XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
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