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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023
Cash flows from operating activities: |  |  |
Net loss | $ (3,737,795) | $ (608,459) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation and amortization | 1,351,018 | 1,333,574 |
Stock compensation | 541,921 | 260,845 |
Bad debt expense | 0 | 54,493 |
Gain on sale of real estate assets, net | (2,018,095) | (417,337) |
Net change in fair value SPAC Trust Account | 0 | (664,232) |
Impairment of real estate assets | 95,548 | 0 |
Amortization of financing costs | 90,080 | 72,879 |
Amortization of below-market leases | (1,244) | (1,243) |
Straight-line rent adjustment | (91,806) | (157,194) |
Changes in operating assets and liabilities: |  |  |
Other assets | 347,695 | 219,199 |
Accounts payable and accrued liabilities | (872,512) | (764,077) |
Accounts payable and accrued liabilities for the SPAC | 0 | (137,300) |
Accrued real estate taxes | (700,798) | (746,539) |
Net cash used in operating activities | (1,134,195) | (1,628,129) |
Cash flows from investing activities: |  |  |
Real estate acquisitions | (2,238,497) | (5,039,455) |
Additions to buildings and tenant improvements | (1,032,447) | (597,873) |
Investment in marketable securities | 0 | (1,586,042) |
Proceeds from sale of marketable securities | 44,602 | 1,437,717 |
Investment of SPAC IPO proceeds into Trust Account | 0 | (155,403) |
Withdrawals from Trust Account for SPAC taxes | 0 | 200,050 |
Withdrawals from Trust Account for Redemption of SPAC Shares | 0 | 113,831,930 |
Deletions / (additions) to deferred leasing costs | 1,936 | 1,936 |
Proceeds from sales of real estate, net | 12,642,264 | 1,458,822 |
Net cash provided by investing activities | 9,417,858 | 109,551,682 |
Cash flows from financing activities: |  |  |
Proceeds from mortgage notes payable, net of issuance costs | 2,367,949 | 3,518,981 |
Repayment of mortgage notes payable | (7,860,474) | (886,707) |
Payment of deferred offering costs | (16,745) | 0 |
Distributions to noncontrolling interests, net | (1,603,357) | (518,642) |
Redemption of SPAC shares | 0 | (113,831,930) |
Dividends paid to Series D Preferred Stockholders | (522,032) | (535,448) |
Dividends paid to Series A Common Stockholders | 0 | (287,655) |
Net cash used in financing activities | (7,634,659) | (112,548,348) |
Net change in cash, cash equivalents and restricted cash | 649,004 | (4,624,795) |
Cash, cash equivalents and restricted cash - beginning of period | 6,510,428 | 16,516,725 | $ 16,516,725
Cash, cash equivalents and restricted cash - end of period | 7,159,432 | 11,891,930 | 6,510,428
Non-cash financing activities: |  |  |
Deferred offering cost SPAC, underwriting commission payable | 0 | 4,628,750 |
Accrued excise tax on January 24, 2023 SPAC redemptions | 0 | 1,140,683 |
Dividends payable - Preferred Stock Series D | 174,011 |  | $ 174,011
Mortgage Notes [Member] |  |  |
Supplemental disclosure of cash flow information: |  |  |
Interest paid | 1,432,639 | 1,119,189 |
Series D Preferred Stock [Member] |  |  |
Cash flows from financing activities: |  |  |
Repurchase of Series D Preferred Stock, at cost | 0 | (6,947) |
Non-cash financing activities: |  |  |
Dividends payable - Preferred Stock Series D | 174,011 | 178,435 |
Conduit Pharmaceuticals Inc [Member] |  |  |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Net change in fair value marketable securities | 3,861,233 | (72,738) |
All Other Than Conduit [Member] |  |  |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Net change in fair value marketable securities | $ 560 | $ 0 |

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