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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income $ 590,619 $ 619,448
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 1,438,908 1,398,358
Unrealized gain on marketable equity securities (193,705) (15,517)
Amortization of loan procurement costs 200,819 49,118
Stock-based compensation 102,989 80,771
Changes in operating assets and liabilities:    
Accounts receivable (96,474) 35,685
Prepaid expenses and other assets (37,436) (41,937)
Accounts payable and accrued expenses (298,390) 155,323
Net cash provided by operating activities 1,707,330 2,281,249
Cash flows from investing activities    
Acquisition of self storage properties (6,287,082)  
Construction (1,437,419) (70,703)
Improvements and equipment additions (58,186) (93,829)
Net cash used in investing activities (7,782,687) (164,532)
Cash flows from financing activities    
Issuance of common stock under rights offering, net of expenses 6,280,987  
Line of credit borrowing 4,914,000  
Principal payments on note payable (470,955) (190,488)
Line of credit issuance costs   (477,981)
Dividends paid (2,107,376) (1,992,397)
Net cash provided by (used in) financing activities 8,616,656 (2,660,866)
Net increase (decrease) in cash and cash equivalents 2,541,299 (544,149)
Cash, cash equivalents, and restricted cash, beginning of period 1,712,266 2,256,415
Cash, cash equivalents, and restricted cash, end of period 4,253,565 1,712,266
Supplemental cash flow and noncash information    
Cash paid for interest 821,434 837,074
Supplemental disclosure of noncash activities:    
Dividends accrued on restricted stock awards $ 7,179 $ 2,930