Power REIT
For the period ended Mar 31, 2024. Filed May 10, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
PW$6.75+0.7%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
CONSOLIDATED BALANCE SHEETS
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Land | $5,536,596 | $5,604,097 |
| Greenhouse cultivation and processing facilities, net of accumulated depreciation | 12,297,866 | 12,901,450 |
| Net investment in direct financing lease - railroad | 9,150,000 | 9,150,000 |
| Total real estate assets | 26,984,462 | 27,655,547 |
| Cash and cash equivalents | 2,977,229 | 2,202,632 |
| Restricted cash | 1,444,559 | 1,902,252 |
| Prepaid expenses and deposits | 464,216 | 223,250 |
| Intangible lease asset, net of accumulated amortization | 2,447,549 | 2,504,421 |
| Deferred rent receivable | 540,565 | 438,994 |
| Mortgage loan receivables | 2,020,000 | 850,000 |
| Assets held for sale | 31,935,182 | 34,363,172 |
| Other assets | 64,566 | 69,972 |
| TOTAL ASSETS | $68,878,328 | $70,210,240 |
| LIABILITIES AND EQUITY | ||
| Accounts payable | $79,955 | $58,773 |
| Accrued expenses | 1,434,768 | 770,472 |
| Tenant security deposits | 96,724 | 96,724 |
| Prepaid rent | 247,948 | 3,000 |
| Other liabilities | 217,075 | 57,675 |
| Liabilities held for sale | 2,231,531 | 2,727,051 |
| Current portion of long-term debt, net of unamortized discount | 15,044,484 | 15,043,632 |
| Long-term debt, net of unamortized discount | 20,616,322 | 20,682,869 |
| TOTAL LIABILITIES | 39,968,807 | 39,440,196 |
| 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 March 31, 2024 and December 31, 2023) | 9,469,195 | 9,305,988 |
| Equity: | ||
| Common Shares, $0.001 par value (98,325,000 shares authorized; 3,389,661 shares issued and outstanding as of March 31, 2024 and December 31, 2023) | 3,389 | 3,389 |
| Additional paid-in capital | 47,471,100 | 47,254,625 |
| Accumulated deficit | (28,034,163) | (25,793,958) |
| Total Equity | 19,440,326 | 21,464,056 |
| TOTAL LIABILITIES AND EQUITY | $68,878,328 | $70,210,240 |
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