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v3.23.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended
--- | ---
Jun. 30, 2023 | Jun. 30, 2022
Cash flows from operating activities: |  |
Net (loss) income | $ (813,211) | $ 798,236
Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |
Depreciation and amortization | 2,702,403 | 2,655,418
Stock compensation | 540,501 | 568,701
Bad debt expense | 32,729 | 13,416
Gain on sale of real estate assets, net | (1,537,289) | (2,750,269)
Net change in fair value marketable securities | (190,327) | 358,658
Net change in fair value SPAC Trust Account | (939,522) | (201,767)
Amortization of financing costs | 187,303 | 125,850
Amortization of below-market leases | (2,487) | (27,445)
Straight-line rent adjustment | (240,007) | (46,305)
Changes in operating assets and liabilities: |  |
Other assets | (399,159) | 317,942
Accounts payable and accrued liabilities | 239,297 | (1,423,341)
Accounts payable and accrued liabilities for the SPAC | (281,723) | 138,645
Accrued real estate taxes | (902,217) | (987,636)
Net cash used in operating activities | (1,603,709) | (459,897)
Cash flows from investing activities: |  |
Real estate acquisitions | (12,932,128) | (4,646,330)
Additions to buildings and tenant improvements | (1,001,836) | (832,990)
Investment in marketable securities | (1,826,458) | (661,247)
Proceeds from sale of marketable securities | 1,951,095 | 1,111,608
Investment of SPAC IPO proceeds into Trust Account | (389,942) | (134,895,000)
Withdrawals from Trust Account for SPAC taxes | 792,480 | 0
Withdrawals from Trust Account for Redemption of SPAC Shares | 114,068,280 | 0
Deletions / (additions) to deferred leasing costs | 3,872 | (35,864)
Proceeds from sales of real estate, net | 4,590,187 | 18,839,913
Net cash provided by (used in) investing activities | 105,255,550 | (121,119,910)
Cash flows from financing activities: |  |
Proceeds from mortgage notes payable, net of issuance costs | 12,848,849 | 12,590,235
Repayment of mortgage notes payable | (6,417,278) | (7,361,659)
Payment of deferred offering costs | 0 | (3,201,266)
Distributions to noncontrolling interests, net | (1,961,310) | (2,614,352)
Proceeds from initial public offering of SPAC | 0 | 132,250,000
Redemption of SPAC shares | (114,068,280) | 0
Repurchase of Series A Common Stock, at cost | 0 | (30,729)
Dividends paid to Series D Preferred Stockholders | (1,067,733) | (1,078,112)
Dividends paid to Series A Common Stockholders | (590,151) | (2,609,454)
Net cash (used in) provided by financing activities | (111,467,775) | 127,944,663
Net (decrease) increase in cash equivalents and restricted cash | (7,815,934) | 6,364,856
Cash, cash equivalents and restricted cash - beginning of period | 16,516,725 | 14,702,089
Cash, cash equivalents and restricted cash - end of period | 8,700,791 | 21,066,945
Non-cash financing activities: |  |
Deferred offering cost SPAC, underwriting commission payable | 0 | 4,628,750
Accrued excise tax on January 24, 2023 SPAC redemptions | 1,140,683 | 0
Dividends payable - Preferred Stock Series D | 177,145 | 179,685
Mortgage Notes [Member] |  |
Supplemental disclosure of cash flow information: |  |
Interest paid | 2,351,642 | 1,971,942
Series D Preferred Stock [Member] |  |
Cash flows from financing activities: |  |
Repurchase of Series D Preferred Stock, at cost | $ (211,872) | $ 0

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