Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Assets    
Real estate assets, net $ 53,489,884 $ 53,811,737
Cash and cash equivalents 1,475,505 1,526,203
Restricted cash 205,375 186,063
Investments in securities 1,722,056 1,567,607
Accounts receivable 91,340 67,604
Prepaid expenses and other assets 283,681 263,767
Line of credit issuance costs 431,365 471,196
Goodwill 694,121 694,121
Total assets 58,393,327 58,588,298
Liabilities and equity    
Note payable 19,163,819 19,269,250
Accounts payable and accrued expenses 2,284,943 2,113,172
Total liabilities 21,448,762 21,382,422
Commitments and contingencies
Equity    
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding
Common stock, $0.01 par value: 450,000,000 shares authorized, 7,733,967 and 7,692,624 issued and outstanding at March 31, 2019 and December 31, 2018, respectively 77,340 76,926
Additional paid in capital 34,015,649 33,961,903
Retained earnings 2,851,576 3,167,047
Total equity 36,944,565 37,205,876
Total liabilities and equity $ 58,393,327 $ 58,588,298