Debt Disclosure [Text Block] | Note 4 Notes Payable Related to Acquisitions Summary of Notes Payable Related to Acquisitions, Net of Debt Discount Effective for the fiscal year ended December 31, 2015, the Company early adopted the provisions of Accounting Standards Update 2015-03 entitled “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires retrospective application. The adoption of ASU 2015-03 represents a change in accounting principle. June 30, 2016 December 31, 2015 Notes payable related to acquisitions, gross $ 55,698,783 $ 23,788,065 Less: Unamortized debt discount (1,240,126) (302,892) Notes payable related to acquisitions, net $ 54,458,657 $ 23,485,173 The Company incurred financing costs related to the Cantor, Plano, West Mifflin, Asheville, and Omaha loans that are treated as debt discounts. Balance as of January 1, 2016, net $ 302,892 Additions Plano and Cantor financings 1,090,079 Write-off of Plano financing costs (a) (b) (53,280) Debt discount amortization expense (b) (99,565) Balance as of June 30, 2016, net $ 1,240,126 (a) As disclosed in Note 3 “Property Portfolio,” the Plano loan was refinanced with proceeds from the Cantor loan (discussed below) and accordingly the Plano related deferred financing costs were written off during the six months ended June 30, 2016 into the “Interest Expense” line item in the accompanying Consolidated Statements of Operations. (b) Sum equals amortization expense incurred on the debt discount for the six months ended June 30, 2016 of $ 152,845 Amortization expense of $ 62,604 152,845 29,796 59,593 Cantor Loan On March 31, 2016, through certain of the Company’s subsidiaries, the Company entered into a $ 32,097,400 9,223,500 The Cantor Loan has a maturity date of April 6, 2026 5.22 Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) 2 years after the loan is placed in a securitized mortgage pool, or (ii) May 6, 2020, the Cantor Loan can be fully and partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan. The Company is securing the payment of the Cantor Loan with the assets, including property, facilities, and rents, held by the GMR Loan Subsidiaries and has agreed to guarantee certain customary recourse obligations, including findings of fraud, gross negligence, or breach of environmental covenants by GMR Loan Subsidiaries. The GMR Loan Subsidiaries will be required to maintain a monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties in the aggregate. No principal payments were made for the six months ended June 30, 2016. The note balance as of June 30, 2016 was $ 32,097,400 nterest expense incurred on this note was $ 423,525 2016 $ - 2017 - 2018 - 2019 - 2020 - Thereafter 32,097,400 Total $ 32,097,400 West Mifflin Note Payable In order to finance a portion of the purchase price for the West Mifflin facility, on September 25, 2015 the Company entered into a Term Loan and Security Agreement with Capital One to borrow $ 7,377,500 3.72 September 25, 2020 7,377,500 Interest expense incurred on this note was $ 70,136 139,509 2016 $ - 2017 - 2018 22,044 2019 136,007 2020 7,219,449 Total $ 7,377,500 Asheville Note Payable In order to finance a portion of the purchase price of the Asheville facility, on September 15, 2014 the Company entered into a Promissory Note with the Bank of North Carolina to borrow $ 1,700,000 4.75 th th 26,046 37,899 December 31, 2015 1,636,055 1,662,101 Interest expense on this note was $ 19,958 39,868 20,480 40,668 2016 $ 26,673 2017 1,609,382 Total $ 1,636,055 Omaha Note Payable In order to finance a portion of the purchase price for the Omaha facility, on June 5, 2014 the Company entered into a Term Loan and Security Agreement with Capital One, National Association to borrower $ 15,060,000 4.91 June 5, 2017 301,200 160,636 311,536 14,587,828 14,748,464 Interest expense on this note was $ 183,717 366,467 121,945 308,573 As of June 30, 2016, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows: 2016 $ 164,687 2017 14,423,141 Total $ 14,587,828 As discussed in Note 10 - “Subsequent Events,” this note was paid in full on July 11, 2016 in connection with the closing of the Company’s initial public offering. The total amount repaid was $ 14,922,428 14,587,828 334,600 |