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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2023
Cash flows from operating activities:          
Net loss $ (2,948,261) $ (10,238,617) $ (8,710,568) $ (13,851,187)  
Adjustments to reconcile net loss to net cash from operating activities:          
Net unrealized loss on equity securities at fair value 80,971 238,559 547,286 1,312,612  
Net (income) loss from equity method investments at fair value     116,293 (1,478,779)  
Net realized (gain) loss on investments 267,900 0 1,553,898 (830,964)  
Loss on disposal of fixed assets     0 3,604  
Impairment loss on assets held for sale 0 6,207,743 0 8,121,089  
Straight-line rent     (42,307) (41,920)  
Depreciation and amortization     5,025,900 3,737,983  
Amortization of deferred financing costs and debt mark-to-market     1,041,555 451,433  
Accretion of above (below) market lease, net     (275,727) (167,555)  
Changes in assets and liabilities:          
Investments income, rents and other receivables     (637,183) 1,138,360  
Due from related entities     17,000 0  
Prepaid expenses and other assets     (365,714) (1,287,821)  
Deferred rent and other liabilities     1,287,996 (318,917)  
Accounts payable and accrued liabilities     557,055 (1,323,635)  
Due to related entities     42,057 (377,581)  
Net cash from operating activities     157,541 (4,913,278)  
Cash flows from investing activities:          
Proceeds from sale of investments     8,804,055 13,225,365  
Investments in real estate assets     (6,731,163) (17,944,745)  
Purchase of investments     (974,587) (303,884)  
Return of capital distributions     434,640 12,282,338  
Payment on contingent liability     (785,000) (1,154,125)  
Net cash from investing activities     747,945 6,104,949  
Cash flows from financing activities:          
Proceeds from mortgage notes payable     3,288,715 3,034,349  
Payments on mortgage notes payable     (962,393) (455,400)  
Proceeds from notes payable     200,000 9,632  
Payments on notes payable     (363,330) (12,388)  
Payment of loan extension fee     (876,500) 0  
Acquisition cost of below market debt     (343,000) 0  
Dividend to common stockholders     (3,520,565) (2,961,660)  
Payment on finance lease liabilities     (63,010) (16,213) $ (30,276)
Payment of selling commissions and fees     (711,902) (1,005,925)  
Distributions to non-controlling interests holders     (522,244) (280,835)  
Contributions to non-controlling interest holders     944,628 0  
Redemption of common stock, net of stock redemption payable     (1,393,987) (1,150,404)  
Capital pending acceptance     (272,200) 464,400  
Net cash from financing activities     (2,897,971) 8,833,279  
Net increase (decrease) in cash, cash equivalents and restricted cash     (1,992,485) 10,024,950  
Cash, cash equivalents and restricted cash at beginning of the period     18,141,019 8,998,165 8,998,165
Cash, cash equivalents and restricted cash at end of the period 16,148,534 19,023,115 16,148,534 19,023,115 18,141,019
Cash and cash equivalents at end of the period 15,462,084 17,582,046 15,462,084 17,582,046 17,242,781
Restricted cash at end of the period 686,450 906,312 686,450 906,312 $ 898,238
Cash and restricted cash at end of the period classified as assets held for sale $ 0 $ 534,757 0 534,757  
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Issuance of common stock through reinvestment of dividends     1,371,351 1,208,909  
Issuance of preferred stock through reinvestment of dividends     128,679 39,988  
Issuance Operating Partnership Preferred Units through reinvestment of dividends     62,390 0  
Cash paid for interest     3,230,821 3,759,832  
Written off Contingent Consideration     0 57,875  
GV Executive Center, LLC [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Issuance of the Operating Partnership Preferred Units for the purchase of interest (Note 1)     8,703,127 0  
Fair value of assets acquired from consolidation     22,765,656 0  
Fair value of liabilities assumed from consolidation     14,062,529 0  
First & Main, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Issuance of the Operating Partnership Preferred Units for the purchase of interest (Note 1)     0 2,711,378  
Fair value of assets acquired from consolidation     0 18,507,861  
Fair value of liabilities assumed from consolidation     0 13,559,483  
Main Street West, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Issuance of the Operating Partnership Preferred Units for the purchase of interest (Note 1)     0 3,242,557  
Fair value of assets acquired from consolidation     0 20,699,145  
Fair value of liabilities assumed from consolidation     0 16,119,679  
1300 Main, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Fair value of assets acquired from consolidation     0 10,546,464  
Fair value of liabilities assumed from consolidation     0 8,753,242  
Woodland Corporate Center Two, LP [Member]          
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Fair value of assets acquired from consolidation     0 11,538,400  
Fair value of liabilities assumed from consolidation     0 8,295,843  
Series A Preferred Stock [Member]          
Cash flows from financing activities:          
Dividend to preferred stockholders     (658,477) (241,772)  
Proceeds from issuance of preferred stock     2,005,751 11,449,495  
Redemption of net of stock redemption payable     (53,100) 0  
Series B Preferred Stock [Member]          
Cash flows from financing activities:          
Dividend to preferred stockholders     (557) 0  
Proceeds from issuance of preferred stock     404,200 0  
Supplemental disclosure of non-cash financing activities and other cash flow information:          
Increase in liquidation preference     $ 7,725 $ 0