Loans Payable (Tables)

12 Months Ended

Dec. 31, 2019

Loans Payable

Schedule of loans payable

						Balance
	Monthly		Interest			December 31,		December 31,
Property	Payment		Rate		Maturity	2019		2018
Franklin Square		Interest only	4.70	%	October 2021	$	14,275,000	$	14,275,000
Hampton Inn (a)		Interest only	Variable	(b)	November 2020		10,600,000		10,600,000
Hanover Square (c)	$	51,993	4.90	%	December 2027		8,592,195		8,772,562
Ashley Plaza (d)		Interest only	3.75	%	September 2029		11,400,000		—
Clemson Best Western (e)		Interest only	Variable		October 2022		7,750,000		—
Brookfield Center (f)		Interest only	3.90	%	November 2029		4,850,000		—
Unamortized issuance costs, net							(766,293)		(411,165)
Total mortgages payable, net						$	56,700,902	$	33,236,397

Schedule of interest expense, including amortization of capitalized issuance costs and payments received from the Company's interest rate protection transactions for the Hampton Inn Property and Clemson Best Western Property

	For the year ended December 31, 2019
			Amortization of		Interest rate
	Mortgage Interest		capitalized issuance		protection transaction		Other interest		Total
	Expense		costs		payments		expense
Franklin Square	$	680,241	$	18,552	$	—	$	—	$	698,793
Hanover Square		426,635		12,732		—		—		439,367
Hampton Inn		783,517		139,560		(39,161)		11,289		895,205
Ashley Plaza		147,251		5,812		—		—		153,063
Clemson Best Western		155,463		22,437		—		2,048		179,948
Brookfield Center		47,814		2,838		—		—		50,652
Line of credit, short term		—		20,000		—		26,916		46,916
Related party notes payable, short term		—		—		—		5,875		5,875
Other interest		—		—		—		2,809		2,809
Total interest expense	$	2,240,921	$	221,931	$	(39,161)	$	48,937	$	2,472,628

	For the year ended December 31, 2018
			Amortization		Interest rate
	Mortgage		of capitalized		protection		Other
	Interest		issuance		transaction		interest
	Expense		costs		payments		expense		Total
Franklin Square	$	680,242	$	18,552	$	—	$	—	$	698,794
Hanover Square		280,377		8,488		—		—		288,865
Hampton Inn		761,544		139,560		(12,330)		2,609		891,383
Ashley Plaza		—		—		—		—		—
Clemson Best Western		—		—		—		—		—
Brookfield Center		—		—		—		—		—
Notes payable, short term		—		—		—		27,485		27,485
Related party notes payable, short term		—		—		—		9,200		9,200
Other interest		—		—		—		1,456		1,456
Total interest expense	$	1,722,163	$	166,600	$	(12,330)	$	40,750	$	1,917,183

Schedule of interest accrued and accumulated amortization of capitalized issuance costs

	As of December 31, 2019				As of December 31, 2018
			Accumulated				Accumulated
			amortization of				amortization
			capitalized		Accrued		of capitalized
	Accrued interest		issuance costs		interest		issuance costs
Franklin Square	$	57,774	$	49,473	$	57,774	$	30,921
Hanover Square		35,085		21,220		—		8,488
Hampton Inn		61,613		302,381		—		162,821
Ashley Plaza		—		5,812		—		—
Clemson Best Western		47,716		22,437		—		—
Brookfield Center		—		2,838		—		—
Line of credit, short term		9,522		20,000		—		—
Related party notes payable, short term		5,875		—		—		—
Total	$	217,585	$	424,161	$	57,774	$	202,230

Schedule of principal repayments on indebtedness

The Company’s scheduled principal repayments on indebtedness as of December 31, 2019 are as follows:

					Related
			Line of		Party Notes
	Mortgages		Credit,		Payable,
	Payable		Short Term		Short Term		Total
2020	$	10,863,420	$	2,000,000	$	852,000	$	13,715,420
2021		14,777,198		—		—		14,777,198
2022		8,274,334		—		—		8,274,334
2023		547,460		—		—		547,460
2024		568,879		—		—		568,879
Thereafter		22,435,904		—		—		22,435,904
Total Maturities		57,467,195		2,000,000		852,000		60,319,195
Less unamortized issuance costs		(766,293)		(10,000)		—		(776,293)
Total principal payments and debt maturities	$	56,700,902	$	1,990,000	$	852,000	$	59,542,902