Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Policies)

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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies [Text Block]
Basis of presentation
 
The accompanying financial statements are unaudited and include the accounts of the Company. The accompanying financial statements have been prepared in accordance with GAAP and the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2015. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the financial statements for the interim periods have been made.
Consolidation, Policy [Policy Text Block]
Consolidation Policy
 
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany balances and transactions between the Company and its subsidiaries have been eliminated. See Note 1 – “Organization” for the names of our wholly owned subsidiaries.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
 
Restricted cash represents cash required by a third party lender to be held by the Company as a reserve for debt service and a security deposit received from one of the Company’s tenants. The restricted cash balance as of March 31, 2016 and December 31, 2015 was $1,277,831 and $447,627, respectively, an increase of $830,204. This increase resulted primarily from a security deposit received on the Plano lease that was executed on January 28, 2016 of approximately $320,000 as well as from increased funds of approximately $511,000 held in reserve related to the West Mifflin and Omaha facility loans with Capital One, National Association (“Capital One”).
Receivables, Policy [Policy Text Block]
Tenant Receivables
 
Tenant receivables of $261,955 as of March 31, 2016 represents balances owed by tenants in accordance with the terms of their lease agreements that have yet to be collected by the Company. The Company assesses these balances for collectability on a quarterly basis. No write-offs were deemed warranted for the three months ended March 31, 2016.
Escrow Deposits Policy [Policy Text Block]
Escrow Deposits
 
Escrow deposits include funds held in escrow to be used for the acquisition of future properties as well as for the payment of taxes, insurance, and other amounts as stipulated by the Company’s third party loan agreements. The escrow balance as of March 31, 2016 and December 31, 2015 was $889,519 and $454,310, respectively, an increase of 435,209. This increase resulted primarily from required escrow deposits for taxes and insurance in the amount of approximately $830,000 related to the Cantor Loan (as defined in Note 4) that was secured on March 31, 2016, partially offset by approximately $394,000 in escrow funds that were expended to acquire three facilities during the three months ended March 31, 2016. Refer to Note 4 – “Notes Payable Related to Acquisitions” for information regarding the Cantor Loan.
Deferred Charges, Policy [Policy Text Block]
Deferred Assets
 
The deferred asset balance of $436,068 as of March 31, 2016, consists of $73,068 in deferred rent receivable and $363,000 in deferred costs related to the Company’s securities offering. In accordance with the provisions of ASC Topic 340, “Other Assets and Deferred Costs,” the Company is deferring specific incremental costs directly attributable to its offering of equity securities and will charge them against the gross proceeds of the offering as a reduction of additional paid-in capital.
Security Deposit Liability [Policy Text Block]
Security Deposit Liability
 
The security deposit liability as of March 31, 2016 represents funds deposited by the Plano facility at the inception of its lease. See Note 3 – “Property Portfolio” for additional information regarding the Plano facility acquisition.