ACRE REALTY INVESTORS INC

CIK:0001011109|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Total Revenues
Expenses:
Property, insurance and other expenses	3,210	3,575	6,421	7,080
Real estate taxes	4,184	4,409	8,585	8,818
Management fees, affiliate	86,430	97,687	175,478	200,013
Allocated salaries and other compensation	100,243	127,540	218,341	294,685
General and administrative expenses	406,841	950,825	1,018,403	1,577,397
Total Expenses	600,908	1,184,036	1,427,228	2,087,993
Other Income:
Gain on sale of asset	432,793		432,793
Net Loss	(168,115)	(1,184,036)	(994,435)	(2,087,993)
Loss Attributable to Non-controlling Interest	(6,045)	(45,446)	(35,886)	(83,269)
Net Loss Attributable to Common Shareholders	$ (162,070)	$ (1,138,590)	$ (958,549)	$ (2,004,724)
Loss Per Common Share - Basic and Diluted (Note 5)
Basic	$ (0.01)	$ (0.06)	$ (0.05)	$ (0.10)
Diluted	$ (0.01)	$ (0.06)	$ (0.05)	$ (0.10)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES:
Net loss	$ (994,435)	$ (2,087,993)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of real estate asset	(432,793)
Amortization of shared-based compensation	1,540	110,824
Changes in operating assets and liabilities
Increase in other assets	(71,680)	(53,949)
(Decrease) increase in due to affiliates	(9,377)	(17,080)
Decrease in accounts payable and accrued expenses	56,256	450,382
Net cash used in operating activities	(1,450,489)	(1,597,816)
INVESTING ACTIVITIES:
Proceeds from sale of real estate asset	4,725,000
Costs related to the sale of real estate asset	(8,822)
Net cash provided by investing activities	4,716,178
FINANCING ACTIVITIES:
Net cash provided by financing activities
Net Decrease in Cash and Cash Equivalents	3,265,689	(1,597,816)
Cash and Cash Equivalents, Beginning of Period	16,638,702	19,874,915
Cash and Cash Equivalents, End of Period	19,904,391	18,277,099
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for state taxes	4,550	5,356
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES AND FINANCING ACTIVITIES:
Redemption of operating partnership units for common shares	$ 4,916	$ 169,667

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Real estate asset held for sale		$ 4,283,385
Cash and cash equivalents	19,904,391	16,638,702
Other Assets	197,116	125,436
Total assets	20,101,507	21,047,523
LIABILITIES:
Accounts payable and accrued expenses	537,437	479,683
Due to affiliates	207,699	217,076
Liabilities related to real estate asset held for sale		1,498
Total liabilities	745,136	698,257
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Preferred shares, $.01 par value, 20,000,000 shares authorized, no shares issued and outstanding
Common shares, $.01 par value, 100,000,000 shares authorized, 20,567,348 and 20,563,182 shares issued and 20,494,631 and 20,490,465 shares outstanding at June 30, 2017 and December 31, 2016, respectively	205,674	205,632
Additional paid-in capital	44,490,555	44,485,281
Treasury shares, at cost 72,717 shares both at June 30, 2017 and December 31, 2016	(71,332)	(71,332)
Accumulated deficit	(25,963,980)	(25,005,431)
Total ACRE Realty Investors Inc. shareholders' equity	18,660,917	19,614,150
Non-controlling interest - operating partnership	695,454	735,116
Total shareholders' equity	19,356,371	20,349,266
Total liabilities and shareholders' equity	$ 20,101,507	$ 21,047,523