Power REIT
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 29, 2024
PW$7.05+2.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets, December 31, 2023 and 2022
CONSOLIDATED BALANCE SHEETS
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Land | $6,118,097 | $6,168,096 |
| Greenhouse cultivation and processing facilities, net of accumulated depreciation | 35,859,911 | 40,405,022 |
| Net investment in direct financing lease - railroad | 9,150,000 | 9,150,000 |
| Total real estate assets | 51,128,008 | 55,723,118 |
| Cash and cash equivalents | 2,202,632 | 2,847,871 |
| Restricted cash | 1,902,252 | 1,000,000 |
| Accounts receivable | - | 2,022 |
| Prepaid expenses and deposits | 224,707 | 6,580 |
| Intangible lease asset, net of accumulated amortization | 2,504,421 | 2,731,909 |
| Deferred debt issuance cost, net of amortization | - | 46,023 |
| Deferred rent receivable | 438,994 | 431,907 |
| Mortgage loan | 850,000 | - |
| Assets held for sale | 10,889,254 | 23,407,493 |
| Other assets | 69,972 | - |
| TOTAL ASSETS | $70,210,240 | $86,196,923 |
| LIABILITIES AND EQUITY | ||
| Accounts payable | $741,668 | $1,408,351 |
| Accrued expenses | 802,500 | 340,095 |
| Tenant security deposits | 881,724 | 881,724 |
| Prepaid rent | 3,000 | - |
| Other liabilities | 57,675 | - |
| Liabilities held for sale | 1,227,128 | 1,526,666 |
| Current portion of long-term debt, net of unamortized discount | 15,043,632 | 624,491 |
| Long-term debt, net of unamortized discount | 20,682,869 | 37,165,353 |
| TOTAL LIABILITIES | 39,440,196 | 41,946,680 |
| Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (1,675,000 shares authorized; 336,944 issued and outstanding as of December 31, 2023 and December 31, 2022) | 9,305,988 | 8,653,159 |
| Equity: | ||
| Common Shares, $0.001 par value (98,325,000 shares authorized; 3,389,661 shares issued and outstanding as of December 31, 2023 and December 31, 2022) | 3,389 | 3,389 |
| Additional paid-in capital | 47,254,625 | 46,369,311 |
| Accumulated deficit | (25,793,958) | (10,775,616) |
| Total Equity | 21,464,056 | 35,597,084 |
| TOTAL LIABILITIES AND EQUITY | $70,210,240 | $86,196,923 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.