Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 91

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 91
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 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 amortization
     
    (12,462,091
    )
     
    (8,855,332
    )

    Net real estate investments
     
    91,362,786

    97,406,605

    Cash and cash equivalents
     
    612,939

    3,117,446

    Restricted cash
     
    34,500

    34,500

    Deferred rent asset
     
    331,837

    1,106,191

    Prepaid expenses
     
    140,528

    139,941

    Accounts receivable
     
    48,118

    241,166

    Escrow deposits and other assets
     
    1,233,123

    493,393

    Held for sale assets
     
    6,732,001

    -

    Right of use asset, net
     
    6,067,958

    6,152,174

    Total Assets
    $
    106,563,790
     
    $
    108,691,416

    Liabilities and Equity

    Liabilities

     Accounts payable
    $
    171,262
     
    $
    406,772