Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Assets    
Real estate assets, net $ 53,373,912 $ 53,811,737
Cash and cash equivalents 1,091,670 1,526,203
Restricted cash 224,706 186,063
Investments in securities 1,794,889 1,567,607
Accounts receivable 105,944 67,604
Prepaid expenses and other assets 299,497 263,767
Line of credit issuance costs 391,533 471,196
Goodwill 694,121 694,121
Total assets 57,976,272 58,588,298
Liabilities and equity    
Note payable 19,057,107 19,269,250
Accounts payable and accrued expenses 2,288,432 2,113,172
Total liabilities 21,345,539 21,382,422
Commitments and contingencies (Note 12)
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, 7,729,330 and 7,692,624 issued and outstanding at June 30, 2019 and December 31, 2018, respectively 77,293 76,926
Additional paid in capital 34,067,426 33,961,903
Retained earnings 2,486,014 3,167,047
Total equity 36,630,733 37,205,876
Total liabilities and equity $ 57,976,272 $ 58,588,298