Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (2,541,302) $ (1,946,563)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 1,346,053 398,830
Amortization of deferred financing costs 158,672 90,241
Amortization of acquired lease intangible assets 343,600 0
Amortization of above (below) market leases (8,200) 0
Stock-based compensation expense 419,610 0
Capitalized deal costs charged to expense 3,150 0
Changes in operating assets and liabilities:    
Restricted cash (1,130,144) (319,499)
Tenant receivables (134,675) (261,955)
Prepaid assets 0 (27,925)
Deferred assets (382,611) (342,422)
Accounts payable and accrued expenses 1,358,593 884,147
Security deposits 1,380,252 319,499
Accrued management fees due to related party 6,438 90,000
Net cash provided by (used in) operating activities 819,436 (1,115,647)
Investing activities    
Escrow deposits for purchase of properties (1,308,324) 394,310
Loans to related party 0 (21,500)
Pre-acquisition costs for purchase of properties 125,740 0
Purchase of land, buildings, and other tangible and intangible assets and liabilities (108,066,818) (37,946,139)
Net cash used in investing activities (109,249,402) (37,573,329)
Financing activities    
Change in restricted cash 297,579 (510,705)
Escrow deposits required by third party lenders (8,495) (829,519)
Loans (repaid to) from related party (450) 152,893
Proceeds from notes payable from acquisitions 0 41,320,900
Payments on notes payable from acquisitions 0 (9,317,351)
Proceeds from note payable from related party 0 450,000
Proceeds from revolving credit facility 101,200,000 0
Payments of deferred financing costs (769,163) (1,090,079)
Dividends paid to stockholders (3,604,037) (164,152)
Net cash provided by financing activities 97,115,434 30,011,987
Net decrease in cash and cash equivalents (11,314,532) (8,676,989)
Cash and cash equivalents—beginning of period 19,671,131 9,184,270
Cash and cash equivalents—end of period 8,356,599 507,281
Supplemental cash flow information:    
Cash payments for interest 830,068 337,609
Noncash financing and investing activities:    
Accrued dividends payable 3,651,817 0
Conversion of convertible debenture due to majority stockholder to shares of common stock $ 0 $ 15,000,000