Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Assets    
Real estate assets, net $ 53,233,742 $ 53,811,737
Cash and cash equivalents 1,116,000 1,526,203
Restricted cash 244,059 186,063
Investments in securities 1,922,709 1,567,607
Accounts receivable 102,083 67,604
Prepaid expenses and other assets 457,029 263,767
Line of credit issuance costs, net 351,701 471,196
Goodwill 694,121 694,121
Total assets 58,121,444 58,588,298
Liabilities and equity    
Note payable, net 18,949,101 19,269,250
Accounts payable and accrued expenses 2,385,332 2,113,172
Line of credit borrowing 380,000  
Total liabilities 21,714,433 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, 7,729,006 and 7,692,624 issued and outstanding at September 30, 2019 and December 31, 2018, respectively 77,290 76,926
Additional paid in capital 34,096,859 33,961,903
Retained earnings 2,232,862 3,167,047
Total equity 36,407,011 37,205,876
Total liabilities and equity $ 58,121,444 $ 58,588,298