XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (1,988,322) $ (2,948,566)
Adjustments to reconcile consolidated net loss to net cash flows from operating activities    
Depreciation 1,564,144 1,003,534
Amortization 713,508 420,076
Loan cost amortization 53,617 60,588
Mandatorily redeemable preferred stock issuance cost and discount amortization 109,027 99,979
Convertible debenture issuance cost, discount and beneficial conversion feature amortization   1,718,487
Above (below) market lease amortization, net (64,251) 3,618
Bad debt expense 12,946 3,196
Note payable forgiveness   (176,300)
Share-based compensation 233,100 149,981
Impairment of assets held for sale 175,671 0
Loss on impairment 36,670  
Loss on extinguishment of debt 169,675  
Changes in assets and liabilities    
Rent and other receivables, net 169,139 67,645
Unbilled rent (58,375) (143,283)
Other assets (199,905) 87,897
Accounts payable and accrued liabilities 647,128 647,341
Net cash flows from operating activities 1,573,772 994,193
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment property acquisitions (10,279,714) (10,205,385)
Capital expenditures (492,704) (72,852)
Net cash flows from investing activities (10,772,418) (10,278,237)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends and distributions paid (729,790) (12,000)
Repayment of line of credit, short term   (325,000)
Proceeds from mortgages payable, net 18,477,304 6,421,870
Repayment of mortgages payable (11,407,226) (266,270)
Proceeds from sale of convertible debentures, net of capitalized offering costs   1,305,000
Proceeds from sales of common stock, net of capitalized offering costs 1,538,887 10,853,605
Repurchases of common stock, including costs and fees (286,543)  
Net cash flows from financing activities 7,592,632 17,977,205
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (1,606,014) 8,693,161
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 7,383,977 5,096,928
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 5,777,963 $ 13,790,089