| Schedule of Related Party Transactions [Table Text Block] |
Pursuant to the terms of these agreements, summarized below are the related party costs incurred by the Company for the three and nine months ended September 30, 2016, for the three months ended September 30, 2015, and for the period May 14, 2015 to September 30, 2015:
| | | | | | | For the period | | | | | Three months ended | | Nine months ended | | May 14, 2015 to | | | | | September 30, | | September 30, | | September 30, | | September 30, | | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | Incurred | | Incurred | | | Advisor fees: | | | | | | | | | | | | | | | Acquisition fees | | $ | | | $ | | | $ | 474,121 | | $ | | | | Asset management fees (4) | | | 46,575 | | | | | | 54,141 | | | | | | Fees to affiliates | | $ | 46,575 | | $ | | | $ | 528,262 | | $ | | | | Costs advanced by Sponsor (1) | | | | | | | | | | | | 1,000 | | | Reimbursable organizational and offering expenses (2) | | | 187,101 | | | | | | 187,101 | | | 6,000 | | | Expenses reimbursed/fees waived by Sponsor or affiliates: | | | | | | | | | | | | | | | Expense reimbursement from Sponsor (3) | | | (434,332) | | | | | | (434,332) | | | | | | Waiver of asset management fees (4) | | | (11,798) | | | | | | (11,798) | | | | | | | | $ | (446,130) | | $ | | | $ | (446,130) | | $ | | | | | | $ | (212,454) | | $ | | | $ | 269,233 | | $ | 7,000 | |
| (1) | The Sponsor advanced $1,000 to the Company related to the opening of a bank account, which is reflected in “Due to affiliates” on the consolidated balance sheet. | | (2) | As of September 30, 2016, the Sponsor had incurred $1,160,923 of organizational and offering costs on behalf of the Company. However, the Company is only obligated to reimburse the Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds. The payable related to this obligation is reflected in “Due to affiliates” on the consolidated balance sheets. | | (3) | The Company records payroll costs related to Company employees that answer questions from prospective shareholders. The Sponsor has agreed to reimburse the Company for these investor relations payroll costs which the Sponsor considers to be offering expenses in accordance with the Advisory Agreement. | | (4) | To the extent the Advisor elects, in its sole discretion to defer and waive a portion of the monthly asset management fee, the Advisor may waive up to an amount equal to 0.025% of the total investment value of the Company’s assets. For the three and nine months ended September 30, 2016, the Advisor waived $11,798 of asset management fees, which are not subject to future recoupment by the Advisor. |
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