Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (1,946,563) $ (188,547)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 398,830 152,336
Amortization of deferred financing costs 90,241 29,797
Changes in operating assets and liabilities:    
Restricted cash (319,499) 0
Tenant receivables (261,955) 0
Prepaid assets (27,925) 0
Accounts receivable 0 2,390
Deferred assets (342,422) 0
Accrued expenses 884,147 (225,403)
Security deposits 319,499 0
Accrued management fees due to related party 90,000 90,000
Net cash used in operating activities (1,115,647) (139,427)
Investing activities    
Escrow deposits for purchase of properties 394,310 0
Loans to related party (21,500) 0
Purchase of buildings and improvements (37,946,139) 0
Net cash used in investing activities (37,573,329) 0
Financing activities    
Change in restricted cash (510,705) 148,864
Escrow deposits required by third party lenders (829,519)  
Loans from related party 152,893 0
Proceeds from note payable to majority stockholder 0 350,000
Proceeds from notes payable from acquisitions 41,320,900 0
Payments on notes payable from acquisitions (9,317,351) (78,970)
Proceeds from note payable from related party 450,000 0
Payments of deferred financing costs (1,090,079) 0
Dividends paid to stockholders (164,152) (63,900)
Net cash provided by financing activities 30,011,987 355,994
Net (decrease) increase in cash and cash equivalents (8,676,989) 216,567
Cash and cash equivalents—beginning of period 9,184,270 88,806
Cash and cash equivalents—end of period 507,281 305,373
Supplemental cash flow information:    
Cash payments for interest 337,609 548,150
Noncash financing and investing activities:    
Conversion of convertible debenture due to majority stockholder to shares of common stock $ 15,000,000 $ 0