Financial Performance - Total revenue for the three months ended March 31, 2023, was $1,004,732, a decrease from $1,985,516 in the same period of 2022, primarily due to a $338,016 decrease in rental income from related parties and a $724,043 decrease from unrelated parties [111]. - The company reported revenue of $1,004,732 for the three months ended March 31, 2023, a decrease of 49.5% compared to $1,985,516 in the same period of 2022 [120]. - Net loss attributable to common shares for the three months ended March 31, 2023, was ($502,253), a decrease of $1,336,926 compared to net income of $834,673 in the same period of 2022 [111]. - The net loss for the quarter was $339,046, compared to a net income of $997,880 in the prior year [120]. - Core Funds From Operations (Core FFO) available to common shares was $(632,641) for Q1 2023, down from $1,348,533 in Q1 2022, resulting in a Core FFO per common share of $(0.19) compared to $0.40 [120]. Cash and Liquidity - As of March 31, 2023, the Trust's consolidated balance sheet reflected $5.3 million in cash and cash equivalents, including $1 million of restricted cash related to a credit facility [101]. - As of March 31, 2023, the company's cash and cash equivalents totaled $5,306,664, an increase of $1,458,793 from December 31, 2022 [113]. - The company had approximately $4.3 million of non-restricted cash available as of March 31, 2023, with potential asset sales expected to support operations [116]. - There is substantial doubt regarding the company's ability to continue as a going concern due to net losses, expected reduced revenue, and increased property maintenance expenses [116]. - The company is focusing on selling properties and improving collections from existing tenants to alleviate liquidity concerns [116]. - The company may need to raise additional capital to meet obligations, with no assurance that financing will be available on favorable terms [114]. Asset Management and Strategy - The Trust completed sales of assets for total gross proceeds of $2.5 million in early 2023, with additional properties being marketed for sale or lease [102]. - The Trust aims to improve its portfolio by selling non-core properties and re-leasing vacant or underperforming assets to enhance overall performance [103]. - The Trust's business strategy includes raising capital by monetizing embedded value in its portfolio and reducing debt levels to strengthen its balance sheet [98]. - The Trust is exploring strategic transactions, including potential mergers, to enhance shareholder value and capitalize on acquisition opportunities [105]. Sustainability - The Trust's greenhouse properties utilize approximately 70% less energy and 95% less water compared to traditional growing methods, representing a sustainable cultivation solution [96]. Shareholder Information - The Trust accrued a quarterly dividend of approximately $163,000 ($0.484375 per share) on its 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock [95]. - The weighted average shares outstanding (basic) increased to 3,389,661 in Q1 2023 from 3,367,531 in Q1 2022 [120].
Power REIT(PW) - 2023 Q1 - Quarterly Report