U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
|
| Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
|
| For the quarterly period ended |
|
|
|
☐ |
| Transition Report Pursuant to 13 or 15(d) of the Securities Exchange Act of 1934 |
|
|
|
|
| For the transition period of to |
Commission File Number 0-7865.
SECURITY LAND AND DEVELOPMENT CORPORATION
(Exact name of issuer as specified in its charter)
Georgia |
| 58-1088232 |
(State or other Jurisdiction of Incorporation or Organization) |
| (I.R.S. Employer Identification Number) |
2816 Washington Road, #103, Augusta, Georgia 30909
(Address of Principal Executive Offices)
Issuers Telephone Number (706) 736-6334
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Year)
Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ⌧☑ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in rule 12b-2 of the Exchange Act.
Large accelerated filer ☐Accelerated filer ☐ Non-accelerated filer ☐ (Do not check if a smaller reporting company) Smaller reporting company ☑ | |
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ⌧☑ NO ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ⌧☑ No
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.
Class |
| Outstanding at |
Common Stock, $0.10 Par Value |
| 3,766,290 shares |
Table of Contents
SECURITY LAND AND DEVELOPMENT CORPORATION
Form 10-Q
Index
Part I | FINANCIAL INFORMATION |
|
|
|
|
Item 1. | Financial Statements |
|
|
|
|
| Consolidated Balance Sheets as of | 1 |
|
|
|
| 2 | |
|
|
|
| ||
|
|
|
| 4 | |
|
|
|
|
| |
|
|
|
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
|
|
|
|
Item 3. | 14 | |
|
|
|
Item 4. | 14 | |
|
|
|
Part II | 15 | |
|
|
|
Item 1. | 15 | |
|
|
|
Item 1A. | 15 | |
|
|
|
Item 2. | 15 | |
|
|
|
Item 3. | 15 | |
|
|
|
Item 4. | 15 | |
|
|
|
Item 5. | 15 | |
|
|
|
Item 6. | 15 | |
|
|
|
| 16 | |
|
|
|
PART I. FINANCIAL INFORMATION
SECURITY LAND AND DEVELOPMENT CORPORATION
Notes to the Consolidated Financial Statements
Note 1 - Basis of Presentation
The accompanying unaudited consolidated financial statements
The financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include the accounts of Security Land and Development Corporation and its four wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC 2, LLC and SLDC III, LLC (described on a consolidated basis as the "Company"). Significant intercompany transactions and accounts are eliminated in consolidation.
|
|
| December 31, (unaudited) |
| September 30, (audited) |
| June 30, (unaudited) |
| September 30, (audited) |
| A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note was payable in monthly installments of $33,050, through August 2027, and accrued interest at an annual fixed rate of 4.3%. The note payable was collateralized by National Plaza. In December of 2018 the Company sold National Plaza and used a portion of the proceeds to pay off this note. | $ - |
| $ 2,925,424 | A note payable to a regional financial institution, secured with a mortgage interest in National Plaza and an assignment of rents. The note was payable in monthly installments of $33,050, through August 2027, and accrued interest at an annual fixed rate of 4.3%. The note payable was collateralized by National Plaza. In December of 2018 the Company sold National Plaza and used a portion of the proceeds to pay off this note.
|
$ - |
|
$ 2,925,424 |
| A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,424,673 |
| 1,457,207 | A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,358,165 |
| 1,457,207 |
|
| 1,424,673 |
| 4,382,631 |
| 1,358,165 |
| 4,382,631 |
Less deferred financing costs | Less deferred financing costs | (28,994) |
| (46,387) | Less deferred financing costs | (27,254) |
| (46,387) |
Less current maturities of notes payable | Less current maturities of notes payable | (134,987) |
| (407,554) | Less current maturities of notes payable | (138,984) |
| (407,554) |
|
| $ 1,260,692 |
| $ 3,928,690 |
| $ 1,191,927 |
| $ 3,928,690 |
Current maturities of notes payable will require the Company to make payments over the next 12 months totaling $134,987.
- 9 - -9-
Note 4 - Income Taxes
Income tax payable of $1,587,250 has been accrued as of the quarter ended December 31, 2018. As of January 31, 2019, all income taxes payable of $75,630 related to the fiscal year 2018 had been paid and $1,511,620 of accrued income taxes are payable for the quarter ended December 31, 2019.
The Tax Cuts and Jobs Act (TCJA) was signed into law by the President on Friday December 22, 2017. The TCJA includes the reduction in the corporate tax rate from a top rate of 35% to a flat rate of 21%, changes in business deductions, and many international provisions. The drop in the corporate rate is effective for tax years beginning after December 31, 2017. IRC Section 15 indicates that "if any rate of tax imposed.changes, and if the taxable year includes the effective date of the change., then tentative taxes shall be computed by applying the rate for the period before the effective date of the change, and the rate for the period on and after such date, to the taxable income for the entire taxable year, and the tax for such taxable year shall be the sum of that proportion of each tentative tax which the number of days in each period bears to the number of days in the entire taxable year." (§15(a)). As the Company is a fiscal year taxpayer, they will receive a partial benefit for the drop in the federal corporate tax rate for their fiscal year ended September 30, 2018. The weighted average federal tax rate computed in accordance with IRC Section 15 is 24.25% for the current fiscal year.
Based on the drop in the corporate tax rate to a flat 21%, the Company revalued each of their deferred tax assets and liabilities in the quarter ended December 31, 2017 using the new corporate tax rate. The net impact from this revaluing resulted in a tax benefit of $463,167 recognized as of December 31, 2017.
Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
During the twelve-month period ended September 30, 2018, the Company recorded $115,469 in income tax benefits at an effective rate of -49% The Company records income taxes using an estimated annual effective tax rate for interim reporting. The individually largest factor contributing to the difference between the federal statutory rate of 24.25% and the Company's effective tax rate for the twelve-month period ended September 30, 2018 was the benefit relating to the revaluing of the deferred tax asset and liability balances to the new federal statutory rate.
Deferred income taxes are the result of qualified tax-free exchanges of property transacted in current and prior years and reporting depreciation differently for income tax purposes. The tax effects of temporary differences that give rise to the deferred tax liability are as follows as of:
| December 31, 2018 |
| September 30, 2018 | June 30, 2019 |
| September 30, |
Deferred income tax liabilities: |
|
| ||||
Basis in Investment Properties | $ 4,071,161 |
| $ 1,006,252 | |||
Basis in Investment Properties and Straight-line Rents |
| |||||
Receivable | $ 3,924,790 |
| $ 1,006,252 |
Taxable gains deferred by the Company in prior years and in the current year through qualified for tax-free like-kind exchanges totaled approximately $15,604,996.exchanges. These deferred gains for tax reporting comprise a substantial portion of the Company's deferred income tax liabilities as of December 31, 2018June 30, 2019 and September 30, 2018, net of the effects of depreciation.
(Continued)
- 10 -
Note 4 - Income Taxes, continued
The provision (benefit) for income taxes is as follows:
| For the three months ended |
| For the nine months ended |
| ||||||||||||
| December 31, |
| June 30, |
| ||||||||||||
| 2018 |
| 2017 |
|
| 2019 |
|
| 2018 |
| ||||||
Current expense | $ | 1,511,620 |
| $ | 54,207 |
|
| $ | 1,521,000 |
| $ | 178,460 |
| |||
Deferred expense (benefit) |
| 3,064,910 |
|
| (450,422 | ) |
|
| 2,918,539 |
|
| (462,328 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
| |||||
| $ | 4,576,530 |
| $ | (396,215 | ) |
| $ | 4,439,539 |
|
| $ | (283,868 | ) |
The provision for income taxes for the threenine months ended December 31,June 30, 2019 and 2018 and 2017 differs from the amount obtained by applying the U.S. federal and state income tax rate to pretax income due to the following:
2018 | 2017 |
|
| 2019 |
|
| 2018 |
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||
Net income before tax | $ | 17,622,568 |
| $ | 169,407 |
|
| $ | 17,627,112 |
|
| $ | 541,175 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Expected federal tax expense at December 31, 2018 and 2017 is 21% and 24.25% respectively |
| 3,700,739 |
|
| 41,081 |
| |||||||||
Expected federal tax expense at June, |
|
|
|
|
|
|
|
| |||||||
2019 and 2018 is 21% and 24.25% respectively |
|
| 3,701,694 |
|
|
| 131,235 |
| |||||||
State tax expense, net of federal benefit |
| 840,596 |
|
| 13,126 |
|
|
| 702,650 |
|
|
| 47,225 |
| |
Federal (benefit) expense of tax rate change |
| - |
|
| (450,422 | ) |
|
| - |
|
|
| (462,328
| ) | |
Other expense | 35,195 | - |
|
| 35,195 |
|
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Tax expense (benefit) | $ | 4,576,530 |
| $ | (396,215 | ) |
| $ | 4,439,539 |
|
| $ | (283,868 | ) |
-10-
Note 5 - Concentrations
Substantially all of the Company's assets consist of real estate located in Richmond and Columbia Counties in the state of Georgia and in Aiken County, South Carolina. Substantially all of the Company's rental revenues were earned from four of the Company's investment properties, National Plaza, the Evans Ground Lease, the Bobby Jones Ground Lease and the Wrightsboro Road Lease, which comprise approximately 13%, 40%, 43%, 8%38% and 9% of the Company's revenues, respectively, for the three-monthnine-month period ended December 31, 2018.June 30, 2019. The anchor tenant for National Plaza, Publix Supermarkets, Inc. ("Publix"), a regional food supermarket chain, leased approximately 81% of the space at National Plaza. Prior to the sale of National Plaza in December of 2018 the Company generated approximately 29% of its revenues through its lease with Publix. See Note 87 for additional disclosures regarding the National Plaza retail strip center.
Note 6 - Related Party Transactions
During the quarter,nine months ended June 30, 2019, the Company paid a stockholder who is also the son of the President for accounting services. The Company's Board of Directors believes that the accounting services paid to the son of its President were not in excess of prices that would have been paid had the Company obtained accounting services from other sources.
During the quarter,In December of 2018, the Company paid bonuses of $787,500 to stockholders, who are also board members, related to the sale of National Plaza.Plaza which is included in payroll and related costs.
During the quarter,In December of 2018, the Company paid legal fees of $25,000 to a stockholder, who is also a board member, related to resolving an operational matter with a tenant at National Plaza.
- 11 -
Note 7 - Stockholders' Equity
On February 7, 2017, Security Land and Development Corporation offered to purchase up to 2,526,247 shares (approximately 48.2% of the Company's outstanding shares) of its common stock from its stockholders through a tender offer ("the Offer") at a price of $1.25 per share. The Offer was part of a plan intended to enhance stockholder value and provide liquidity for the stockholders. The Offer expired on March 15, 2017, was extended by the Company, and on April 19, 2017 Security Land and Development Corporation amended the above offer to increase the offer price to $1.60 per share. The amended Offer expired on May 5, 2017. On May 5, 2017, Security Land and Development Corporation amended the April 19, 2017 Offer to increase the offer price to $1.75 per share. Within the offer period, 192,860 shares were sold by members of the Board of Directors who are not part of the Flanagin family. As of December 31, 2018, the Flanagin family owned approximately 58% of the Company's common stock. During the offer period, the Company has purchased and retired a total of 1,477,817 shares of its stock for $2,584,461. Included within these shares purchased by the Company were 192,860 shares sold by members of the Board of Directors who are not part of the Flanagin family. The Company utilized cash on hand and funds obtained from the line of credit that has since been converted to a term note. See Note 3 - Notes Payable. During the quarter ended December 31, 2019 the Company paid off this term note with proceeds from the sale of National Plaza.
Note 8 - Sale of National Plaza
On June 27, 2018, the Company entered into an agreement with WSQ, LLC, a Georgia Limited Liability Company, for the sale of its retail strip center (the "National Plaza") along with two adjoining outparcels, located on Washington Road in Augusta, Georgia for a combined total sales price of $21,000,000. The closing of the sale occurred on December 13, 2018, and the Company recognized a gain on the sale of $18,367,269.
Note 98 - Purchase of Bobby Jones Ground Lease
On December 20, 2018, the Company purchased a tract of land, consisting of 19.32 acres, and a ground lease with a major discount retailer and building owned by the retailer for $15,044,916 using proceeds from the sale of National Plaza to fund the purchase, including $44,916 in transaction costs. The ground lease commenced on November 21, 2005 and the initial term expires on May 1, 2028. The Company's management has madeobtained an estimated allocation ofindependent appraisal and which was utilized to allocate the purchase price, assigning $4,358,453$4,700,000 to land and $10,686,463$10,344,916 to the ground lease until an appraisal can be completed during the quarter ended March 31, 2019. Once the independent appraisal is completed the asset allocations may be adjusted basedlease. Based on the appraised allocations and adjustments could be material. Theappraisal the Company's management has preliminarily assumed the useful life of the lease should coincide with the remaining lease term, which is approximately 112 months, and has recorded amortization expense accordingly. The useful life and accumulated amortization will be adjusted accordingly per the appraisal, once complete, if necessary.
-11-
- 12 -
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The Company's results of operations for the threenine months ended December 31, 2018,June 30, 2019, and a comparative analysis of the same period for 20172018 are presented below:
|
|
| Increase (decrease) |
|
| Increase (decrease) | ||||||||||||||
|
|
| 2018 compared to 2017 |
|
| 2019 compared to 2018 | ||||||||||||||
| 2018 |
| 2017 |
| Amount |
| Percent | 2019 |
| 2018 |
| Amount |
| Percent | ||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Rent revenues | $ | 393,886 |
| $ | 417,717 |
| $ | (23,831) |
| -6% | ||||||||||
Rent revenue | $ | 1,255,632 |
| $ | 1,321,191 |
| $ | (65,559) |
| -5% | ||||||||||
Gain on sale |
| 18,367,269 |
|
| - |
|
| 18,367,269 |
| - |
| 18,367,269 |
|
| - |
|
| 18,367,269 |
| - |
Operating expenses |
| 1,092,497 |
| 178,151 |
| 914,346 |
| 513% |
| 1,937,694 |
| 607,737 |
| 1,329,957 |
| 219% | ||||
Interest expense |
| 46,090 |
| 70,159 |
|
| (24,069) |
| -34% | |||||||||||
Interest expense, net |
| 58,095 |
| 172,279 |
|
| (114,184) |
| -66% | |||||||||||
Income tax expense (benefit), net |
| 4,576,530 |
| (396,215) |
| 4,972,745 |
| 1,155% |
| 4,439,539 |
| (283,868) |
| 4,723,407 |
| -1,664% | ||||
Net income |
| 13,046,038 |
|
| 565,622 |
| 12,480,416 |
| 2,306% |
| 13,187,573 |
|
| 825,043 |
| 12,362,530 |
| 1,498% | ||
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
Rent revenues consist of rent revenue from the Company's National Plaza, a strip center on Washington Road in Augusta, Georgia, the Evans Ground Lease in Evans, Georgia and the Bobby Jones Ground Lease. The Company also earned rent revenue from a lease on the Wrightsboro Road property with an apparel and home goods retailer and a ground lease with an auto-repair service operation on an out-parcel of National Plaza. The Company sold National Plaza on December 13, 2018 and purchased the Bobby Jones Ground Lease on December 20, 2018.
Refer to the Company's Form 10-K for the year ended September 30, 2018 for further information regarding the properties owned and their lease terms.
Total operating expenses for the threenine months ended December 31, 2018June 30, 2019 increased compared to the same period for 20172018 due primarily to legal and professional fees and bonuses related to the sale of National Plaza and the purchase of the Bobby Jones Ground Lease in 2018 that were not incurred in the prior period. Management expects operating expenses for the remainder of the current fiscal year to decrease significantly compared to the first nine months as no additional bonuses are expected to be awarded and due to the sale of National Plaza, resulting in a reduction in related operating expenses.
Interest expense for the threenine months ended December 31, 2018June 30, 2019 decreased compared to 2017the same period in prior year 2018 due to paying off the loan collateralized by National Plaza with proceeds from the sale of National Plaza in December of 2018. Management expects interest expense for the remainder of the current fiscal year to decrease.decrease compared to the same period in prior year 2018.
Income tax expense for the three-month periodnine months ended December 31, 2018June 30, 2019 increased significantly compared to the same period for 20172018 due to the sale of National Plaza and the related proceeds.
-12-
The Company's results of operations for the three months ended June 30, 2019, and a comparative analysis of the same period for 2018 are presented below:
|
|
|
|
|
|
| Increase (decrease) | |||
|
|
|
|
|
|
| 2019 compared to 2018 | |||
| 2019 |
| 2018 |
| Amount |
| Percent | |||
|
|
|
|
|
|
|
|
|
|
|
Rent revenue | $ | 425,514 |
| $ | 418,894 |
| $ | 6,620 |
| 2% |
Operating expenses |
| 393,343 |
|
| 187,563 |
|
| 205,780 |
| 110% |
Interest expense, net |
| 9,189 |
|
| 56,614 |
|
| (47,425) |
| -84% |
Income tax expense (benefit), net |
| 59,790 |
|
| 46,399 |
|
| 13,391 |
| 29% |
Net (loss) income |
| (36,808) |
|
| 128,318 |
|
| (165,126) |
| -129% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent revenues for the three months ended June 30, 2019 are comparable to rent revenue for the three months ended June 30, 2018.
Total operating expenses for the three months ended June 30, 2019 increased compared to the same period for 2018 due primarily to increased amortization expense related to the purchase of the Bobby Jones Ground Lease in 2018. Management expects operating expenses for the remainder of the current fiscal year to be comparable to the three months ended June 30, 2019.
Interest expense net of interest income decreased for the three months ended June 30, 2019 compared to the same period in 2018 due to paying off the loan collateralized by National Plaza with proceeds from the sale of National Plaza in December of 2018. Management expects interest expense for the remainder of the current fiscal year to decrease compared to the same period in prior year 2018.
Income tax expense for the three months ended June 30, 2019 increased compared to the same period for 2018 due to higher rent revenue as noted above.
Liquidity and Sources of Capital:
The Company's ratio of current assets to current liabilities at December 31, 2018June 30, 2019 was 167%303%. The ratio was 130% at September 30, 2018.
Management of the Company expects future liquidity needs of the Company to be funded from rent revenues, refinancing, and the appreciation in investment properties (which can be sold or mortgaged, if necessary). See Note 8 for additional disclosures regarding National Plaza retail strip center.
Current maturities of notes payable will require the Company to make payments over the next 12 months totaling $134,987.$138,984. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur.
- 13 -
Cautionary Note Regarding Forward-Looking Statements:
The results of operations for the threenine months ended December 31, 2018June 30, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year. The Company may, from time to time, make written or oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission (the "Commission") and its reports to stockholders. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, but not limited to, competition from other real estate companies, the ability of the Company to obtain financing for projects, and the continuing operations of tenants.
-13-
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Not applicable to smaller reporting companies.
Item 4. Controls and Procedures
(a) Within the 90 days prior to the filing date of this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934. Based upon that evaluation, the Company's Chief Executive Officer concluded that the Company's disclosure controls and procedures were ineffective.
(b) There were no significant changes in the Company's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date the Chief Executive Officer carried out the evaluation.
As of September 30, 2018, the Company's management evaluated the effectiveness of its internal control. Based on the evaluation, the Company's management concluded that the Company's internal control over financial reporting was ineffective as of September 30, 2018 and identified a material weakness related to the lack of segregation of duties, accounting personnel with the requisite knowledge of GAAP and the lack of written policies and procedures over financial reporting.
Notwithstanding the existence of this material weakness in our internal control over financial reporting, our management believes that the consolidated financial statements included in its reports fairly present in all material respects the Company's financial condition, results of operations and cash flows for the periods presented. There has been no change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
- 14 -
-14-
None
The Company, as a smaller reporting company, is not required to provide the information required by this item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Reserved for Future Use
Management of the Company notes that a Form 8-K was filed during the period to disclose the purchase of the Bobby Jones Ground Lease. Management is not aware of any un-reported matters occurring during the period that would require any additional disclosures in a Form 8-K.
(a) |
| Exhibit No. |
| Description |
|
| 31.1 |
| Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002 |
|
|
|
|
|
|
| 32.1 |
| Certification Pursuant to Section 906 of Sarbanes-Oxley Act of 2002 |
|
| 101 |
| |
The following financial information from Security Land and Development Corporation's Quarterly Report on Form 10-Q for the quarter ended | ||||
- 15 --15-
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SECURITY LAND AND DEVELOPMENT CORPORATION
(Registrant)
|
|
|
|
|
By: | /s/ T. Greenlee Flanagin |
|
| |
|
|
|
|
|
| T. Greenlee Flanagin |
| Date |
|
| President |
|
|
|
| Chief Executive Officer and Chief Financial Officer |
|
|
|
|
|
|
|
|
- 16 -
-16-