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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Land $ 18,065,246 $ 21,136,379
Buildings and improvements 114,976,059 119,224,375
Tenant improvements 11,884,924 12,752,518
Lease intangibles 4,110,139 4,110,139
Real estate assets and lease intangibles held for investment, cost 149,036,368 157,223,411
Accumulated depreciation and amortization (29,468,491) (30,589,969)
Real estate assets and lease intangibles held for investment, net 119,567,877 126,633,442
Real estate assets held for sale, net 7,282,326 11,431,494
Real estate assets, net 126,850,203 138,064,936
Cash, cash equivalents and restricted cash 22,494,595 14,702,089
Deferred leasing costs, net 1,115,295 1,348,234
Goodwill 2,423,000 2,423,000
Other assets, net 3,992,267 4,658,504
Investments held in Trust (see Notes 2 & 11) 134,905,182 0
TOTAL ASSETS 291,780,542 161,196,763
Liabilities:    
Mortgage notes payable, net 88,658,485 87,324,319
Mortgage notes payable related to properties held for sale, net 4,180,971 1,535,513
Mortgage notes payable, total net 92,839,456 88,859,832
Note payable, net 0
Accounts payable and accrued liabilities 3,480,915 4,569,537
Accounts payable and accrued liabilities of SPAC (see Notes 2 & 11) 4,703,232 15,499
Accrued real estate taxes 1,405,957 1,940,913
Dividends payable preferred stock 179,685 179,685
Lease liability, net 68,573 75,547
Below-market leases, net 59,407 73,130
Total liabilities 102,737,225 95,714,143
Commitments and contingencies (Note 9 & 11)
Equity:    
Additional paid-in capital 183,231,322 186,492,012
Dividends and accumulated losses (133,613,228) (130,947,434)
Total stockholders' equity before noncontrolling interest 49,745,254 55,669,775
Noncontrolling interest 10,763,111 9,812,845
Total equity 60,508,365 65,482,620
TOTAL LIABILITIES AND EQUITY 291,780,542 161,196,763
Common Class A [Member]    
Equity:    
Series A Common Stock, $0.01 par value per share, shares authorized: 100,000,000; 11,795,970 shares and 11,599,720 shares were issued and outstanding at March 31, 2022 and December 31, 2021, respectively 117,960 115,997
Common Class A [Member] | SPAC, Murphy Canyon Acquisition Corp. [Member]    
Liabilities:    
SPAC Class A common stock subject to possible redemption; 13,225,000 shares (at $10.20 per share), net of issuance cost of $6.4 million 128,534,952 0
Series D Preferred Stock [Member]    
Equity:    
Series D Preferred Stock, $0.01 par value per share; 1,000,000 shares authorized; 920,000 shares issued and outstanding (liquidation preference $25.00 per share) as of March 31, 2022 and December 31, 2021, respectively $ 9,200 $ 9,200