Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Assets    
Real estate assets, net $ 55,266,961 $ 55,775,068
Cash and cash equivalents 2,813,396 2,911,640
Restricted cash 70,478 54,054
Investments in securities 1,381,361 1,473,950
Accounts receivable 120,246 157,607
Prepaid expenses and other assets 196,769 265,045
Intangible assets, net 120,040 317,140
Goodwill 694,121 694,121
Total assets 60,663,372 61,648,625
Liabilities and equity    
Note payable 19,396,188 19,374,971
Accounts payable and accrued expenses 1,796,286 1,723,458
Total liabilities 21,192,474 21,098,429
Commitments and contingencies
Equity    
Common stock, $0.01 par value, 19,900,000 shares authorized; 7,619,469 and 7,619,469 issued and outstanding at June 30, 2017 and December 31, 2016, respectively 76,195 76,195
Series A participating preferred stock, $0.01 par value, 100,000 shares authorized: zero shares issued and outstanding
Additional paid in capital 33,881,863 33,881,863
Accumulated comprehensive income 625,874 718,463
Retained earnings 4,886,966 5,873,675
Total equity 39,470,898 40,550,196
Total liabilities and equity $ 60,663,372 $ 61,648,625