Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net loss $ (4,423,588) $ (818,767)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,528,281 446,491
Amortization of debt discount 215,449 89,850
LTIP unit compensation expense 830,827 0
Changes in operating assets and liabilities:    
Restricted cash (438,189) 0
Tenant receivables (177,369) (25,058)
Deferred assets (222,324) 1,567
Accrued expenses (267,627) (44,248)
Security deposits 597,593 0
Accrued management fees due to related party 297,147 270,000
Net cash used in operating activities (2,059,800) (80,165)
Investing activities    
Escrow deposits for purchase of properties 394,310 0
Loans to related party (39,000) (71,683)
Purchase of buildings and improvements (68,690,495) (11,608,672)
Net cash used in investing activities (68,335,185) (11,680,355)
Financing activities    
Net proceeds received from initial public offering 137,358,367 0
Change in restricted cash 80,040 837
Escrow deposits required by third party lenders (843,636) 0
Loans received from related parties 29,986 51,198
Proceeds from convertible debenture, due to related party 0 4,545,838
Repayment of convertible debenture, due to related party (10,000,000) 0
Proceeds from notes payable to related parties 450,000 350,000
Repayment of notes payable from related parties (450,000) 0
Proceeds from notes payable from acquisitions 41,320,900 7,377,500
Payments on notes payable from acquisitions (24,011,168) (256,704)
Payments of deferred financing costs (1,090,079) (137,735)
Dividends paid to stockholders (285,703) (170,400)
Net cash provided by financing activities 142,558,707 11,760,534
Net increase in cash and cash equivalents 72,163,722 14
Cash and cash equivalents—beginning of period 9,184,270 88,806
Cash and cash equivalents—end of period 81,347,992 88,820
Supplemental cash flow information:    
Cash payments for interest 3,696,467 961,383
Noncash financing and investing activities:    
Conversion of convertible debenture due to ZH USA, LLC to shares of common stock 30,030,134 0
Reclassification of deferred initial public offering costs to additional paid-in capital 1,681,259 0
Accrued dividends payable $ 3,592,786 $ 0