Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net loss $ (2,440,762) $ (320,974)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 942,832 293,343
Amortization of debt discount 152,845 [1] 59,593
Changes in operating assets and liabilities:    
Restricted cash (319,499) 0
Prepaid assets 0 (22,226)
Deferred assets (131,419) 0
Accrued expenses 1,241,678 (200,537)
Security deposits 319,499 0
Accrued management fees due to related party 30,000 180,000
Net cash used in operating activities (204,826) (10,801)
Investing activities    
Escrow deposits for purchase of properties 344,310 0
Loans to related party (39,040) [2] (6,000)
Purchase of buildings and improvements (37,946,139) 0
Net cash used in investing activities (37,640,869) (6,000)
Financing activities    
Change in restricted cash (210,452) 49,687
Escrow deposits required by third party lenders (835,162) 0
Loans from related parties 1,655,272 1,950
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 (9,410,182) (167,329)
Proceeds from note payable from related party 450,000 0
Payments of deferred initial public offering costs (358,365) 0
Payments of deferred financing costs (1,090,079) 0
Dividends paid to stockholders (285,703) (127,800)
Net cash provided by financing activities 31,236,229 106,508
Net (decrease) increase in cash and cash equivalents (6,609,466) 89,707
Cash and cash equivalents—beginning of period 9,184,270 88,806
Cash and cash equivalents—end of period 2,574,804 178,513
Supplemental cash flow information:    
Cash payments for interest 1,034,945 690,575
Noncash financing and investing activities:    
Conversion of convertible debenture due to majority stockholder to shares of common stock 15,000,000 0
Accrued deferred initial public offering costs $ 1,152,543 $ 0
[1] Sum equals amortization expense incurred on the debt discount for the six months ended June 30, 2016 of $152,845.
[2] Funds loaned by the Company to a related party for their general use, which represents a cash flow investing activity.