Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (unaudited)

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Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net loss $ (818,767) $ (746,011)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 446,491 177,245
Amortization of deferred financing costs 89,850 36,077
Changes in operating assets and liabilities:    
Tenant receivables (25,058) 0
Deferred rent receivable and other assets 1,567 0
Accounts payable and accrued expenses (44,248) 186,421
Accrued management fees due to related party 270,000 180,000
Net cash used in operating activities (80,165) (166,268)
Investing activities    
Loans to related party (71,683) (42,915)
Purchase of land, buildings and improvements (11,608,672) (24,373,762)
Net cash used in investing activities (11,680,355) (24,416,677)
Financing activities    
Loans from related parties 51,198 63,000
Proceeds from convertible debenture, due to majority shareholder 4,545,838 8,378,142
Proceeds from notes payable to majority shareholder 350,000 345,053
Payments on notes payable to majority shareholder 0 (306,858)
Proceeds from notes payable related to acquisitions 7,377,500 16,760,000
Principal payments on notes payable related to acquisitions (256,704) 0
Dividends paid to common shareholders (170,400) (63,920)
Payment of deferred financing costs (137,735) (357,563)
Net cash provided by financing activities 11,759,697 24,817,854
Net (decrease) increase in cash and cash equivalents (823) 234,909
Cash and cash equivalents-beginning of period 301,402 3,501
Cash and cash equivalents-end of period 300,579 238,410
Supplemental cash flow information:    
Cash payments for interest 961,383 0
Noncash financing activity:    
Notes payable to majority shareholder converted to equity $ 0 $ 2,932,040