Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 4 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Operating activities    
Net loss $ (409,870) $ (1,609,247)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 200,499 659,671
Amortization of deferred financing costs 39,429 126,535
Changes in operating assets and liabilities:    
Accounts receivable (2,793) 2,793
Prepaid expense 19,307 0
Deferred assets 0 (93,646)
Accrued expenses 162,612 345,093
Accrued management fees due to related party 120,000 360,000
Net cash (used in) provided by operating activities 129,184 (208,801)
Investing activities    
Escrow deposits for purchase of properties 62 (439,433)
Loans to related party (42,915) (135,196)
Purchase of buildings and improvements (2,506,697) (31,764,361)
Net cash used in investing activities (2,549,550) (32,338,990)
Financing activities    
Change in restricted cash (60,218) (249,908)
Loans from related party 40,683 291,597
Proceeds from convertible debenture to majority stockholder 910,000 34,584,032
Proceeds from note payable to majority stockholder 0 382,805
Proceeds from notes payable from acquisitions 1,700,000 7,377,500
Payments on notes payable from acquisitions 0 (349,435)
Payments of deferred financing costs (21,577) (137,736)
Dividends paid to stockholders (85,200) (255,600)
Net cash provided by financing activities 2,483,688 41,643,255
Net increase in cash and cash equivalents 63,322 9,095,464
Cash and cash equivalents-beginning of period 25,484 88,806
Cash and cash equivalents-end of period 88,806 9,184,270
Supplemental cash flow information:    
Cash payments for interest $ 270,778 $ 1,165,157