224,375
Tenant improvements 12,184,676 12,752,518
Lease intangibles 4,110,139 4,110,139
Real estate assets and lease intangibles held for investment, cost 149,184,719 157,223,411
Accumulated depreciation and amortization (30,368,624) (30,589,969)
Real estate assets and lease intangibles held for investment, net 118,816,095 126,633,442
Real estate assets held for sale, net 6,679,654 11,431,494
Real estate assets, net 125,495,749 138,064,936
Cash, cash equivalents and restricted cash 21,066,945 14,702,089
Deferred leasing costs, net 1,137,233 1,348,234
Goodwill 2,423,000 2,423,000
Other assets, net 3,876,429 4,658,504
Investments held in Trust (see Notes 2 & 9) 135,096,767 0
TOTAL ASSETS 289,096,123 161,196,763
Liabilities:    
Mortgage notes payable, net 89,432,732 87,324,319
Mortgage notes payable related to properties held for sale, net 4,500,502 1,535,513
Mortgage notes payable, total net 93,933,234 88,859,832
Accounts payable and accrued liabilities 3,895,445 4,569,537
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 9) 4,774,808 15,499
Accrued real estate taxes 953,277 1,940,913
Dividends payable preferred stock 179,685 179,685
Lease liability, net 61,518 75,547
Below-market leases, net 45,685 73,130
Total liabilities 103,843,652 95,714,143
Commitments and contingencies (Note 2 & 9)
Equity:    
Additional paid-in capital 183,126,885 186,492,012
Dividends and accumulated losses (135,754,642) (130,947,434)
Total stockholders' equity before noncontrolling interest 47,499,381 55,669,775
Noncontrolling interest 9,116,371 9,812,845
Total equity 56,615,752 65,482,620
TOTAL LIABILITIES AND EQUITY 289,096,123 161,196,763
Common Class A [Member]    
Equity:    
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 11,793,757 shares and 11,599,720 shares were issued and outstanding at June 30, 2022 and December 31, 2021, respectively 117,938 115,997
Common Class A [Member] | SPAC, Murphy Canyon Acquisition Corp. [Member]    
Liabilities:    
SPAC Class A common stock subject to possible redemption; 13,225,000 shares (at $10.20 per share), net of issuance cost of approximately $6,400,000 128,636,719 0
Series D Preferred Stock [Member]    
Equity:    
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 920,000 shares issued and outstanding (liquidation preference $25.00 per share) as of June 30, 2022 and December 31, 2021, respectively $ 9,200 $ 9,200