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v3.23.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended
--- | ---
Sep. 30, 2023 | Sep. 30, 2022
Cash flows from operating activities: |  |
Net income | $ 21,346,450 | $ 1,149,411
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 4,054,109 | 3,973,582
Stock compensation | 828,193 | 861,837
Bad debt expense | 27,729 | 11,116
Gain on sale of real estate assets, net | (2,294,574) | (4,057,527)
Gain on deconsolidation of SPAC investment | (40,321,483) | 0
Net change in fair value marketable securities | (169,530) | 70,183
Net change in fair value SPAC Trust Account | (1,209,542) | (811,687)
Amortization of financing costs | 263,863 | 180,250
Amortization of below-market leases | (3,731) | (41,167)
Straight-line rent adjustment | (280,619) | (148,181)
Changes in operating assets and liabilities: |  |
Other assets | (92,877) | 585,984
Accounts payable and accrued liabilities | 378,761 | 245,652
Accounts payable and accrued liabilities for the SPAC | 652,577 | 316,128
Accrued real estate taxes | (373,343) | (447,279)
Net cash provided by operating activities | 488,137 | 1,888,302
Cash flows from investing activities: |  |
Real estate acquisitions | (13,715,923) | (8,087,250)
Additions to buildings and tenant improvements | (2,817,786) | (1,939,712)
Investment in marketable securities | (2,083,328) | (1,243,672)
Proceeds from sale of marketable securities | 2,302,456 | 1,787,695
Investment of SPAC IPO proceeds into Trust Account | (624,998) | (134,895,000)
Withdrawals from Trust Account for SPAC taxes | 832,480 | 0
Withdrawals from Trust Account for Redemption of SPAC Shares | 137,157,011 | 0
Deletions / (additions) to deferred leasing costs | 5,808 | (53,377)
Proceeds from sales of real estate, net | 7,113,065 | 20,603,179
Net cash provided by (used in) investing activities | 128,168,785 | (123,828,137)
Cash flows from financing activities: |  |
Proceeds from mortgage notes payable, net of issuance costs | 13,400,934 | 14,992,425
Repayment of mortgage notes payable | (7,885,953) | (9,586,079)
Payment of deferred offering costs | 0 | (3,201,266)
Distributions to noncontrolling interests, net | (3,013,831) | (3,812,698)
Proceeds from initial public offering of SPAC | 0 | 132,859,920
SPAC offering non-controlling interest adjustment | 0 | (609,920)
Redemption of SPAC shares | (137,157,011) | 0
Repurchase of Series A Common Stock, at cost | 0 | (277,696)
Dividends paid to Series D Preferred Stockholders | (1,595,606) | (1,616,398)
Dividends paid to Series A Common Stockholders | (892,646) | (2,857,081)
Net cash (used in) provided by financing activities | (137,394,883) | 125,806,821
Net (decrease) increase in cash equivalents and restricted cash | (8,737,961) | 3,866,986
Cash, cash equivalents and restricted cash - beginning of period | 16,516,725 | 14,702,089
Cash, cash equivalents and restricted cash - end of period | $ 7,778,764 | $ 18,569,075
Non-cash financing activities: |  |
Potentially convertible common stock for SPAC (in shares) | 0 | 134,895,000
Dividends payable | $ 478,253 |
Dividends payable | 478,253 |
Mortgage Notes [Member] |  |
Supplemental disclosure of cash flow information: |  |
Interest paid | 3,637,980 | $ 3,038,713
Series D Preferred Stock [Member] |  |
Cash flows from financing activities: |  |
Repurchase of Series D Preferred Stock, at cost | (250,770) | (84,386)
Non-cash financing activities: |  |
Dividends payable | 175,758 | 178,916
Dividends payable | 175,758 | 178,916
Common Class A [Member] |  |
Non-cash financing activities: |  |
Dividends payable | 302,495 | 0
Dividends payable | 302,495 | 0
Conduit Pharmaceuticals Inc [Member] |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Net change in fair value marketable securities | $ 17,682,154 | $ 0

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