Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 180

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 8
Chunk 180
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These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.   

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.  Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.   

/s/ MaloneBailey, LLP 

www.malonebailey.com 

We served as the Company's auditor from 2015 through 2024. 

Houston, Texas 

April 8, 2024

 51

Generation Income Properties, Inc. Consolidated Balance Sheets

    As of December 31,
     
    As of December 31,

    2024
     
    2023

    Assets

    Investments in real estate

    Land
    $
    23,288,811
     
    $
    21,996,902

    Building and site improvements
     
    67,647,250

    71,621,499

    Acquired tenant improvements
     
    2,384,076

    2,072,205

    Acquired lease intangible assets
     
    10,504,740

    10,571,331

    Less: accumulated depreciation and amort