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v3.22.2.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Summary of Condensed Balance Sheets | Condensed Balance Sheets
| As of December 31, |  |  |  |  |  | As of December 31, |
| 2021 |  |  |  |  |  | 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total Assets | $ | 53,420,716 |  |  | $ | - |  |  | $ | 53,420,716 |
Liabilities and Equity |  |  |  |  |  |  |  |
Total liabilities | $ | 30,145,523 |  |  | $ | - |  |  | $ | 30,145,523 |
Redeemable Non-Controlling Interests | $ | 9,621,159 |  |  | $ | (486,180 | ) |  | $ | 9,134,979 |
Accumulated Deficit | $ | (5,419,624 | ) |  | $ | 16,468 |  |  | $ | (5,403,156 | )
Stockholders' Equity | $ | 13,654,034 |  |  | $ | 16,468 |  |  | $ | 13,670,502 |
Non-Controlling Interest | $ | - |  |  | $ | 469,712 |  |  | $ | 469,712 |
Total Equity | $ | 13,654,034 |  |  | $ | 486,180 |  |  | $ | 14,140,214 |
Total Liabilities and Equity | $ | 53,420,716 |  |  | $ | - |  |  | $ | 53,420,716 |
| As of March 31, |  |  |  |  |  | As of March 31, |
| 2022 |  |  |  |  |  | 2022 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total Assets | $ | 66,570,918 |  |  | $ | - |  |  | $ | 66,570,918 |
Liabilities and Equity |  |  |  |  |  |  |  |
Total liabilities | $ | 42,997,873 |  |  | $ | - |  |  | $ | 42,997,873 |
Redeemable Non-Controlling Interests | $ | 10,746,509 |  |  | $ | (486,180 | ) |  | $ | 10,260,329 |
Accumulated Deficit | $ | (6,000,158 | ) |  | $ | 21,526 |  |  | $ | (5,978,632 | )
Stockholders' Equity | $ | 12,826,536 |  |  | $ | 21,526 |  |  | $ | 12,848,062 |
Non-Controlling Interest | $ | - |  |  | $ | 464,654 |  |  | $ | 464,654 |
Total Equity | $ | 12,826,536 |  |  | $ | 486,180 |  |  | $ | 13,312,716 |
Total Liabilities and Equity | $ | 66,570,918 |  |  | $ | - |  |  | $ | 66,570,918 |
Summary of Condensed Income Statements | Condensed Income Statements
| Three Months ended June 30, 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 988,190 |  |  | $ | - |  |  | $ | 988,190 |
Total expenses |  | 1,305,855 |  |  |  | - |  |  |  | 1,305,855 |
Operating loss | $ | (317,665 | ) |  | $ | - |  |  | $ | (317,665 | )
Net loss | $ | (317,665 | ) |  | $ | - |  |  | $ | (317,665 | )
Less: Net income attributable to non-controlling interests |  | 59,148 |  |  |  | (6,824 | ) |  |  | 52,324 |
Net loss attributable to Generation Income Properties, Inc. | $ | (376,813 | ) |  | $ | 6,824 |  |  | $ | (369,989 | )
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 582,867 |  |  |  | 582,867 |  |  |  | 582,867 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (0.65 | ) |  | $ | 0.02 |  |  | $ | (0.63 | )
| Six Months ended June 30, 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 1,925,078 |  |  | $ | - |  |  | $ | 1,925,078 |
Total expenses |  | 2,564,446 |  |  |  | - |  |  |  | 2,564,446 |
Operating loss | $ | (639,368 | ) |  | $ | - |  |  | $ | (639,368 | )
Net loss | $ | (639,368 | ) |  | $ | - |  |  | $ | (639,368 | )
Less: Net income attributable to non-controlling interests |  | 209,974 |  |  |  | (11,470 | ) |  |  | 198,504 |
Net loss attributable to Generation Income Properties, Inc. | $ | (849,342 | ) |  | $ | 11,470 |  |  | $ | (837,872 | )
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 581,264 |  |  |  | 581,264 |  |  |  | 581,264 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (1.46 | ) |  | $ | 0.02 |  |  | $ | (1.44 | )
| Three Months ended September 30, 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 1,033,494 |  |  | $ | - |  |  | $ | 1,033,494 |
Total expenses |  | 1,305,594 |  |  |  | - |  |  |  | 1,305,594 |
Operating loss | $ | (272,100 | ) |  | $ | - |  |  | $ | (272,100 | )
Net income | $ | 655,828 |  |  | $ | - |  |  | $ | 655,828 |
Less: Net income attributable to non-controlling interests |  | 199,716 |  |  |  | 561 |  |  |  | 200,277 |
Net income attributable to Generation Income Properties, Inc. | $ | 456,112 |  |  | $ | (561 | ) |  | $ | 455,551 |
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 939,559 |  |  |  | 939,559 |  |  |  | 939,559 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | 0.49 |  |  | $ | (0.01 | ) |  | $ | 0.48 |
| Nine Months ended September 30, 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 2,958,572 |  |  | $ | - |  |  | $ | 2,958,572 |
Total expenses |  | 3,870,040 |  |  |  | - |  |  |  | 3,870,040 |
Operating loss | $ | (911,468 | ) |  | $ | - |  |  | $ | (911,468 | )
Net income | $ | 16,460 |  |  | $ | - |  |  | $ | 16,460 |
Less: Net income attributable to non-controlling interests |  | 409,690 |  |  |  | (10,909 | ) |  |  | 398,781 |
Net loss attributable to Generation Income Properties, Inc. | $ | (393,230 | ) |  | $ | 10,909 |  |  | $ | (382,321 | )
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 699,395 |  |  |  | 699,395 |  |  |  | 699,395 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (0.56 | ) |  | $ | 0.01 |  |  | $ | (0.55 | )
| Twelve Months ended December 31, 2021 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 3,900,096 |  |  | $ | - |  |  | $ | 3,900,096 |
Total expenses |  | 5,548,202 |  |  |  | - |  |  |  | 5,548,202 |
Operating loss | $ | (1,648,106 | ) |  | $ | - |  |  | $ | (1,648,106 | )
Net loss | $ | (712,433 | ) |  | $ | - |  |  | $ | (712,433 | )
Less: Net income attributable to non-controlling interests |  | 530,049 |  |  |  | (16,468 | ) |  |  | 513,581 |
Net loss attributable to Generation Income Properties, Inc. | $ | (1,242,482 | ) |  | $ | 16,468 |  |  | $ | (1,226,014 | )
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 1,067,599 |  |  |  | 1,067,599 |  |  |  | 1,067,599 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (1.16 | ) |  | $ | 0.01 |  |  | $ | (1.15 | )
| Three Months ended March 31, 2022 |
| As Reported |  |  | Adjustment |  |  | As Corrected |
Total revenue | $ | 1,181,935 |  |  | $ | - |  |  | $ | 1,181,935 |
Total expenses |  | 1,636,000 |  |  |  | - |  |  |  | 1,636,000 |
Operating loss | $ | (454,065 | ) |  | $ | - |  |  | $ | (454,065 | )
Net loss | $ | (445,513 | ) |  | $ | - |  |  | $ | (445,513 | )
Less: Net income attributable to non-controlling interests |  | 135,021 |  |  |  | (5,058 | ) |  |  | 129,963 |
Net loss attributable to Generation Income Properties, Inc. | $ | (580,534 | ) |  | $ | 5,058 |  |  | $ | (575,476 | )
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |  | 2,196,056 |  |  |  | 2,196,056 |  |  |  | 2,196,056 |
Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (0.26 | ) |  | $ | 0.00 |  |  | $ | (0.26 | )
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.
| As of June 30, |  |  | As of December 31, |
| 2022 |  |  | 2021 |
Cash and cash equivalents | $ | 3,649,084 |  |  | $ | 10,589,576 |
Restricted cash |  | 34,581 |  |  |  | 34,500 |
Cash and cash equivalents and restricted cash | $ | 3,683,665 |  |  | $ | 10,624,076 |

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