XML 11 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Land $ 20,580,587 $ 19,189,386
Buildings and improvements 133,531,747 125,979,374
Tenant improvements 15,636,305 13,861,839
Lease intangibles 4,110,139 4,110,139
Real estate assets and lease intangibles held for investment, cost 173,858,778 163,140,738
Accumulated depreciation and amortization (37,845,097) (34,644,511)
Real estate assets and lease intangibles held for investment, net 136,013,681 128,496,227
Real estate assets held for sale, net 2,434,624 2,016,003
Real estate assets, net 138,448,305 130,512,230
Other assets:    
Cash, cash equivalents and restricted cash 7,778,764 16,516,725
Deferred leasing costs, net 1,501,812 1,516,835
Goodwill 2,423,000 2,423,000
Investment in Conduit Pharmaceuticals marketable securities (see Notes 2 & 9) 23,996,141 0
Other assets, net (see Note 6) 3,785,367 3,511,681
Total other assets 39,485,084 23,968,241
Investments held in Trust (see Notes 2 & 9) 0 136,871,183
TOTAL ASSETS 177,933,389 291,351,654
Liabilities:    
Mortgage notes payable, net 101,059,368 95,899,176
Mortgage notes payable related to properties held for sale, net 1,428,848 999,523
Mortgage notes payable, total net 102,488,216 96,898,699
Accounts payable and accrued liabilities 5,294,349 4,028,564
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 9) 0 5,046,725
Accrued real estate taxes 1,506,532 1,879,875
Dividends payable 478,253 178,511
Lease liability, net 23,989 46,833
Below-market leases, net 14,509 18,240
Total liabilities 109,805,848 108,097,447
Commitments and contingencies (Note 2 & 9):
Equity:    
Additional paid-in capital 181,483,892 182,044,157
Dividends and accumulated losses (121,638,764) (138,341,750)
Total stockholders' equity before noncontrolling interest 59,972,714 43,829,626
Noncontrolling interest 8,154,827 9,013,446
Total equity 68,127,541 52,843,072
TOTAL LIABILITIES AND EQUITY 177,933,389 291,351,654
Common Class A [Member]    
Liabilities:    
Dividends payable 302,495  
Equity:    
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 11,859,726 shares and 11,807,893 shares were issued and outstanding at September 30, 2023 and December 31, 2022, respectively 118,597 118,079
Common Class A [Member] | SPAC, Murphy Canyon Acquisition Corp. [Member]    
Liabilities:    
SPAC Class A common stock subject to possible redemption; none as of September 30, 2023 and 13,225,000 shares as of December 31, 2022 (at $10.45 per share), net of issuance cost of approximately $6,400,000 0 130,411,135
Series D Preferred Stock [Member]    
Liabilities:    
Dividends payable 175,758  
Equity:    
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 898,940 shares issued and outstanding (liquidation preference $25.00 per share) as of September 30, 2023 and 913,987 shares issued and outstanding as of December 31, 2022 $ 8,989 $ 9,140