XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Land $ 18,223,947 $ 21,136,379
Buildings and improvements 116,206,836 119,224,375
Tenant improvements 12,911,091 12,752,518
Lease intangibles 4,110,139 4,110,139
Real estate assets and lease intangibles held for investment, cost 151,452,013 157,223,411
Accumulated depreciation and amortization (31,321,223) (30,589,969)
Real estate assets and lease intangibles held for investment, net 120,130,790 126,633,442
Real estate assets held for sale, net 6,656,116 11,431,494
Real estate assets, net 126,786,906 138,064,936
Cash, cash equivalents and restricted cash 18,569,075 14,702,089
Deferred leasing costs, net 1,244,753 1,348,234
Goodwill 2,423,000 2,423,000
Other assets, net 3,892,377 4,658,504
Investments held in Trust (see Notes 2 & 9) 135,706,687 0
TOTAL ASSETS 288,622,798 161,196,763
Liabilities:    
Mortgage notes payable, net 89,115,802 87,324,319
Mortgage notes payable related to properties held for sale, net 5,025,578 1,535,513
Mortgage notes payable, total net 94,141,380 88,859,832
Accounts payable and accrued liabilities 4,441,731 4,569,537
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 9) 4,944,878 15,499
Accrued real estate taxes 1,493,634 1,940,913
Dividends payable preferred stock 178,916 179,685
Lease liability, net 54,218 75,547
Below-market leases, net 31,963 73,130
Total liabilities 105,286,720 95,714,143
Commitments and contingencies (Note 2 & 9)
Equity:    
Additional paid-in capital 182,235,077 186,492,012
Dividends and accumulated losses (137,304,308) (130,947,434)
Total stockholders' equity before noncontrolling interest 45,056,486 55,669,775
Noncontrolling interest 9,032,953 9,812,845
Total equity 54,089,439 65,482,620
TOTAL LIABILITIES AND EQUITY 288,622,798 161,196,763
Common Class A [Member]    
Equity:    
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 11,655,583 shares and 11,599,720 shares were issued and outstanding at September 30, 2022 and December 31, 2021, respectively 116,556 115,997
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 $6,400,000 129,246,639 0
Series D Preferred Stock [Member]    
Equity:    
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 916,061 shares issued and outstanding (liquidation preference $25.00 per share) as of September 30, 2022 and December 31, 2021, respectively $ 9,161 $ 9,200