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Equity (Tables) | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Schedule of Warrants Issued and Outstanding with Exercise Price |
Issue Date | Warrants Issued
April 25, 2019 exercise price of $20.00 | 50,000
November 13, 2020 exercise price of $20.00 | 50,000
September 8, 2021 exercise price of $10.00 | 1,500,000
September 8, 2021 exercise price of $12.50 | 135,000
September 30, 2021 exercise price of $10.00 | 165,000
September 30, 2021 exercise price of $12.50 | 14,850
The following is a summary of warrants outstanding as of September 30:
| 2021 |  |  | 2020 |  |
| Number of Warrants | Weighted Average Price | Weighted Average Remaining Life | Number of Warrants | Weighted Average Price | Weighted Average Remaining Life |
Beginning of the year | 100,000 | $20.00 | 5.3 | 50,000 | $20.00 | 6.3 |
Issuance | 1,814,850 | $10.21 | 5.0 | - | - | - |
Ending balance | 1,914,850 | $10.72 | 4.97 | 50,000 | $20.00 | 5.6 |
Warrants exercisable | 1,765,000 | $10.57 | 4.99 | 50,000 | $20.00 | 5.6 |
Schedule of Restricted Common Shares Issued | Restricted Common Shares issued to the Board and Management
| 2021 | 2020
Number of Shares Outstanding at beginning of the period | 14,582 | 5,000
Restricted Shares Issued | 14,000 | 11,250
Restricted Shares Vested | (5,415) | (1,668)
Number of Restricted Shares Outstanding at end of the period | 23,167 | 14,582
Compensation expense | $153,636 | $74,338
Schedule of Cash Distributions | Common Shareholders Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020
Board of Directors Authorized Date | Record Date | Per Share Cash Dividend to Common Shareholders | Total Dividends Paid | President Ownership at time of Distribution*
August 25, 2021 | August 31, 2021 | $ 0.325 | $ 116,307 | 39.0%
February 26, 2021 | March 15, 2021 | $ 0.325 | $ 114,373 | 39.0%
June 23, 2020 | July 2, 2020 | $ 0.35 | $ 105,084 | 42.8%
January 31, 2020 | February 28, 2020 | $ 0.35 | $ 105,101 | 42.8%
* | Our president and chairman waived his right to receive a dividend for all of these periods mentioned above.
Operating Partnership Cash Distributions – Nine-Month Periods ended September 30, 2021 and 2020
Board of Directors Authorized Date | Record Date | Per Share Cash Dividend to Operating Partnership LP Holders | Total Dividends Paid
August 25, 2021 | August 31, 2021 | $ 0.325 | $ 121,801
February 26, 2021 | March 15, 2021 | $ 0.325 | $ 116,470
June 23, 2020 | July 2, 2020 | $ 0.35 | $ 122,470
January 31, 2020 | February 28, 2020 | $ 0.35 | $ 122,469

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123431023&loc=d3e4304-108586 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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