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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 274,341 $ 590,619
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,989,761 1,438,908
Unrealized gain on marketable equity securities (155,139) (193,705)
Amortization of loan procurement costs 199,797 200,819
Stock-based compensation 126,035 102,989
Changes in operating assets and liabilities:    
Accounts receivable 57,557 (96,474)
Prepaid expenses and other assets (26,314) (37,436)
Accounts payable and accrued expenses (468,710) (298,390)
Net cash provided by operating activities 1,997,328 1,707,330
Cash flows from investing activities    
Construction (1,404,269) (1,437,419)
Improvements and equipment additions (203,077) (58,186)
Acquisition of self storage properties   (6,287,082)
Net cash used in investing activities (1,607,346) (7,782,687)
Cash flows from financing activities    
Line of credit borrowing 230,000 4,914,000
Principal payments on note payable (491,081) (470,955)
Issuance of common stock under rights offering, net of expenses   6,280,987
Dividends paid (2,427,023) (2,107,376)
Net cash (used in) provided by financing activities (2,688,104) 8,616,656
Net (decrease) increase in cash, cash equivalents, and restricted cash (2,298,122) 2,541,299
Cash, cash equivalents, and restricted cash, beginning of period 4,253,565 1,712,266
Cash, cash equivalents, and restricted cash, end of period 1,955,443 4,253,565
Supplemental cash flow and noncash information    
Cash paid for interest 996,904 821,434
Supplemental disclosure of noncash activities:    
Dividends payable $ 358 $ 7,179