6. ACQUISITIONS

During the year ended December 31, 2017, the Company did not make any acquisitions.

The following table shows the Company’s acquisitions of operating stores for the year ended December 31, 2016, and does not include purchases of construction or improvements made to existing assets:

			Consideration Paid
	Number of	Date of					Common Stock		Contingent
Property Location	Stores	Acquisition	Total		Cash Paid		Issued		Consideration
Ohio	1	8/29/2016	$	5,300,000	$	5,300,000	$	—	$	—
Indiana	1	9/26/2016		7,700,000		7,700,000		—		—
New York/ Connecticut	2	12/30/2016		7,800,000		5,924,998		975,002		900,000
Totals	4		$	20,800,000	$	18,924,998	$	975,002	$	900,000

During the year ended December 31, 2016, the Company acquired four stores, including two stores from Tuxis Corporation (“Tuxis”), an affiliate of the Company, for an aggregate purchase price of $20,800,000. Approximately $1,100,000 of the purchase price was allocated to intangible assets. The estimated life of in-place leases was 12 months and the amortization expense that was recorded during the years ended December 31, 2017 and 2016 was $77,060 and $317,140, respectively. The Company expensed professional fees/closing costs of $449,738 in connection with these acquisitions.

The additional $900,000 cash payment to Tuxis is contingent upon the commencement of construction at the New York store .

The following table summarizes the revenues and earnings related to the four stores acquired during 2016 since their acquisition dates, which are included in the Company’s consolidated statements of operations for the year ended December 31, 2016.

	Year Ended
	December 31, 2016
Total revenue	$	433,054
Net income		75,883

Pro Forma Financial Information

During the year ended December 31, 2016, the Company acquired four operating stores. The following pro forma financial information includes all four stores acquired and reflects adjustments to the Company’s historical financial data to give effect to each of the acquisitions that occurred during 2016 as if each had occurred as of January 19, 2016 to December 31, 2016. Pro forma financial information has not been provided for 2015 and for the period January 1, 2016 to January 18, 2016, since the Company was an investment company and applied the accounting guidance in ASC 946. The unaudited pro forma information presented below does not purport to represent what the Company’s actual results of operations would have been for the periods indicated, nor does it purport to represent the Company’s future results of operations.

	For the Period
	January 19, 2016
	to
	December 31, 2016
Pro forma revenue	$	6,881,146
Pro forma net income	$	1,116,895
Basic and diluted per share net income - as reported	$	0.05
Basic and diluted per share net income - pro forma	$	0.15