v3.25.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash $ 993,918 $ 1,019,980
Accounts receivable 248,144 370,110
Deferred rent 870,650 747,504
Lease incentive receivable 415,138 422,018
Rental properties, net 13,387,125 13,024,936
Prepaid expenses and other assets 134,100 32,101
Escrow deposits 178,556 169,875
Capitalized project costs 170,738 207,000
Property and equipment, net 7,887 8,584
Operating lease right of use asset, net 68,788 78,255
Investment in unconsolidated joint ventures and cost-method investee 89,033 4,923
Investment in equity securities 50,000 50,000
Interest rate swap asset 44,581
Security deposits 2,272 2,272
Total Assets 16,616,349 16,182,139
LIABILITIES:    
Convertible note payable 2,000,000 2,000,000
Notes payable, net 7,310,239 7,011,674
Accounts payable 106,242 117,225
Accrued expenses 347,751 433,788
Lease liability 69,008 78,310
Contract liabilities 314,645 318,951
Derivative liability - interest rate swap, at fair value 43,809  
Security deposits payable 361,677 361,677
Total Liabilities 10,553,371 10,321,625
Commitments and Contingencies (Note 10)
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 2,000,000 shares issued and outstanding on March 31, 2024 and December 31, 2024 ($1.00 per share liquidation preference or $2,000,000) 2,000 2,000
Common stock: $0.001 par value, 100,000,000 shares authorized; 12,201,516 and 12,201,516 shares issued on March 31, 2025 and December 31, 2024, respectively, and 12,087,829 and 12,087,829 shares outstanding on March 31, 2025 and December 31, 2024, respectively 12,202 12,202
Additional paid-in capital 21,565,450 21,508,844
Treasury stock, at cost (113,687 and 113,687 shares on March 31, 2025 and December 31, 2024, respectively) (23,010) (23,010)
Accumulated deficit (15,493,664) (15,639,522)
Total Stockholders' Equity 6,062,978 5,860,514
Total Liabilities and Stockholders’ Equity $ 16,616,349 $ 16,182,139