Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.5.0.1
Consolidated Statements of Cash Flows - USD ($)
 4 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Aug. 31, 2014
Operating activities      
Net loss $ (409,870) $ (1,609,247) $ (652,206)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation expense 200,499 659,671 129,081
Amortization of deferred financing costs 39,429 126,535 26,443
Changes in operating assets and liabilities:      
Accounts receivable (2,793) 2,793  
Prepaid expense 19,307 0 (19,307)
Deferred assets 0 (93,646)  
Accrued expenses 162,612 345,093 157,109
Accrued management fees due to related party 120,000 360,000 150,000
Net cash (used in) provided by operating activities 129,184 (208,801) (208,880)
Investing activities      
Escrow deposits used for purchase of properties 62 (439,433) (14,940)
Loans to related party (42,915) (135,196) [1]  
Purchase of buildings and improvements (2,506,697) (31,764,361) (21,867,065)
Net cash used in investing activities (2,549,550) (32,338,990) (21,882,005)
Financing activities      
Change in restricted cash (60,218) (249,908) (137,501)
Loans from related party 40,683 291,597 62,620
Proceeds from convertible debenture to majority stockholder 910,000 34,584,032 7,468,142
Proceeds from note payable to majority stockholder 0 382,805 345,053
Payment on note payable to majority stockholder 0   (306,858)
Proceeds from notes payable from acquisitions 1,700,000 7,377,500  
Payments on notes payable from acquisitions 0 (349,435)  
Proceeds from note payable to majority stockholder     15,060,000
Payments of deferred financing costs (21,577) (137,736) (335,986)
Dividends paid to stockholders (85,200) (255,600) (42,620)
Net cash provided by financing activities 2,483,688 41,643,255 22,112,850
Net increase in cash and cash equivalents 63,322 9,095,464 21,965
Cash and cash equivalents at beginning of period 25,484 88,806 3,519
Cash and cash equivalents at end of period 88,806 9,184,270 25,484
Supplemental disclosures of cash flow information      
Cash payments for interest $ 270,778 $ 1,165,157 117,079
Noncash financing and investing activities:      
Conversion of convertible debenture due to majority stockholder to shares of common stock     $ 2,932,040
[1] Funds loaned were used by the Advisor for the Asheville facility acquisition.