Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 12, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ENTERPRISE DIVERSIFIED, INC. | |
Entity Central Index Key | 0001096934 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 2,544,776 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 542,856 | $ 435,726 |
Accounts receivable, net | 20,212 | 58,263 |
Inventory | 120,940 | |
Other current assets | 25,100 | 95,095 |
Current assets - held for resale | 195,548 | 232,363 |
Total current assets | 783,716 | 942,387 |
Real estate - held for investment, net | 598,460 | 9,492,877 |
Real estate held for resale | 822,904 | 2,318,912 |
Property and equipment, net | 11,141 | 1,019,742 |
Property and equipment - held for resale | 73,212 | |
Goodwill, net | 212,445 | 212,445 |
Note receivable | 177,199 | 169,406 |
Long-term investments, at fair value or net asset value | 9,735,274 | 8,915,238 |
Lease right-of-use assets | 73,826 | |
Other assets | 74,311 | 74,664 |
Long-term assets - held for resale | 1,300,569 | |
Total long-term assets | 11,705,560 | 23,577,065 |
Total assets | 12,489,276 | 24,519,452 |
Current Liabilities | ||
Accounts payable | 161,357 | 165,495 |
Accrued bonus | 21,879 | 90,444 |
Accrued expenses | 54,199 | 112,983 |
Accrued interest | 4,683 | 134,623 |
Deferred revenue | 217,020 | 210,212 |
Lease liability, current | 28,389 | |
Notes payable, current | 576,095 | 1,002,965 |
Other current liabilities - held for resale | 219,693 | 317,487 |
Total current liabilities | 1,283,315 | 2,034,209 |
Long-term lease liability | 47,271 | |
Notes payable, net of current portion | 500,855 | 6,518,854 |
Other long-term liabilities - held for resale | 50,738 | |
Total long-term liabilities | 548,126 | 6,569,592 |
Total liabilities | 1,831,441 | 8,603,801 |
Stockholders' Equity | ||
Preferred stock, $0.001 par value, 30,000,000 shares authorized; none issued | ||
Common stock, $0.125 par value, 2,800,000 shares authorized; 2,625,282 shares issued; 2,544,776 shares outstanding | 328,160 | 328,160 |
Additional paid-in-capital | 27,718,308 | 27,718,308 |
Treasury stock, at cost, 80,506 common shares | (511,901) | (511,901) |
Accumulated other comprehensive income | 3,054 | 3,054 |
Accumulated deficit | (16,879,786) | (11,621,970) |
Total stockholders' equity | 10,657,835 | 15,915,651 |
Total liabilities and stockholders' equity | $ 12,489,276 | $ 24,519,452 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred Stock Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred Stock Shares Issued (in shares) | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.125 | $ 0.125 |
Common Stock, Shares Authorized (in shares) | 2,800,000 | 2,800,000 |
Common Stock, Shares Issued (in shares) | 2,625,282 | 2,625,282 |
Common Stock, Shares Outstanding (in shares) | 2,544,776 | 2,544,776 |
Common Shares Treasury Stock (in shares) | 80,506 | 80,506 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 1,073,696 | $ 423,232 | $ 2,440,715 | $ 1,263,336 |
Cost of revenues | 247,373 | 224,210 | 498,229 | 511,580 |
Gross profit | 826,323 | 199,022 | 1,942,486 | 751,756 |
Selling, general and administrative expenses | 680,381 | 525,809 | 1,166,336 | 1,203,743 |
Income (loss) from operations | 145,942 | (326,787) | 776,150 | (451,987) |
Loss on sale of subsidiary | (3,519,053) | (3,519,053) | ||
Impairment expense | (239,365) | (239,365) | ||
Interest expense | (120,306) | (129,859) | (279,729) | (243,114) |
Other income, net | 10,317 | 27,449 | 52,942 | 71,472 |
Total other income (loss) | (3,868,407) | (102,410) | (3,985,205) | (171,642) |
Income (loss) from continuing operations before income taxes | (3,722,465) | (429,197) | (3,209,055) | (623,629) |
Income tax benefit | ||||
Income (loss) from continuing operations | (3,722,465) | (429,197) | (3,209,055) | (623,629) |
Net income (loss) from discontinued operations | (1,270,371) | 32,626 | (1,410,005) | (145,761) |
Net income (loss) | (4,992,836) | (396,571) | (4,619,060) | (769,390) |
Less: net income (loss) attributable to the noncontrolling interest | (142,388) | (371,835) | ||
Net income (loss) attributable to Enterprise Diversified, Inc. stockholders | $ (4,992,836) | $ (254,183) | $ (4,619,060) | $ (397,555) |
Earnings (loss) per share from continuing operations, basic (in dollars per share) | $ (1.96) | $ (0.11) | $ (1.82) | $ (0.17) |
Earnings (loss) per share, diluted (in dollars per share) | (1.96) | (0.11) | (1.82) | (0.16) |
Earnings (loss) per share from discontinued operations, basic and diluted (in dollars per share) | $ (0.50) | $ 0.01 | $ (0.55) | $ (0.06) |
Weighted average number of shares, basic (in shares) | 2,544,776 | 2,384,902 | 2,544,776 | 2,378,096 |
Weighted average number of shares, diluted (in shares) | 2,544,776 | 2,389,432 | 2,544,776 | 2,434,712 |
Asset Management [Member] | ||||
Revenues | $ 589,180 | $ (92,773) | $ 1,286,160 | $ 191,932 |
Cost of revenues | ||||
Gross profit | 589,180 | (92,773) | 1,286,160 | 191,932 |
Total other income (loss) | 7,052 | 11,075 | 14,091 | 22,150 |
Real Estate [Member] | ||||
Revenues | 218,599 | 218,418 | 401,105 | 472,081 |
Cost of revenues | 164,130 | 143,630 | 327,373 | 359,853 |
Gross profit | 54,469 | 74,788 | 73,732 | 112,228 |
Total other income (loss) | (352,476) | (125,217) | (480,602) | (235,586) |
Internet Operations [Member] | ||||
Revenues | 265,917 | 297,587 | 540,819 | 599,323 |
Cost of revenues | 83,243 | 80,580 | 170,856 | 151,727 |
Gross profit | 182,674 | 217,007 | 369,963 | 447,596 |
Total other income (loss) | 3,541 | 2,623 | 3,933 | 32,419 |
Product and Service, Other [Member] | ||||
Revenues | 212,631 | |||
Cost of revenues | ||||
Gross profit | 212,631 | |||
Total other income (loss) | $ (3,526,524) | $ 9,109 | $ (3,522,627) | $ 9,375 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ (4,992,836) | $ (396,571) | $ (4,619,060) | $ (769,390) |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income (loss) | (4,992,836) | (396,571) | (4,619,060) | (769,390) |
Less: comprehensive loss attributable to the noncontrolling interest | (142,388) | (371,835) | ||
Comprehensive income (loss) attributable to Enterprise Diversified, Inc. stockholders | $ (4,992,836) | $ (254,183) | $ (4,619,060) | $ (397,555) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Previously Reported [Member]Common Stock [Member] | Previously Reported [Member]Additional Paid-in Capital [Member] | Previously Reported [Member]Treasury Stock [Member] | Previously Reported [Member]AOCI Attributable to Parent [Member] | Previously Reported [Member]Retained Earnings [Member] | Previously Reported [Member]Noncontrolling Interest [Member] | Previously Reported [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 2,262,672 | |||||||||||||
Balance at Dec. 31, 2017 | $ 294,527 | $ 23,538,493 | $ (544,571) | $ 3,054 | $ (7,400,848) | $ 15,890,655 | ||||||||
Net income (loss) | (143,372) | (87,559) | (230,931) | |||||||||||
Contributed capital (in shares) | 120,601 | |||||||||||||
Contributed capital | $ 15,075 | 1,643,196 | 1,658,271 | |||||||||||
Initial accounting of VIE | 4,047,623 | 4,047,623 | ||||||||||||
Net equity distribution for asset acquisition | (2,158,270) | (2,158,270) | ||||||||||||
Balance (in shares) at Mar. 31, 2018 | 2,383,273 | |||||||||||||
Balance at Mar. 31, 2018 | $ 309,602 | 25,181,689 | (544,571) | 3,054 | (7,544,220) | 1,801,794 | 19,207,348 | |||||||
Balance (in shares) at Dec. 31, 2017 | 2,262,672 | |||||||||||||
Balance at Dec. 31, 2017 | $ 294,527 | 23,538,493 | (544,571) | 3,054 | (7,400,848) | 15,890,655 | ||||||||
Net income (loss) | (769,390) | |||||||||||||
Balance (in shares) at Jun. 30, 2018 | 2,531,432 | |||||||||||||
Balance at Jun. 30, 2018 | $ 328,126 | 27,570,729 | (544,571) | 3,054 | (7,798,403) | (202,237) | 19,356,698 | |||||||
Balance (in shares) at Mar. 31, 2018 | 2,383,273 | |||||||||||||
Balance at Mar. 31, 2018 | $ 309,602 | 25,181,689 | (544,571) | 3,054 | (7,544,220) | 1,801,794 | 19,207,348 | |||||||
Net income (loss) | (254,183) | (142,388) | (396,571) | |||||||||||
Contributed capital (in shares) | 148,159 | |||||||||||||
Contributed capital | $ 18,520 | 2,389,044 | 2,407,564 | |||||||||||
Net equity distribution for asset acquisition | (1,861,643) | (1,861,643) | ||||||||||||
Adjustment for rounding of reverse stock split | $ 4 | (4) | ||||||||||||
Balance (in shares) at Jun. 30, 2018 | 2,531,432 | |||||||||||||
Balance at Jun. 30, 2018 | $ 328,126 | 27,570,729 | (544,571) | 3,054 | (7,798,403) | (202,237) | 19,356,698 | |||||||
Balance (in shares) at Dec. 31, 2018 | 2,544,776 | |||||||||||||
Balance at Dec. 31, 2018 | $ 328,160 | $ 27,718,308 | $ (511,901) | $ 3,054 | $ (11,621,970) | $ 15,915,651 | 15,915,651 | |||||||
Net income (loss) | 373,769 | 373,769 | ||||||||||||
Balance (in shares) at Mar. 31, 2019 | 2,544,776 | |||||||||||||
Balance at Mar. 31, 2019 | $ 328,160 | 27,718,308 | (511,901) | 3,054 | (11,248,201) | 16,289,420 | ||||||||
Balance (in shares) at Dec. 31, 2018 | 2,544,776 | |||||||||||||
Balance at Dec. 31, 2018 | $ 328,160 | $ 27,718,308 | $ (511,901) | $ 3,054 | $ (11,621,970) | $ 15,915,651 | 15,915,651 | |||||||
Net income (loss) | (4,619,060) | |||||||||||||
Balance (in shares) at Jun. 30, 2019 | 2,544,776 | |||||||||||||
Balance at Jun. 30, 2019 | $ 328,160 | 27,718,308 | (511,901) | 3,054 | (16,879,786) | 10,657,835 | ||||||||
Balance (in shares) at Mar. 31, 2019 | 2,544,776 | |||||||||||||
Balance at Mar. 31, 2019 | $ 328,160 | 27,718,308 | (511,901) | 3,054 | (11,248,201) | 16,289,420 | ||||||||
Net income (loss) | (4,992,836) | (4,992,836) | ||||||||||||
Effects of deconsolidation | (638,749) | (638,749) | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 2,544,776 | |||||||||||||
Balance at Jun. 30, 2019 | $ 328,160 | $ 27,718,308 | $ (511,901) | $ 3,054 | $ (16,879,786) | $ 10,657,835 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows (used in) from operating activities: | ||
Net income (loss) from continuing operations | $ (3,209,055) | $ (623,629) |
Net income (loss) from discontinued operations | (1,410,005) | (145,761) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Deconsolidation of assets and liabilities from sale of subsidiary | (149,425) | |
Loss on sale of subsidiary | 3,519,053 | |
Write-down of long-term assets | 167,818 | 40,000 |
Depreciation and amortization | 148,815 | 120,462 |
Gain on long-term investments | (1,415,906) | (178,530) |
Bad debt expense | 93,749 | 16,029 |
(Gain) loss on sale of real estate | (16,932) | 11,931 |
(Gain) loss on disposal of property and equipment | 11,938 | |
(Increase) decrease in: | ||
Accounts receivable, net | (5,175) | 3,157 |
Inventory | ||
Notes receivable | (7,793) | |
Other current assets | (6,525) | (192,743) |
Increase (decrease) in: | ||
Accounts payable | 5,399 | 153,564 |
Accrued expenses | (90,372) | (102,055) |
Deferred revenue | 8,564 | 3,402 |
Accrued interest | 103,909 | 145,583 |
Net cash flows (used in) continuing operations | (841,938) | (602,829) |
Net cash flows (used in) from discontinued operations | (88,430) | (163,871) |
Net cash flows (used in) operating activities | (930,368) | (766,700) |
Cash flows from (used in) investing activities: | ||
Proceeds from investments | 693,805 | |
Purchases of investments | (44,089) | (12,717) |
Net purchases and sales of real estate | 772,850 | (196,445) |
Improvements to real estate | (105,204) | (1,439,720) |
Proceeds from sale of subsidiary | 100,000 | |
Proceeds from sale of inventory | 4,160 | |
Proceeds from sale of domain names | 29,163 | |
Issuance of notes receivable | (98,983) | |
Collections from notes receivable | 226,000 | |
Purchases of property and equipment | (949,974) | |
Capitalized loan fees | ||
Subsidiary acquisitions | (552,644) | |
Net cash flows (used in) from continuing operations | 1,421,522 | (2,995,320) |
Net cash flows (used in) from discontinued operations | (1,112) | |
Net cash flows from (used in) from investing activities | 1,421,522 | (2,996,432) |
Cash flows from financing activities: | ||
Principal payments on note payable | (651,379) | (89,937) |
Proceeds from notes payable | 300,000 | 885,593 |
Net cash flows (used in) from continuing operations | (351,379) | 795,656 |
Net cash flows (used in) from discontinued operations | (32,645) | (48,625) |
Net cash flows (used in) from financing activities | (384,024) | 747,031 |
Net increase (decrease) in cash | 107,130 | (3,016,101) |
Cash and cash equivalents at beginning of the period | 435,726 | 3,297,059 |
Cash and cash equivalents at end of the period | 542,856 | 280,958 |
Non-cash and other supplemental information: | ||
Transfer of property, plant and equipment to held for resale | 822,829 | |
Transfer of real estate held for investment to real estate held for resale | 145,000 | |
Effects of adoption of new lease guidance | 73,826 | |
Continuing operations cash paid for interest | 279,729 | 243,114 |
Discontinued operations supplemental information | 70,826 | 69,433 |
Assets and debt consolidated as part of subsidiary acquisition | 1,006,600 | |
Assumption of debt in subsidiary acquisition | 4,565,277 | |
Asset acquisition equity activity | 4,065,834 | |
Real estate held for investment acquired through debt obligations | $ 1,033,750 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1. Organization and Lines of Business Enterprise Diversified, Inc. (formerly White Dove Systems, Inc., Interfoods Consolidated, Inc., and then Sitestar Corporation) was incorporated in Nevada on December 17, 1992 . On June 1, 2018, the Company amended its Articles of Incorporation to change the name of the Company to “Enterprise Diversified, Inc.” Unless the context otherwise requires, and when used in this Report, the “Company,” “ENDI,” “we,” “our,” or “us” refers to Enterprise Diversified, Inc. and its subsidiaries. During the period ended June 30, 2019, the Company operated through five reportable segments : Asset Management Operations, Real Estate Operations, Internet Operations, Home Services Operations, and Other Operations. Other Operations include corporate operations and investment activity that is not considered to be one of our primary lines of business. As of January 1, 2019, legacy real estate operations, previously reported under Other Operations, are now being reported under the Real Estate Operations segment. As of the period ended June 30, 2019, and for all prior periods presented, home services operations are reported as discontinued operations. The management of the Company also continually reviews various investment opportunities, including those in other lines of business. Note Regarding Recent Transactions On May 24, 2019, as per the Current Report on Form 8 -K filed with the SEC on May 28, 2019, the Company completed an asset sale transaction of its Home Services Operations, via its subsidiary, Specialty Contracting Group, LLC (formerly known as HVAC Value Fund, LLC), to an unaffiliated third -party purchaser, Rooter Hero Plumbing, Inc. (“Rooter Hero”). In the transaction, the Company sold and conveyed all of the subsidiary’s personal property and customer lists and records, excluding stock inventory and other current assets. As part of the transaction, Rooter Hero assumed the subsidiary’s obligations under lease and/or loan agreements for all outstanding vehicles and equipment as well as the obligations to service all of the subsidiary’s customer accounts going forward. As consideration for the transaction, Rooter Hero will pay monthly royalties for the next sixty months following the closing, calculated on the basis of revenue received from the customer accounts sold. Under such royalty arrangements, the Company will receive 7.5% of monthly revenue generated from qualified sales during the first year, and 5% of monthly revenue during years two through five. The operations of Specialty Contracting Group, LLC are considered a component of, and the sale reflects a major strategic shift in, the Company’s business. As such, Specialty Contracting Group, LLC historical operations are now classified as “discontinued operations” in the Company’s financial statements. See Note 3 for more information. Additionally, on June 27, 2019, as per the Current Report on Form 8 -K filed with the SEC on July 3, 2019, the Company sold 65% of its membership interest in Mt Melrose, LLC to an unaffiliated third -party purchaser, Woodmont Lexington, LLC (“Woodmont”). As consideration for the transaction, Woodmont paid the Company $100,000 and agreed to assume full responsibility for the management and operation of Mt Melrose and its real estate portfolio. The Company has retained a 35% membership interest in Mt Melrose, with Woodmont now owning the other 65% membership interest. While the operations of Mt Melrose, LLC are considered a component of the Company’s business, the sale did not represent a major strategic shift in the Company’s business. While we deconsolidated the operations of Mt Melrose LLC on June 27, 2019 as a result of no longer having a controlling financial interest, Mt Melrose LLC’s historical operations continue to be reflected as “continuing operations” in the Company’s financial statements. See Note 4 for more information. Note Regarding Historic Consolidation of Old Mt. Melrose Previously, as of the quarterly periods ended March 31, 2018, June 30, 2018, and September 30, 2018, the Company had determined that Old Mt. Melrose (as defined below) was a “variable interest entity” because the seller’s equity interests in Old Mt. Melrose were not effective in determining whether the seller or New Mt Melrose (as defined below) had a controlling financial interest, and that New Mt Melrose’s rights under the Cash Flow Agreement were deemed to be variable interests in Old Mt. Melrose. As its primary beneficiary, New Mt Melrose previously consolidated Old Mt. Melrose’s financial results beginning on January 10, 2018. The fair values of the assets and liabilities of Old Mt. Melrose had been allocated accordingly on the unaudited condensed consolidated balance sheets for the quarterly periods ended March 31, 2018, June 30, 2018, and September 30, 2018. However, as of November 1, 2018, pursuant to a certain Termination of Master Real Estate Asset Purchase Agreement and Cash Flow Agreement, New Mt Melrose no longer had a controlling financial interest in Old Mt. Melrose and was no longer considered Old Mt. Melrose’s primary beneficiary. Consequently, as of November 1, 2018, the Company no longer consolidates the fair values of the assets and liabilities of Old Mt. Melrose, and the balance of noncontrolling interest as of December 31, 2018 , is appropriately reflected as zero on the accompanying unaudited consolidated statements of stockholders’ equity. See Note 5 for additional information. Asset Management Operations Enterprise Diversified, Inc. created a wholly owned asset management subsidiary on October 10, 2016, named Willow Oak Asset Management, LLC (“Willow Oak”). In 2016, the Company agreed to make a seed investment totaling $10 million through Willow Oak in Alluvial Fund, LP, a private investment partnership that was launched on January 1, 2017. Under a side letter agreement between Willow Oak, Alluvial Fund, and the fund’s general partner, Willow Oak may not make a full withdrawal from its capital account prior to a date five years after the effective date of the side letter agreement. However, on January 1, 2018, pursuant to an amendment to the side letter agreement dated December 15, 2017, the Company caused $3.0 million to be withdrawn from Alluvial Fund in order to partially fund the Company’s acquisition of real estate from Old Mt. Melrose (as defined below). Alluvial Fund focuses on investing in what it believes are deeply mispriced securities in the United States and abroad. Alluvial Fund focuses on small companies, thinly traded issues, and special situations, seeking to identify value that its management believes the market has yet to recognize. Willow Oak signed a fee share agreement on June 13, 2017, with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, who is also an ENDI director. Willow Oak is the sole member of Bonhoeffer Capital Management, LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are not partnership expenses under the limited partnership agreement and Willow Oak receives 50% of all performance and management fees earned by the general partner. Bonhoeffer Fund utilizes a value-oriented approach to invest in undervalued businesses worldwide that show evidence of compound mispricings, miscategorized business classifications, or are in a state of distress and/or transition exhibiting recurring revenue. On November 1, 2018, Willow Oak entered into a fund management services agreement with Arquitos Investment Manager, LP, which is managed by our chairman and principal executive officer, Steven L. Kiel, to provide Arquitos with Willow Oak Fund Management Services (“FMS”) consisting of the following services: investor relations, marketing, administration, legal, accounting and bookkeeping, annual audit, and liaison to third -party service providers. As consideration for the services, Arquitos pays Willow Oak a fixed fee and a fee share. Real Estate Operations ENDI created a wholly owned subsidiary named Mt Melrose, LLC, a Delaware limited liability company (“New Mt Melrose”), on January 10, 2018, which has acquired a portfolio of residential and other income-producing real estate in Lexington, Kentucky, pursuant to a certain Master Real Estate Asset Purchase Agreement entered into on December 10, 2017, with a like-named seller, Mt. Melrose, LLC (“Old Mt. Melrose”), a Kentucky limited liability company owned by Jeff Moore, formerly an ENDI director. On January 10, 2018, New Mt Melrose, consistent with the terms of the purchase agreement, completed a first acquisition from Old Mt. Melrose of 44 residential and other income-producing real properties located in Lexington, Kentucky. On June 29, 2018, New Mt Melrose, consistent with the terms of the purchase agreement, completed a second acquisition from Old Mt. Melrose of an additional 69 residential and other income-producing real properties located in Lexington, Kentucky. The Company accounted for the first and second purchases of properties as an asset acquisition (consisting of a concentrated group of similar identifiable assets, including land, buildings, improvements, and in-place leases) following the guidance contained in ASU No. 2017 - 01 “Clarifying the Definition of a Business” (Topic 805 ). On June 27, 2019, the Company sold 65% of its membership interest in Mt Melrose, LLC. The Company deconsolidated the operations of Mt Melrose, LLC on June 27, 2019 as a result of no longer having a controlling financial interest. See Notes 4 and 5 for more information. Pursuant to that certain Termination of Master Real Estate Asset Purchase Agreement entered into effective November 1, 2018, between the Company and Old Mt. Melrose, the parties mutually agreed to terminate the Master Real Estate Asset Purchase Agreement as of November 1, 2018. Accordingly, neither the Company nor New Mt Melrose has any further rights or obligations concerning additional acquisitions of real properties from Old Mt. Melrose under the Master Real Estate Asset Purchase Agreement. A third -party property manager was engaged as of November 1, 2018, to manage certain of the real properties previously acquired. Management determined that it was necessary to right-size New Mt Melrose operations to reduce its level of high-interest debt. Accordingly, New Mt Melrose began to immediately sell various properties with an emphasis on selling properties that h ave high-interest-rat e loans and do not produce income. In an effort to expedite the optimization of the Mt Melrose portfolio, management determined that a dedicated operator was necessary to manage the subsidiary. On June 27, 2019, as per the Current Report on Form 8 -K filed with the SEC on July 3, 2019, the Company sold 65% of its membership interest in Mt Melrose, LLC to an unaffiliated third -party purchaser, Woodmont Lexington, LLC (“Woodmont”). As consideration for the transaction, Woodmont paid the Company $100,000 and agreed to assume full responsibility for the management and operation of Mt Melrose and its real estate portfolio. The Company has retained a 35% membership interest in Mt Melrose, with Woodmont now owning the other 65% membership interest . See Note 4 for more information. ENDI created a wholly owned real estate subsidiary on July 10, 2017, named EDI Real Estate, LLC, to hold ENDI’s legacy portfolio of real estate. As of June 30, 2019 , through EDI Real Estate, LLC, ENDI owns a legacy real estate investment portfolio that includes nine residential properties and vacant land. Our real estate portfolio under EDI Real Estate, LLC is primarily focused in the Roanoke area of Virginia. The portfolio includes single-family homes that are currently rented and managed through a third -party property manager, as well as a vacant property being prepared for rent. Internet Operations The Company operates its internet segment through Sitestar.net, a wholly owned subsidiary that offers consumer and business-grade internet access, wholesale managed modem services, web hosting, third -party software as a reseller, and various ancillary services. Sitestar.net provides services to customers in the United States and Canada. Home Services Operations Prior to May 24, 2019, Company operated its home services segment through its wholly owned subsidiary, Specialty Contracting Group, LLC (formerly known as HVAC Value Fund, LLC). Specialty Contracting Group was focused on the management of HVAC and plumbing companies in Arizona. The Company, along with JNJ Investments, LLC, an unaffiliated third party, organized and launched Specialty Contracting Group, LLC on June 13, 2016. On May 18, 2018, the Company terminated its operating agreement with JNJ Investments, LLC, dated June 13, 2016. As of December 31, 2017, Specialty Contracting Group had closed on six acquisitions for an aggregate purchase price of approximately $2.02 million, which included earn-outs of approximately $325,000. For all six acquisitions, all asset allocations made by management are final and all earn-outs have been paid in full as of December 31, 2018. On May 24, 2019, as per the Current Report on Form 8 -K filed with the SEC on May 28, 2019, the Company completed an asset sale transaction of its Home Services Operations to an unaffiliated third -party purchaser, Rooter Hero Plumbing, Inc. (“Rooter Hero”). In the transaction, the Company sold and conveyed all of Specialty Contracting Group’s personal property and customer lists and records, excluding stock inventory and other current assets. As part of the transaction, Rooter Hero assumed the subsidiary’s obligations under lease and/or loan agreements for all outstanding vehicles and equipment as well as the obligations to service all of the subsidiary’s customer accounts going forward. As consideration for the transaction, Rooter Hero will pay monthly royalties for the next sixty months following the closing, calculated on the basis of revenue received from the customer accounts sold. Under such royalty arrangements, the Company will receive 7.5% of monthly revenue generated from qualified sales during the first year, and 5% of monthly revenue during years two through five. See Note 3 for more information. Other Operations Other operations include investment activity and other corporate operations that are not considered to be one of the Company’s primary lines of business. Below are the main business units that comprise other operations. Additional investment activity that is not specifically mentioned below is included in the accompanying unaudited consolidated financial statements. Huckleberry Real Estate Fund Investment On January 30, 2017, the Company, through Willow Oak, committed to make a capital contribution to Huckleberry Real Estate Fund II, LLC, a private investment fund, in the aggregate amount of $750,000. On May 14, 2018, Willow Oak transferred the Huckleberry investment to EDI Real Estate, LLC, another wholly owned subsidiary of the Company. Under the fund’s operating agreement, the fund’s managing member shall have sole discretion regarding the amounts and timing of any distributions to the members of the fund. The carrying value of this investment included in the accompanying unaudited condensed consolidated balance sheets as of June 30, 2019 , and December 31, 2018 , is $0 and $468,750, respectively. The decrease in carrying value period over period was due to return of capital that was received prior to June 30, 2019. During the quarter ended March 31, 2019, a gain of $212,631 was recognized as revenue through other segments on the accompanying unaudited condensed consolidated statements of operations. Triad DIP Investors Investment On August 24, 2017, the Company entered into an agreement with several independent third parties to provide debtor-in-possession financing to an unaffiliated third party, Triad Guaranty, Inc., through Triad DIP Investors, LLC. The Company originally contributed $100,000. Triad Guaranty, Inc. exited bankruptcy on April 27, 2018 , and the Company subsequently entered into an amended and restated promissory note. As part of the amended and restated promissory note, the Company provided an additional contribution in the amount of $55,000 on May 18, 2018. The terms of the promissory note provide for interest in the amount of 10% annually, a repayment date no later than April 29, 2020 , and the issuance of warrants in Triad Guaranty, Inc. equal to 2.5% of the company. Accordingly, on April 28, 2018, the Company was issued warrants to purchase 450,000 shares for $0.01 per share. Corporate Operations The corporate segment includes any revenue or expenses derived from corporate office operations, as well as expenses related to public company reporting, the oversight of subsidiaries, and other items that affect the overall Company. Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including: Willow Oak Asset Management, LLC, Willow Oak Capital Management, LLC, Mt Melrose, LLC (“New Mt Melrose”) prior to the loss of control resulting from the sale of 65% of the equity in New Mt. Melrose on June 27, 201 9 (see Note 4 ), Specialty Contracting Group, LLC prior to its asset sale on May 24, 2019 ( see Note 3 ), Sitestar.net, Inc., and EDI Real Estate, LLC. Additionally, during the period from January 10, 2018, through September 30, 2018, the accompanying unaudited consolidated financial statements include the accounts of Old Mt. Melrose, which was, at that time, determined to be a variable interest entity. All intercompany accounts and transactions have been eliminated in consolidation. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. Generally Accepted Accounting Principles (“GAAP”) for complete financial statements. The December 31, 2018 consolidated balance sheet included herein was derived from audited consolidated financial statements as of that date. Certain information and footnote disclosure normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. We believe that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim consolidated financial statements are read in conjunction with the audited financial statements and notes previously filed in our Annual Report on Form 10 -K for the year ended December 31, 2018 . In the opinion of management, the unaudited interim consolidated financial statements reflect all the adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2019 and the results of operations for the three and six months ended June 30, 2019 and 2018 . Use of Estimates In accordance with GAAP in the United State of America, the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including, among other items, those related to fair value of investments, revenue recognition, accrued expenses, financing operations, fair value of goodwill, fixed asset lives and impairment, lease right-of-use assets and impairment, deferred tax assets, liabilities and valuation allowance, other assets, the present value of lease liabilities, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. These accounting policies are described at relevant sections in the notes to the consolidated financial statements. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and accounts receivable. The Company places its cash with high-quality financial institutions and, at times, may exceed the FDIC and CDIC insurance limit. The Company extends credit based on an evaluation of customers’ financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company defines cash equivalents as all highly liquid instruments purchased with a maturity of three months or less. Investments The Company holds various recurring investments through its asset management and real estate segments. Additionally, one -time investments can be held and reported under the Company’s “other” segment. Assets held through these segments do not have a readily determinable value as these investments are not publicly traded, nor do they have published sales records. These investments are remeasured to fair value on a recurring basis. See Note 6 for more information. As of June 30, 2019, the Company also holds its remaining 35% investment in Mt Melrose, LLC through its real estate segment. The Company has determined that its remaining equity investment does not have a readily determinable fair value and will account for the investment at cost, less any impairment, as adjusted for changes resulting from observable price changes. When fair value becomes determinable, the investment will be marked to fair value on a periodic basis. Accounts Receivable The Company grants credit in the form of unsecured accounts receivable to its customers. The estimate of the allowance for doubtful accounts, which is the recorded allowance for doubtful accounts and bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are written off from the allowance for doubtful accounts when an account or invoice is individually determined to be uncollectible. Real estate segment rental accounts are typically paid by tenants via cash or check no later than the fifth of the month. Any accounts collected after the fifth are charged either a flat-rate late fee or a daily-rate late fee based upon the lease agreement. If payments are not provided in a timely manner, then the amount due is designated as an account receivable. If accounts remain uncollected, then standard operating procedures are followed to commence a notice process for the tenant to either pay the amount due or vacate the property. Accounts receivable from rental revenue are generally considered unrecoverable after 90 days unless the Company reasonably believes that recovery is probable. These procedures typically result in low amounts of past due receivables. The internet segment attempts to reduce the risk of non-collection by including a late-payment fee and a manual-processing-payment fee to customer accounts. Receivables more than 90 days past due are no longer included in accounts receivable and are turned over to a collection agency. Accounts receivable more than 30 days are considered past due. Sales of home services are typically paid via credit card or check upon completion of service. Sales that are not collected upon completion are generally to existing and repeat customers who have established a track record of timely payments. Generally, accounts receivable more than 60 days are considered past due. Inventory Inventory is carried on the balance sheet at either the lower of purchased cost or net realizable value. Inventory is evaluated periodically for any obsolete or damaged stock. Property and Equipment Property and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized. Gains and losses on disposals are included in the results of operations. Depreciation is computed using the straight-line method based on the estimated useful lives for each of the following asset classifications: Equipment (in years) 7 Building improvements (in years) 15 Buildings (in years) 27.5 - 39 Impairment of Long-Lived Assets Long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, then the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. Long-lived assets to be disposed are reported at the lower of carrying amount or fair value of the asset less cost to sell. Goodwill and Other Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method of accounting. The Company tests its goodwill annually during the fourth quarter of its fiscal year or when events and circumstances indicate that those assets might not be recoverable. Impairment testing of goodwill is required at the reporting-unit level (operating segment or one level below operating segment). The impairment test involves calculating the impairment of goodwill based solely on the excess of the carrying value of the reporting unit over the fair value of the reporting unit. Prior to performing the impairment test, the Company may make a qualitative assessment of the likelihood of goodwill impairment to determine whether a detailed quantitative analysis is required. The Company estimates the fair value of its reporting units using discounted expected future cash flows. During the year ended December 31, 2018 , an impairment adjustment of $754,958 was recorded to goodwill held through the home services segment. As noted above, various qualitative factors were considered before preparing a quantitative analysis. Qualitatively, a general under performance of previously acquired home services businesses triggered the quantitative analysis. As part of the quantitative analysis, management estimated the fair value of the home services segment at the enterprise level using a discounted cash flow approach. The results were then tested for reasonableness using a market approach by analyzing comparable firms’ growth rates, margins, capital expenditures, and working capital requirements. During the period ended June 30, 2019 , included in the amount recorded as a loss on the sale of Specialty Plumbing Group, LLC’s assets, is an additional goodwill write-down in the amount of $1,024,592. This write-down eliminated all remaining goodwill previously held under the home services segment. Intangible assets consist of domain names attributed to the internet segment. The Company owns 228 domain names, of which 106 are available for sale. These domains are valued at historical cost. When management determines material intangible assets are acquired in conjunction with the purchase of a business, the Company determines the fair values of the identifiable intangible assets by taking into account internal and external appraisals. Intangible assets determined to have definite lives are amortized over their estimated useful lives. Real Estate Real estate properties held for resale are carried at the lower of cost or fair market value. All costs directly related to the improvement and carrying of real estate are capitalized, including renovations and property taxes, to the extent the capitalized costs of the property do not exceed the estimated fair value of the property. If the cost of the real estate exceeds the estimated fair value, the excess is charged to expense. Fair value is estimated based on comparable sales in the geographic area in which the real estate is located. Fair value is evaluated annually by management or when events or changes in circumstances indicate the carrying value of the real estate may not be recoverable. During the year ended December 31, 2018 , an impairment adjustment of $964,743 was recorded to real estate held for resale through Mt Melrose, LLC in order to properly reflect market value for those properties held at the end of the year. This adjustment was the result of 62 properties being transitioned to “held for sale” from “held for investment” as part of a portfolio redirection. See Note 5 for more information. Recent tax assessments, valuations, and local real estate agents were used to value this portfolio of held-for-sale properties. During the period ended June 30, 2019 , prior to the loss of control and deconsolidation of Mt Melrose, LLC (see Note 4 ), an impairment adjustment of $126,827 was recorded on the commercial warehouse in Lexington, Kentucky in order to properly reflect market value for a pending sale as of the period ended June 30, 2019. During the year ended December 31, 2018 , an impairment adjustment of $64,038 was recorded to real estate held for resale through EDI Real Estate, LLC in order to properly reflect market value for those properties held during the year. This adjustment was the result of a deteriorating building that was purchased by prior management in 1998. During the period ended June 30, 2019 , an impairment adjustment of $39,972 was recorded on the remaining vacant lots held for sale through EDI Real Estate, LLC in order to properly reflect market value as of the period ended June 30, 2019. The geographic location and lack of surrounding infrastructure has significantly hindered sales efforts of these lots. Real estate properties held for investment are carried at the cost basis plus additional costs where the cost extended the life of or added value to the property. Otherwise, the cost is expensed as incurred. Properties categorized as real estate held for investment are not expected by management to be sold in the next 12 months. This determination is periodically reviewed by management. Accrued Bonus Accrued bonuses represent performance-based incentives that have not yet been paid. The bonus structures are a pre-approved part of a formal employment agreement. These bonus amounts are accrued when earned and able to be estimated, and are paid annually after financial records are finalized. Other Accrued Expenses Other accrued expenses represent incurred but not yet paid expenses from payroll accruals, vacation accruals, professional fees, and other accrued taxes. Leases As of the period ended March 31, 2019 the Company adopted ASU No. 2016 - 02, “Leases” (Topic 842 ), which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. Accordingly, at the inception of a contract we determine if the arrangement is, or contains, a lease. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term; for finance leases, a portion of rent expense is classified as interest expense. The Company has made certain accounting policy elections whereby it (i) does not recognize ROU assets or lease liabilities for short-term leases (those with original terms of 12 months or less) and (ii) combines lease and non-lease elements of their leases. Lease ROU assets are included in other long-term assets, financed lease assets are included in property and equipment, and lease liabilities are included in other current and long-term liabilities in the unaudited condensed consolidated balance sheets. Revenue Recognition Asset Management and Other Investment Revenue The Company earns revenue from investments through various fee share and consulting agreements, as well as through realized and unrealized gains and losses, which may result in negative period or quarterly revenues. Management fees earned are recorded and paid out monthly and are included in revenue on the accompanying unaudited condensed consolidated statements of operations. Performance fees earned are accrued monthly, paid out annually, and are also included in revenue on the accompanying unaudited condensed consolidated statements of operations. Consulting fees are billed out monthly after services have been performed. As long-term investments do not qualify as available-for-sale securities, long-term investments are marked to market at the end of each reporting period. Realized and unrealized gains and losses are recognized as revenue in the period of adjustment. Management notes that the structure of these arrangements leaves a very low possibility for nonperformance. While the amount of revenue varies from month to month, collectability is very high. No contract assets or liabilities are recognized or incurred. Additionally, the Company earns revenue from direct investments in various funds, primarily the Alluvial Fund. Due to the nature of the investment, the company follows investment company GAAP rules for revenue recognition. This results in the unrealized gains and losses within the fund being recognized as revenue, or a decrease in revenue, on the accompanying unaudited condensed consolidated statements of operations. Real Estate Revenue The Company earns real estate revenue through rental agreements on real estate held for investment, as well as through the sale of real estate held for resale. Rental revenue from real estate held for investment is recognized when it is earned, generally on the last day of each month or at another regular period agreed upon by the Company and the tenant. Tenants generally provide a security deposit at the time of possession. This deposit is held separately from revenue and only applied to revenue when rental payment comparable to the security deposit amount is not provided in a timely manner and considered unlikely to be recovered. Otherwise, the security deposit is returned in a timely manner after the property is surrendered back to the Company. Management has concluded that the nature of the performance obligation is cyclical and predictable with a very low possibility for nonperformance. No contract assets or liabilities are recognized or incurred. Revenue from real estate held for resale is recognized upon closing of the sale (transfer of control), as all conditions for full revenue recognition have been met at that time. All costs associated with the property sold are removed from the consolidated balance sheets and charged to cost of revenue at that time. Internet Revenue The Company sells internet services under annual and monthly contracts. Under the annual contracts, the subscriber pays a one -time annual fee, which is recognized as revenue ratably over the life of the contract. Under the monthly contracts, the subscriber is billed monthly and revenue is recognized for the period to which the service relates. Domain name registration revenue is recognized at the point of registration. Sales of computer hardware are recognized as revenue upon delivery and acceptance of the product by the customer. Sales are adjusted for any returns or allowances. Management has concluded that the nature of the performance obligation is cyclical with a very low possibility for nonperformance. No contract assets or liabilities are recognized or incurred. The Company generates revenue in its internet segment from consumer and business-grade internet access, wholesale managed modem services for downstream ISPs, web hosting, third -party software as a reseller, and various ancillary services in the United States and Canada. Services include narrow-band (dial-up and ISDN) and broadband services (DSL, fiber-optic, and wireless), web hosting, and additional related services to consumers and businesses. Customers may also subscribe to web hosting plans to include email access and storage. Internet revenue is affected by the changing composition of revenue sources. In some years, this shift can be significant. Home Services Revenue Prior to the sale on May 24, 2019, the Company performs HVAC and plumbing service repairs and installs HVAC units for its customers through its home services segment. Revenue is recognized upon completion of the installation or service call. Sales are adjusted for any returns or allowances. A return or allowance situation would arise based on the two -year workmanship warranty that typically conveys with the installation of a new unit. There is also a two -year assurance warranty on newly installed parts and equipment that is honored by the manufacturer. If an installation is performed over multiple days, then it is accounted for using work-in-process (WIP) accounting in accordance with GAAP. Contract progress is measured by comparing materials and labor hours incurred to materials and labor hours expected per the contract. These types of contracts are typically completed within one month’s time. A small portion of revenue is from the sale of annual service agreements. Revenue attributable to these agreements is appropriately recognized over the life of the agreement. If payment is received prior to contract completion, then the amount of revenue attributable to the unperformed work is designated as unearned revenue. If payment is not provided in advance or at the time of service or installation completion, then the amount due is recognized as revenue and as an account receivable. Management acknowledges that these performance obligations are recognized at the completion of each contract, whether it be at a point in time or over a period of time. As the customer controls the asset and has the right to use during the contract, the Company has the right to payment for performance completed to date. No contract assets or liabilities are recognized or incurred. Deferred Revenue Deferred revenue represents collections from customers in advance of internet or real estate rental services to be performed. Revenue is recognized when performance obligations have been met. Income Taxes Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment, inclusive of the recent tax reform act. The most recent three tax years, fiscal years ended December 31, 2018 , December 31, 2017, and December 31, 2016, are open to potential IRS examination. Income Per Share The basic income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed similarly to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company has no potentially dilutive securities. Other Comprehensive Income Other comprehensive income is the result of the previous impact of foreign currency translations related to the Company’s operations in Canada. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016 - 02, “Leases” (Topic 842 ). The guidance in ASU No. 2016 - 02 supersedes the lease recognition requirements in ASC Topic 842, Leases. ASU No. 2016 - 02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU No. 2016 - 02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance, effective January 1, 2019, using the following practical expedients: ● The Company did not reassess if any expired or existing contracts are leases or contain leases ● The Company did not reassess the classification of any expired or existing leases ● The Company did not reassess whether the classification of existing costs associated with expired or existing leases should be classified as initial direct costs Additionally, the Company made ongoing accounting policy elections whereby it (i) does not recognize right-of-use (ROU) assets or lease liabilities for short-term leases (those with original terms of 12 months or less) and (ii) combines lease and non-lease elements of our leases. Upon adoption of the new guidance on January 1, 2019, the Company recorded a ROU asset of approximately $184,000 (net of existing deferred rent liability) and recognized a lease liability of approximately $186,000, with no resulting cumulative effect adjustment to retained earnings. In January 2016, the FASB issued ASU No. 2016 - 01 “Financial Instruments - Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities.” Although the ASU retains many of the current requirements for financial instruments, it significantly revises an entity’s accounting related to ( 1 ) the classification and measurement of investments in equity securities, and ( 2 ) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017; earlier adoption was permitted under certain criteria. The Company adopted this standard in the first quarter of 2018. The application of the standard has not significantly impacted the Company. In January 2017, the FASB issued ASU No. 2017 - 01 “Clarifying the Definition of a Business” (Topic 805 ). The amendments in the update provide a screen to determine when a set is not a business. If the screen is not met, the amendments in the update ( 1 ) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output, and ( 2 ) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. Lastly, the amendments in the update narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017; earlier adoption was permitted under certain criteria. The Company adopted this ASU on January 1, 2018. While this ASU did not have a material effect on the Company’s financial statements on the date of adoption, the Company did follow the new guidance in determining that its acquisition of properties from Old Mt. Melrose in January 2018 was an asset acquisition . See Note 5 for additional information. |
Note 3 - Home Services Subsidia
Note 3 - Home Services Subsidiary Asset Sale | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 3. On May 24, 2019, 8 May 28, 2019, third sixty 7.5% first 5% two As reported in prior periods, the home services subsidiary had failed to meet approved budgets and had under-performed since its inception in 2016. not not not The decision was made to exit the business during the quarter ended June 30, 2019. $1,158,733, June 30, 2019. 50% not A breakdown of discontinued assets and liabilities as reported on the face of the accompanying unaudited condensed financial statements for the periods ended June 30, 2019 December 31, 2018 June 30, 2019 (unaudited) December 31, 2018 Cash and cash equivalents $ 23,025 $ 23,954 Accounts receivable 51,896 136,785 Other current assets 120,627 71,624 Total current assets - held for resale 195,548 232,363 Property and equipment, net — 270,603 Goodwill — 1,024,591 Other long-term assets — 5,375 Total long-term assets - held for resale — 1,300,569 Accounts payable 151,004 75,208 Accrued expenses 2,490 80,146 Other current liabilities 66,199 3,435 Notes payable, current — 158,698 Total current liabilities - held for resale 219,693 317,487 Notes payable, long-term - held for resale — 50,738 Total long-term liabilities - held for resale $ — $ 50,738 A breakdown of the initial recorded pre-tax loss as reported on the accompanying unaudited condensed consolidated statements of operations as of the period ended June 30, 2019 May 24, 2019. Sale of vehicles, equipment, and furniture, net of depreciation $ 230,578 Write down of remaining goodwill 1,024,592 Total carrying value of assets sold 1,255,170 Vehicle and equipment notes payable assumed by the buyer 76,791 Service agreements assumed by the buyer 19,646 Total carrying value of liabilities assumed 96,437 Net loss on sale of subsidiary, pre-tax $ 1,158,733 A reconciliation of discontinued operations as reported on the accompanying unaudited condensed consolidated statements of operations for the three six June 30, 2019 June 30, 2018 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Revenues $ 318,886 $ 1,019,667 $ 675,963 $ 1,645,506 Cost of revenues 211,384 634,308 432,872 1,122,983 Gross profit 107,502 385,359 243,091 522,523 Selling, general and administrative expenses 215,381 359,015 489,814 669,885 Loss on sale of subsidiary 1,158,733 — 1,158,733 — Other income (expense), net (3,759 ) 6,282 (4,549 ) 1,601 Total other income (expense) (1,162,492 ) 6,282 (1,163,282 ) 1,601 Net income (loss) reported as discontinued operations $ (1,270,371 ) $ 32,626 $ (1,410,005 ) $ (145,761 ) |
Note 4 - Sale of Controlling In
Note 4 - Sale of Controlling Interest in Real Estate Subsidiary | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Controlling Stock Sale of Real Estate Subsidiary [Text Block] | NOTE 4. Transaction On June 27, 2019, 65% third Woodmont $100,000 35% 65% The Company had grown uncomfortable with the extreme amounts of high priced debt that the subsidiary had taken on since January 2018 12 not November 1, 2018, third not June 27, 2019, In connection with the transaction, the Company and Woodmont entered into a certain Amended and Restated Limited Liability Company Agreement of Mt Melrose, LLC dated June 27, 2019 ( A&R LLC Agreement two one three not Under the terms of the A&R LLC Agreement, distributions of cash, from whatever source, may $2,000,000 $2,000,000 $3,000,000 67% 33% $3,000,000 Deconsolidation Due to Transfer of Control Prior to the sale of Mt Melrose interest, the Company owed 100% By virtue of the revised LLC operating agreement, and the aforementioned standstill agreement, Woodmont is the sole “manager” responsible for all management and operating decisions of Mt Melrose. Management determined that as of June 30, 2019, no no June 30, 2019 June 30, 2019, 35% Accounting for Remaining Mt Melrose Investment The Company adopted ASU 2016 01 January 1, 2018. 2016 01 not not Using the $100,000 65% 35% $53,846. June 30, 2019. Effective on June 27, 2019, $3,519,053, June 30, 2019. |
Note 5 - Asset Acquisition of R
Note 5 - Asset Acquisition of Real Estate Properties | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Asset Acquisitions of Real Estate Properties Disclosure [Text Block] | NOTE 5. Historical Acquisition On December 10, 2017, On January 10, 2018, first 44 $3,956,389, $500,000 120,602 $1,658,270, $1,798,119 The Company accounted for the initial purchase of properties as an asset acquisition (consisting of a concentrated group of similarly identifiable assets, including land, buildings, improvements, and in-place leases) following the guidance contained in ASU No. 2017 01. $45,250 Land $ 800,328 Buildings 3,201,311 Total Value $ 4,001,639 On June 29, 2018, second 69 $5,174,722, 148,158 $2,407,564, $2,767,158 The Company accounted for the second No. 2017 01. $7,394 Land $ 1,036,423 Buildings 4,145,692 Total Value $ 5,182,115 Pursuant to that certain Termination of Master Real Estate Asset Purchase Agreement entered into effective November 1, 2018, November 1, 2018. third November 1, 2018, not In an effort to expedite the optimization of the Mt Melrose portfolio, management determined that a dedicated operator was necessary to manage the subsidiary. On June 27, 2019, 8 July 3, 2019, 65% third $100,000 35% 65% terest. See Note 4 Historical Variable Interests As of the quarterly periods ended March 31, 2018, June 30, 2018, September 30, 2018, not January 10, 2018 may January 10, 2018. March 31, 2018, June 30, 2018, September 30, 2018. not As of November 1, 2018, no November 1, 2018, no November 1, 2018, no June 30, 2019 December 31, 2018 zero |
Note 6 - Investments
Note 6 - Investments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | NOTE 6. Certain assets held through Willow Oak Asset Management, LLC, Enterprise Diversified, Inc., Mt Melrose, LLC (prior to the loss of control resulting from the sale of 65% June 27, 2019 ( 4 not not 820 10. not 3 Cost Basis Unrealized Gain (Loss) Fair Value June 30, 2019 Alluvial Fund, LP $ 7,032,936 $ 2,625,670 $ 9,658,606 Willow Oak Select Fund, LP 22,132 690 22,822 Mt Melrose, LLC 53,846 — 53,846 Total $ 7,108,914 $ 2,626,360 $ 9,735,274 Cost Basis Unrealized Gain Fair Value December 31, 2018 Alluvial Fund, LP $ 7,023,676 $ 1,422,812 $ 8,446,488 Huckleberry Real Estate Fund II, LLC 468,750 — 468,750 Total $ 7,492,426 $ 1,422,812 $ 8,915,238 |
Note 7 - Fair Value of Assets a
Note 7 - Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 7. The Company has adopted FASB ASC 820, Fair Value Measurements 820 820 three ● Level 1 ● Level 2 1 2 ● Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company valued its investments at fair value at the end of each reporting period. See description of these investments in Note 6 (Level 1) (Level 2) (Level 3) (Excluded) (a) Total at Fair Value June 30, 2019 Alluvial Fund, LP $ — $ — $ — $ 9,658,606 $ 9,658,606 Willow Oak Select Fund, LP — — — 22,822 22,822 Total investments $ — $ — $ — $ 9,681,428 $ 9,681,428 (Level 1) (Level 2) (Level 3) (Excluded) (a) Total at Fair Value December 31, 2018 Huckleberry Real Estate Fund II, LLC $ — $ — $ 468,750 $ — $ 468,750 Alluvial Fund, LP — — — 8,446,488 8,446,488 Total investments $ — $ — $ 468,750 $ 8,446,488 $ 8,915,238 (a) In accordance with Subtopic 820 10, not Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company analyzes goodwill on an annual basis or whenever events or changes in circumstances indicate potential impairments. During the year ended December 31, 2018 $754,958 1, The Company values real estate held on the balance sheet on an annual basis or whenever events or changes in circumstances indicate a change in their fair market value. During the year ended December 31, 2018 $964,743 62 5 June 30, 2019 $126,827 June 30, 2019. During the year ended December 31, 2018 $64,038 1998. June 30, 2019 $39,972 June 30, 2019. As discussed in Note 5, January 2018, first 44 $3,956,389. June 2018, second 69 $5,174,722. 3 As discussed in Note 4, The Company analyzes the carrying value of property and equipment and lease right-of-use assets on an annual basis or whenever events or changes in circumstances indicate potential impairments. |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 8. The cost of property and equipment at June 30, 2019 December 31, 2018 2019 2018 Building $ — $ 836,827 Computers and equipment 17,330 17,330 Furniture and fixtures 3,000 90,919 Land — 145,000 20,330 1,090,076 Less accumulated depreciation (9,189 ) (70,334 ) Property and equipment, net $ 11,141 $ 1,019,742 Depreciation expense was $23,127 three June 30, 2019 $44,038 June 30, 2018. $421 $13,011 June 30, 2019 2018 The decrease in depreciation expense is due to the sale of the home services vehicles and equipment during the period ended June 30, 2019. As of the period ended June 30, 2019, $822,829 December 31, 2018, $73,212 $2,318,912 The building owned by the Company is a multipurpose warehouse space located in Lexington, Kentucky. This building was previously owned by Mt Melrose, LLC, but was excluded from the June 27, 2019 June 30, 2019, June 27, 2019. June 30, 2019 $126,827 June 30, 2019. December 31, 2018 no June 30, 2019 December 31, 2018 Real estate held for resale $ 822,904 $ 2,318,912 Equipment and vehicles held for resale — 73,212 Total assets held for resale $ 822,904 $ 2,392,124 |
Note 9 - Real Estate
Note 9 - Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | NOTE 9. Mt Melrose, LLC As described in Note 4, no June 30, 2019 June 30, 2019, December 31, 2018, December 31, 2018 Mt Melrose December 31, 2018 Units occupied or available for rent 98 Vacant units being prepared for rent 15 Total units held for investment 113 Residential and commercial units 48 Vacant lots 9 Total units held for resale 57 As of December 31, 2018, December 31, 2018, As of the year ended December 31, 2018 Mt Melrose December 31, 2018 Total real estate held for investment $ 9,049,945 Accumulated depreciation (159,514 ) Real estate held for investment, net $ 8,890,431 Real estate held for resale $ 2,278,865 For the period ended June 30, 2019 $62,393 June 30, 2018, $40,938. During the period ended June 30, 2019 , Mt Melrose sold fourteen one $654,000 $78,596. $669,980, $15,980. not June 30, 2018. Mt Melrose did not June 30, 2019 December 31, 2018 June 30, 2019 June 30, 2018, 34 $1,065,229. During the year ended December 31, 2018, $964,743 62 EDI Real Estate, LLC As of the period ended June 30, 2019 December 31, 2018 EDI Real Estate June 30, 2019 December 31, 2018 Units occupied or available for rent 7 6 Vacant units being prepared for rent 2 3 Total units held for investment 9 9 Vacant lots held for resale 3 3 The leases in effect, as of the period ended June 30, 2019 EDI Real Estate June 30, 2019 December 31, 2018 Total real estate held for investment $ 717,456 $ 710,022 Accumulated depreciation (118,996 ) (107,576 ) Real estate held for investment, net $ 598,460 $ 602,446 Real estate held for resale $ 75 $ 40,047 For the period ended June 30, 2019 $6,116. June 30, 2018, $5,304. EDI Real Estate did not June 30, 2019 2018. During the period ended June 30, 2019, $39,972 June 30, 2019. December 31, 2018 $64,038 Future Minimum Rental Revenues The future anticipated minimum rental revenues based on leases in place as of June 30, 2019 2019 $ 37,150 2020 8,695 2021 — Total $ 45,845 |
Note 10 - Notes Payable
Note 10 - Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10. Notes payable at June 30, 2019 December 31, 2018 Interest Rates Average Term 2019 2018 Interest-bearing amounts due on traditional mortgages on real estate held through Mt Melrose, LLC 4.38% - 5.75% 14 years $ — $ 4,505,139 Interest-bearing amounts due on hard money loans on real estate held through Mt Melrose, LLC 10.00% - 13.00% 2 years — 2,379,851 Interest-bearing amount due on promissory note on warehouse 8.00% 1 year 300,000 — Interest-bearing amounts due on promissory notes 10.00% 1 year 54,683 131,279 Non-interest-bearing amount due on promissory notes 0.00% 1 year 210,438 218,270 Equipment and vehicle capital leases and loans acquired by HVAC Value Fund, LLC 0.00% - 4.90% 5 years — 55,797 Vehicle loans through HVAC Value Fund, LLC 5.99% 5 years — 53,638 Interest-bearing amount due on promissory note through EDI Real Estate, LLC 5.60% 15 years 378,912 384,304 Interest-bearing amount due on real estate held for investment through EDI Real Estate, LLC 6.00% 5 years 137,600 137,600 Less notes related to discontinued operations (209,436 ) Less accrued interest (4,683 ) (134,623 ) Less current portion (576,095 ) (1,002,965 ) Long-term portion $ 500,855 $ 6,518,854 To further summarize, the remaining notes payable amounts held as of June 30, 2019 0.00% $ 210,438 5.00% - 5.99% 378,912 6.00 - 6.99% 137,600 8.00 - 8.99% 300,000 10.00% - 13.00% 54,683 Total $ 1,081,633 The timing of future payments of notes payable are as follows as of June 30, 2019 2019 $ 570,608 2020 11,453 2021 12,181 2022 150,491 2023 and thereafter 336,900 Total $ 1,081,633 As of June 30, 2019 one December 31, 2018, March 31, 2018. May 2023 5.99%. June 30, 2019, ets. See Note 3 During the quarter ended September 30, 2017, two 6%, September 15, 2022 September 30, 2018, 5.6% September 1, 2033 five 2.750 five During the quarter ended June 30, 2019 8%, With respect to the outstanding debt secured by the real properties acquired by Mt Melrose, LLC, these notes began to mature during the previous quarter, with the last note extending until January 2042. December 31, 2018, 4.375% 13%. oned in Note 4, June 27, 2019. zero June 30, 2019. |
Note 11 - Accounts Receivable a
Note 11 - Accounts Receivable and Bad Debt Expense | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 11. For the period ended June 30, 2019 2018, $93,749 $16,029, June 30, 2019 December 31, 2018 2019 2018 Gross accounts receivable $ 20,689 $ 85,093 Less allowance for doubtful accounts (477 ) (26,830 ) Accounts receivable, net $ 20,212 $ 58,263 |
Note 12 - Segment Information
Note 12 - Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 12. During the period ended June 30, 2019 five five June 30, 2019, In previous periods, the Company reported under the following six June 30, 2018. January 1, 2019, As mentioned in Note 3, May 24, 2019, third June 30, 2019. As mention ed in Note 4, June 27, 2019, 65% third Management determined that as of June 30, 2019, no no June 30, 2019 June 30, 2019, The asset management segment includes revenues and expenses derived from various investment opportunities and partnerships and services. The real estate segment includes revenue and expenses related to the management of properties held for investment and held for resale through Mt Melrose (prior to the sale of 65% June 27, 2019) The internet segment includes revenue generated by operations in both the United States and Canada. In the period ended June 30, 2019 f $252,260 $13,657 June 30, 2018, $278,992 $18,595 Summarized financial information concerning the Company’s reportable segments is shown in the following tables for the three six June 30, 2019 2018 Three months ended June 30, 2019 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 589,180 $ 218,599 $ 265,917 $ — $ — $ 1,073,696 Cost of revenue — 164,130 83,243 — — 247,373 Operating expenses 104,526 211,536 59,035 305,284 — 680,381 Other income (expense) 7,052 (352,476 ) 3,541 (3,526,524 ) — (3,868,407 ) Comprehensive income (loss) 491,706 (509,543 ) 127,180 (3,831,808 ) (1,270,371 ) (4,992,836 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,839,643 675,268 449,095 1,329,722 195,548 12,489,276 Three months ended June 30, 2018 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ (92,773 ) $ 218,418 $ 297,587 $ — $ — $ 423,232 Cost of revenue — 143,630 80,580 — — 224,210 Operating expenses 35,493 289,580 63,273 137,463 — 525,809 Other income (expense) 11,075 (125,217 ) 2,623 9,109 — (102,410 ) Comprehensive income (loss) (117,191 ) (340,009 ) 156,357 (128,354 ) 32,626 (396,571 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,481,129 15,632,590 385,833 214,821 2,491,578 28,205,951 Six months ended June 30, 2019 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 1,286,160 $ 401,105 $ 540,819 $ 212,631 $ — $ 2,440,715 Cost of revenue — 327,373 170,856 — — 498,229 Operating expenses 227,990 315,844 122,298 500,204 — 1,166,336 Other income (expense) 14,091 (480,602 ) 3,933 (3,522,627 ) — (3,985,205 ) Comprehensive income (loss) 1,072,261 (722,714 ) 251,598 (3,810,200 ) (1,410,005 ) (4,619,060 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,839,643 675,268 449,095 1,329,722 195,548 12,489,276 Six months ended June 30, 2018 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 191,932 $ 472,081 $ 599,323 $ — $ — $ 1,263,336 Cost of revenue — 359,853 151,727 — — 511,580 Operating expenses 63,366 497,022 133,051 510,304 — 1,203,743 Other income (expense) 22,150 (235,586 ) 32,419 9,375 — (171,642 ) Comprehensive income (loss) 150,716 (620,380 ) 346,964 (500,929 ) (145,761 ) (769,390 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,481,129 15,632,590 385,833 214,821 2,491,578 28,205,951 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13. Leases As of the period ended June 30, 2019 two no March 31, 2019, May 24, 2019. e Note 3 Our operating leases are for warehouse and office facilities for Specialty Contracting Group, LLC, which did not 2019 2021 1.9 6.7%. 2020 Lease costs for the three June 30, 2019 Finance lease costs: Amortization of ROU assets $ 8,738 Interest on lease liabilities — Operating lease cost 25,167 Sublease income (7,052 ) Total lease costs $ 26,853 A maturity analysis of our operating leases is as follows: 2019 $ 50,304 2020 86,380 2021 13,005 Total 149,689 Discount factor (7,830 ) Lease liability 141,859 Less lease liability from discontinuing operations (66,199 ) Amounts due within 12 months (28,389 ) Long-term lease liability $ 47,271 Other Commitments On September 19, 2016, January 1, 2017 ( The Company agreed to make capital contributions to Alluvial Fund in the aggregate amount of $10 four January 1, 2017, April 1, 2017, July 1, 2017, October 1, 2017. September 30, 2017, $10 January 1, 2018, December 15, 2017, $3,000,000 $10,000,000 first $3,000,000 ENDI created a wholly owned subsidiary named Mt Melrose, LLC (“New Mt Melrose”) on January 10, 2018, December 10, 2017, On January 10, 2018, first 44 first $3,956,389, ● by payment of $500,000 ● by New Mt Melrose’s assumption of $1,798,119 ● the balance by issuance to Old Mt. Melrose of 120,602 On June 29, 2018, second 69 second $5,174,722, ● by New Mt Melrose’s assumption of $2,767,158 ● the balance by issuance to Old Mt. Melrose of 148,158 Pursuant to that certain Termination of Master Real Estate Asset Purchase Agreement entered into effective November 1, 2018, November 1, 2018. On January 10, 2018, January 10, 2018, Under the Cash Flow Agreement, New Mt Melrose was responsible for Old Mt. Melrose’s monthly payments of interest and/or principal under the outstanding debt secured by the real properties; Old Mt. Melrose’s real property taxes with respect to the real properties due and attributable to the periods from and after the effective date; and Old Mt. Melrose’s ordinary expenses of operating the real properties, actually incurred, to the extent attributable to de minimis Based on the number of properties then outstanding for purchase under the purchase agreement at September 30, 2018, September 30, 2018, $10,568 $1,073 $7,461 8 November 5, 2018, November 1, 2018, November 1, 2018. As mentioned in Note 4, June 27, 2019, 65% third $100,000 35% 65% We have no June 30, 2019 Litigation Enterprise Diversified, Inc. (f/k/a Sitestar Corporation) v. Frank Erhartic, Jr. On April 12, 2016, December 14, 2015) five five $350,000. |
Note 14 - Share Adjustment, Can
Note 14 - Share Adjustment, Cancellation and Sale of Treasury Shares, and Reverse Stock Split | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share Adjustment, Cancellation of Treasury Shares, and Reverse Stock Split [Text Block] | NOTE 14. Cancellation and Sale of Treasury Shares On May 26, 2018, third 1,633,500 $0.11036586 July 31, 2018. 13,068 1933 4 2 506, not Reverse Stock Split As previously reported in our Current Report on Form 8 June 7, 2018, March 29, 2018, 125 one 1 May 23, 2018, 78.209 June 1, 2018. The Company submitted an Issuer Company Related Action Notification regarding the Reverse Stock Split to the Financial Industry Regulatory Authority (“FINRA”) on May 22, 2018. July 23, 2018 ( June 1, 2018, not Split Adjustment On the FINRA Effective Date, the total number of shares of the Company’s Common Stock held by each stockholder converted automatically into the number of whole shares of Common Stock equal to (i) the number of shares of Common Stock held by such stockholder immediately prior to the Reverse Stock Split, divided by (ii) one hundred twenty five 125 No no not one hundred twenty five 125 Ownership Unchanged Immediately after the Reverse Stock Split, each stockholder’s percentage ownership interest in the Company and proportional voting power remained unchanged except for minor adjustments resulting from the Company’s election to round up any fraction of a share of Common Stock that otherwise would have resulted from the Reverse Stock Split. The rights and privileges of the holders of shares of Common Stock of the Company were substantially unaffected by the Reverse Stock Split. Capitalization Immediately prior to the Certificate of Change becoming effective, the aggregate number of shares which the Company had the authority to issue was three hundred fifty million 350,000,000 $.001 thirty million 30,000,000 $.001 two million eight hundred thousand 2,800,000 $.125 thirty million 30,000,000 $.001 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15. Management has evaluated all subsequent events from June 30, 2019 , through the date the unaudited condensed consolidated financial statements were issued. Management concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization and Lines Of Business [Policy Text Block] | Organization and Lines of Business Enterprise Diversified, Inc. (formerly White Dove Systems, Inc., Interfoods Consolidated, Inc., and then Sitestar Corporation) was incorporated in Nevada on December 17, 1992 June 1, 2018, During the period ended June 30, 2019, five not one January 1, 2019, June 30, 2019, Note Regarding Recent Transactions On May 24, 2019, 8 May 28, 2019, third sixty 7.5% first 5% two See Note 3 Additionally, on June 27, 2019, 8 July 3, 2019, 65% third $100,000 35% 65% not June 27, 2019 no See Note 4 Note Regarding Historic Consolidation of Old Mt. Melrose Previously, as of the quarterly periods ended March 31, 2018, June 30, 2018, September 30, 2018, not January 10, 2018. March 31, 2018, June 30, 2018, September 30, 2018. However, as of November 1, 2018, no no November 1, 2018, no December 31, 2018 zero 5 Asset Management Operations Enterprise Diversified, Inc. created a wholly owned asset management subsidiary on October 10, 2016, In 2016, $10 January 1, 2017. may not five January 1, 2018, December 15, 2017, $3.0 Willow Oak signed a fee share agreement on June 13, 2017, not 50% On November 1, 2018, third Real Estate Operations ENDI created a wholly owned subsidiary named Mt Melrose, LLC, a Delaware limited liability company (“New Mt Melrose”), on January 10, 2018, December 10, 2017, January 10, 2018, first 44 June 29, 2018, second 69 first second No. 2017 01 805 June 27, 2019, 65% June 27, 2019 no 4 5 Pursuant to that certain Termination of Master Real Estate Asset Purchase Agreement entered into effective November 1, 2018, November 1, 2018. third November 1, 2018, ave high-interest-rat not In an effort to expedite the optimization of the Mt Melrose portfolio, management determined that a dedicated operator was necessary to manage the subsidiary. On June 27, 2019, 8 July 3, 2019, 65% third $100,000 35% 65% . See Note 4 ENDI created a wholly owned real estate subsidiary on July 10, 2017, June 30, 2019 nine third Internet Operations The Company operates its internet segment through Sitestar.net, a wholly owned subsidiary that offers consumer and business-grade internet access, wholesale managed modem services, web hosting, third Home Services Operations Prior to May 24, 2019, third June 13, 2016. May 18, 2018, June 13, 2016. As of December 31, 2017, six $2.02 $325,000. six December 31, 2018. On May 24, 2019, 8 May 28, 2019, third sixty 7.5% first 5% two 3 Other Operations Other operations include investment activity and other corporate operations that are not one not Huckleberry Real Estate Fund Investment On January 30, 2017, $750,000. May 14, 2018, June 30, 2019 December 31, 2018 $0 $468,750, June 30, 2019. March 31, 2019, $212,631 Triad DIP Investors Investment On August 24, 2017, third third $100,000. April 27, 2018 $55,000 May 18, 2018. 10% no April 29, 2020 2.5% April 28, 2018, 450,000 $0.01 Corporate Operations The corporate segment includes any revenue or expenses derived from corporate office operations, as well as expenses related to public company reporting, the oversight of subsidiaries, and other items that affect the overall Company. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including: Willow Oak Asset Management, LLC, Willow Oak Capital Management, LLC, Mt Melrose, LLC (“New Mt Melrose”) prior to the loss of control resulting from the sale of 65% June 27, 201 9 4 May 24, 2019 ( 3 January 10, 2018, September 30, 2018, All intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying interim consolidated financial statements are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not December 31, 2018 not 10 December 31, 2018 June 30, 2019 three six June 30, 2019 2018 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In accordance with GAAP in the United State of America, the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including, among other items, those related to fair value of investments, revenue recognition, accrued expenses, financing operations, fair value of goodwill, fixed asset lives and impairment, lease right-of-use assets and impairment, deferred tax assets, liabilities and valuation allowance, other assets, the present value of lease liabilities, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and accounts receivable. The Company places its cash with high-quality financial institutions and, at times, may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company defines cash equivalents as all highly liquid instruments purchased with a maturity of three |
Investment, Policy [Policy Text Block] | Investments The Company holds various recurring investments through its asset management and real estate segments. Additionally, one not not 6 As of June 30, 2019, 35% not |
Accounts Receivable [Policy Text Block] | Accounts Receivable The Company grants credit in the form of unsecured accounts receivable to its customers. The estimate of the allowance for doubtful accounts, which is the recorded allowance for doubtful accounts and bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are written off from the allowance for doubtful accounts when an account or invoice is individually determined to be uncollectible. Real estate segment rental accounts are typically paid by tenants via cash or check no fifth fifth not 90 The internet segment attempts to reduce the risk of non-collection by including a late-payment fee and a manual-processing-payment fee to customer accounts. Receivables more than 90 no 30 Sales of home services are typically paid via credit card or check upon completion of service. Sales that are not 60 |
Inventory, Policy [Policy Text Block] | Inventory Inventory is carried on the balance sheet at either the lower of purchased cost or net realizable value. Inventory is evaluated periodically for any obsolete or damaged stock. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized. Gains and losses on disposals are included in the results of operations. Depreciation is computed using the straight-line method based on the estimated useful lives for each of the following asset classifications: Equipment (in years) 7 Building improvements (in years) 15 Buildings (in years) 27.5 - 39 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, then the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method of accounting. The Company tests its goodwill annually during the fourth not Impairment testing of goodwill is required at the reporting-unit level (operating segment or one may During the year ended December 31, 2018 $754,958 June 30, 2019 $1,024,592. Intangible assets consist of domain names attributed to the internet segment. The Company owns 228 106 |
Real Estate, Policy [Policy Text Block] | Real Estate Real estate properties held for resale are carried at the lower of cost or fair market value. All costs directly related to the improvement and carrying of real estate are capitalized, including renovations and property taxes, to the extent the capitalized costs of the property do not may not During the year ended December 31, 2018 $964,743 62 See Note 5 June 30, 2019 4 $126,827 June 30, 2019. During the year ended December 31, 2018 $64,038 1998. June 30, 2019 $39,972 June 30, 2019. Real estate properties held for investment are carried at the cost basis plus additional costs where the cost extended the life of or added value to the property. Otherwise, the cost is expensed as incurred. Properties categorized as real estate held for investment are not 12 |
Accrued Expenses [Policy Text Block] | Accrued Bonus Accrued bonuses represent performance-based incentives that have not |
Other Accrued Expenses [Policy Text Block] | Other Accrued Expenses Other accrued expenses represent incurred but not |
Lessee, Leases [Policy Text Block] | Leases As of the period ended March 31, 2019 No. 2016 02, 842 The Company has made certain accounting policy elections whereby it (i) does not 12 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Asset Management and Other Investment Revenue The Company earns revenue from investments through various fee share and consulting agreements, as well as through realized and unrealized gains and losses, which may not Management notes that the structure of these arrangements leaves a very low possibility for nonperformance. While the amount of revenue varies from month to month, collectability is very high. No Additionally, the Company earns revenue from direct investments in various funds, primarily the Alluvial Fund. Due to the nature of the investment, the company follows investment company GAAP rules for revenue recognition. This results in the unrealized gains and losses within the fund being recognized as revenue, or a decrease in revenue, on the accompanying unaudited condensed consolidated statements of operations. Real Estate Revenue The Company earns real estate revenue through rental agreements on real estate held for investment, as well as through the sale of real estate held for resale. Rental revenue from real estate held for investment is recognized when it is earned, generally on the last day of each month or at another regular period agreed upon by the Company and the tenant. Tenants generally provide a security deposit at the time of possession. This deposit is held separately from revenue and only applied to revenue when rental payment comparable to the security deposit amount is not No Revenue from real estate held for resale is recognized upon closing of the sale (transfer of control), as all conditions for full revenue recognition have been met at that time. All costs associated with the property sold are removed from the consolidated balance sheets and charged to cost of revenue at that time. Internet Revenue The Company sells internet services under annual and monthly contracts. Under the annual contracts, the subscriber pays a one No The Company generates revenue in its internet segment from consumer and business-grade internet access, wholesale managed modem services for downstream ISPs, web hosting, third may Home Services Revenue Prior to the sale on May 24, 2019, two two one If payment is received prior to contract completion, then the amount of revenue attributable to the unperformed work is designated as unearned revenue. If payment is not Management acknowledges that these performance obligations are recognized at the completion of each contract, whether it be at a point in time or over a period of time. As the customer controls the asset and has the right to use during the contract, the Company has the right to payment for performance completed to date. No Deferred Revenue Deferred revenue represents collections from customers in advance of internet or real estate rental services to be performed. Revenue is recognized when performance obligations have been met. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not three December 31, 2018 December 31, 2017, December 31, 2016, |
Earnings Per Share, Policy [Policy Text Block] | Income Per Share The basic income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed similarly to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company has no |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income Other comprehensive income is the result of the previous impact of foreign currency translations related to the Company’s operations in Canada. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In February 2016, No. 2016 02, 842 No. 2016 02 842, No. 2016 02 No. 2016 02 December 15, 2018, January 1, 2019, ● The Company did not ● The Company did not ● The Company did not Additionally, the Company made ongoing accounting policy elections whereby it (i) does not 12 Upon adoption of the new guidance on January 1, 2019, $184,000 $186,000, no In January 2016, No. 2016 01 825 10 1 2 December 15, 2017; first 2018. not In January 2017, No. 2017 01 805 not not 1 2 606. December 15, 2017; January 1, 2018. not January 2018 . See Note 5 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | Equipment (in years) 7 Building improvements (in years) 15 Buildings (in years) 27.5 - 39 |
Note 3 - Home Services Subsid_2
Note 3 - Home Services Subsidiary Asset Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 30, 2019 (unaudited) December 31, 2018 Cash and cash equivalents $ 23,025 $ 23,954 Accounts receivable 51,896 136,785 Other current assets 120,627 71,624 Total current assets - held for resale 195,548 232,363 Property and equipment, net — 270,603 Goodwill — 1,024,591 Other long-term assets — 5,375 Total long-term assets - held for resale — 1,300,569 Accounts payable 151,004 75,208 Accrued expenses 2,490 80,146 Other current liabilities 66,199 3,435 Notes payable, current — 158,698 Total current liabilities - held for resale 219,693 317,487 Notes payable, long-term - held for resale — 50,738 Total long-term liabilities - held for resale $ — $ 50,738 Sale of vehicles, equipment, and furniture, net of depreciation $ 230,578 Write down of remaining goodwill 1,024,592 Total carrying value of assets sold 1,255,170 Vehicle and equipment notes payable assumed by the buyer 76,791 Service agreements assumed by the buyer 19,646 Total carrying value of liabilities assumed 96,437 Net loss on sale of subsidiary, pre-tax $ 1,158,733 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Revenues $ 318,886 $ 1,019,667 $ 675,963 $ 1,645,506 Cost of revenues 211,384 634,308 432,872 1,122,983 Gross profit 107,502 385,359 243,091 522,523 Selling, general and administrative expenses 215,381 359,015 489,814 669,885 Loss on sale of subsidiary 1,158,733 — 1,158,733 — Other income (expense), net (3,759 ) 6,282 (4,549 ) 1,601 Total other income (expense) (1,162,492 ) 6,282 (1,163,282 ) 1,601 Net income (loss) reported as discontinued operations $ (1,270,371 ) $ 32,626 $ (1,410,005 ) $ (145,761 ) |
Note 5 - Asset Acquisition of_2
Note 5 - Asset Acquisition of Real Estate Properties (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land $ 800,328 Buildings 3,201,311 Total Value $ 4,001,639 Land $ 1,036,423 Buildings 4,145,692 Total Value $ 5,182,115 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | Cost Basis Unrealized Gain (Loss) Fair Value June 30, 2019 Alluvial Fund, LP $ 7,032,936 $ 2,625,670 $ 9,658,606 Willow Oak Select Fund, LP 22,132 690 22,822 Mt Melrose, LLC 53,846 — 53,846 Total $ 7,108,914 $ 2,626,360 $ 9,735,274 Cost Basis Unrealized Gain Fair Value December 31, 2018 Alluvial Fund, LP $ 7,023,676 $ 1,422,812 $ 8,446,488 Huckleberry Real Estate Fund II, LLC 468,750 — 468,750 Total $ 7,492,426 $ 1,422,812 $ 8,915,238 |
Note 7 - Fair Value of Assets_2
Note 7 - Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (Level 1) (Level 2) (Level 3) (Excluded) (a) Total at Fair Value June 30, 2019 Alluvial Fund, LP $ — $ — $ — $ 9,658,606 $ 9,658,606 Willow Oak Select Fund, LP — — — 22,822 22,822 Total investments $ — $ — $ — $ 9,681,428 $ 9,681,428 (Level 1) (Level 2) (Level 3) (Excluded) (a) Total at Fair Value December 31, 2018 Huckleberry Real Estate Fund II, LLC $ — $ — $ 468,750 $ — $ 468,750 Alluvial Fund, LP — — — 8,446,488 8,446,488 Total investments $ — $ — $ 468,750 $ 8,446,488 $ 8,915,238 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Building $ — $ 836,827 Computers and equipment 17,330 17,330 Furniture and fixtures 3,000 90,919 Land — 145,000 20,330 1,090,076 Less accumulated depreciation (9,189 ) (70,334 ) Property and equipment, net $ 11,141 $ 1,019,742 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | June 30, 2019 December 31, 2018 Real estate held for resale $ 822,904 $ 2,318,912 Equipment and vehicles held for resale — 73,212 Total assets held for resale $ 822,904 $ 2,392,124 |
Note 9 - Real Estate (Tables)
Note 9 - Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Mt Melrose December 31, 2018 Units occupied or available for rent 98 Vacant units being prepared for rent 15 Total units held for investment 113 Residential and commercial units 48 Vacant lots 9 Total units held for resale 57 EDI Real Estate June 30, 2019 December 31, 2018 Units occupied or available for rent 7 6 Vacant units being prepared for rent 2 3 Total units held for investment 9 9 Vacant lots held for resale 3 3 |
Real Estate Properties, Disclosure [Table Text Block] | Mt Melrose December 31, 2018 Total real estate held for investment $ 9,049,945 Accumulated depreciation (159,514 ) Real estate held for investment, net $ 8,890,431 Real estate held for resale $ 2,278,865 EDI Real Estate June 30, 2019 December 31, 2018 Total real estate held for investment $ 717,456 $ 710,022 Accumulated depreciation (118,996 ) (107,576 ) Real estate held for investment, net $ 598,460 $ 602,446 Real estate held for resale $ 75 $ 40,047 |
Operating Leases, Future Minimum Payments Receivable [Table Text Block] | 2019 $ 37,150 2020 8,695 2021 — Total $ 45,845 |
Note 10 - Notes Payable (Tables
Note 10 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Interest Rates Average Term 2019 2018 Interest-bearing amounts due on traditional mortgages on real estate held through Mt Melrose, LLC 4.38% - 5.75% 14 years $ — $ 4,505,139 Interest-bearing amounts due on hard money loans on real estate held through Mt Melrose, LLC 10.00% - 13.00% 2 years — 2,379,851 Interest-bearing amount due on promissory note on warehouse 8.00% 1 year 300,000 — Interest-bearing amounts due on promissory notes 10.00% 1 year 54,683 131,279 Non-interest-bearing amount due on promissory notes 0.00% 1 year 210,438 218,270 Equipment and vehicle capital leases and loans acquired by HVAC Value Fund, LLC 0.00% - 4.90% 5 years — 55,797 Vehicle loans through HVAC Value Fund, LLC 5.99% 5 years — 53,638 Interest-bearing amount due on promissory note through EDI Real Estate, LLC 5.60% 15 years 378,912 384,304 Interest-bearing amount due on real estate held for investment through EDI Real Estate, LLC 6.00% 5 years 137,600 137,600 Less notes related to discontinued operations (209,436 ) Less accrued interest (4,683 ) (134,623 ) Less current portion (576,095 ) (1,002,965 ) Long-term portion $ 500,855 $ 6,518,854 |
Interest Rates on Remaining Notes Payable Amount [Table Text Block] | 0.00% $ 210,438 5.00% - 5.99% 378,912 6.00 - 6.99% 137,600 8.00 - 8.99% 300,000 10.00% - 13.00% 54,683 Total $ 1,081,633 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 570,608 2020 11,453 2021 12,181 2022 150,491 2023 and thereafter 336,900 Total $ 1,081,633 |
Note 11 - Accounts Receivable_2
Note 11 - Accounts Receivable and Bad Debt Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2019 2018 Gross accounts receivable $ 20,689 $ 85,093 Less allowance for doubtful accounts (477 ) (26,830 ) Accounts receivable, net $ 20,212 $ 58,263 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2019 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 589,180 $ 218,599 $ 265,917 $ — $ — $ 1,073,696 Cost of revenue — 164,130 83,243 — — 247,373 Operating expenses 104,526 211,536 59,035 305,284 — 680,381 Other income (expense) 7,052 (352,476 ) 3,541 (3,526,524 ) — (3,868,407 ) Comprehensive income (loss) 491,706 (509,543 ) 127,180 (3,831,808 ) (1,270,371 ) (4,992,836 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,839,643 675,268 449,095 1,329,722 195,548 12,489,276 Three months ended June 30, 2018 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ (92,773 ) $ 218,418 $ 297,587 $ — $ — $ 423,232 Cost of revenue — 143,630 80,580 — — 224,210 Operating expenses 35,493 289,580 63,273 137,463 — 525,809 Other income (expense) 11,075 (125,217 ) 2,623 9,109 — (102,410 ) Comprehensive income (loss) (117,191 ) (340,009 ) 156,357 (128,354 ) 32,626 (396,571 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,481,129 15,632,590 385,833 214,821 2,491,578 28,205,951 Six months ended June 30, 2019 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 1,286,160 $ 401,105 $ 540,819 $ 212,631 $ — $ 2,440,715 Cost of revenue — 327,373 170,856 — — 498,229 Operating expenses 227,990 315,844 122,298 500,204 — 1,166,336 Other income (expense) 14,091 (480,602 ) 3,933 (3,522,627 ) — (3,985,205 ) Comprehensive income (loss) 1,072,261 (722,714 ) 251,598 (3,810,200 ) (1,410,005 ) (4,619,060 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,839,643 675,268 449,095 1,329,722 195,548 12,489,276 Six months ended June 30, 2018 Asset Management Real Estate Internet Other Discontinued Operations - Home Services Consolidated Revenues $ 191,932 $ 472,081 $ 599,323 $ — $ — $ 1,263,336 Cost of revenue — 359,853 151,727 — — 511,580 Operating expenses 63,366 497,022 133,051 510,304 — 1,203,743 Other income (expense) 22,150 (235,586 ) 32,419 9,375 — (171,642 ) Comprehensive income (loss) 150,716 (620,380 ) 346,964 (500,929 ) (145,761 ) (769,390 ) Goodwill — — 212,445 — — 212,445 Identifiable assets 9,481,129 15,632,590 385,833 214,821 2,491,578 28,205,951 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Finance lease costs: Amortization of ROU assets $ 8,738 Interest on lease liabilities — Operating lease cost 25,167 Sublease income (7,052 ) Total lease costs $ 26,853 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 $ 50,304 2020 86,380 2021 13,005 Total 149,689 Discount factor (7,830 ) Lease liability 141,859 Less lease liability from discontinuing operations (66,199 ) Amounts due within 12 months (28,389 ) Long-term lease liability $ 47,271 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Jun. 27, 2019USD ($) | May 27, 2019 | May 24, 2019 | May 18, 2018USD ($) | Jan. 01, 2018USD ($) | Aug. 24, 2017USD ($) | Jun. 13, 2017 | Jan. 30, 2017USD ($) | Jan. 01, 2017USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 29, 2018 | Apr. 28, 2018$ / sharesshares | Jan. 10, 2018 | Sep. 30, 2017USD ($) |
Number of Reportable Segments | 5 | 6 | ||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 8,915,238 | |||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,073,696 | $ 423,232 | $ 2,440,715 | $ 1,263,336 | ||||||||||||||||
Entity Incorporation, Date of Incorporation | Dec. 17, 1992 | |||||||||||||||||||
Product and Service, Other [Member] | ||||||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 212,631 | $ 212,631 | ||||||||||||||||||
HVAC Value Fund, LLC [Member] | ||||||||||||||||||||
Number of Businesses Acquired | 6 | |||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 2,020,000 | |||||||||||||||||||
Business Combination Earn Out Payments | $ 325,000 | |||||||||||||||||||
Triad Guaranty, Inc. [Member] | ||||||||||||||||||||
Equity Method Investments | $ 55,000 | $ 100,000 | ||||||||||||||||||
Percentage of Annual Interest Rate on Promissory Note | 10.00% | |||||||||||||||||||
Percentage Rate of Issuance of Warrants | 2.50% | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 450,000 | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | |||||||||||||||||||
Bankruptcy Exited Date | Apr. 27, 2018 | |||||||||||||||||||
Promissory Note Repayment Due Date | Apr. 29, 2020 | |||||||||||||||||||
Willow Oak Asset Management LLC [Member] | Alluvial Fund, LP [Member] | ||||||||||||||||||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||
Period Before Full Withdrawal From Capital Account Permitted | 5 years | |||||||||||||||||||
Financial Instruments, Withdrawal from Capital Amount | $ 3,000,000 | |||||||||||||||||||
Percentage of Performance and Management Fees Earned | 50.00% | |||||||||||||||||||
Willow Oak Asset Management LLC [Member] | Huckleberry Real Estate Fund II, LLC [Member] | ||||||||||||||||||||
Contributed Capital, Amount | $ 750,000 | |||||||||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | $ 0 | $ 468,750 | |||||||||||||||||
Mt. Melrose LLC [Member] | Residential Properties [Member] | ||||||||||||||||||||
Number of Real Estate Properties | 69 | 44 | ||||||||||||||||||
Mt. Melrose LLC [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | 35.00% | |||||||||||||||||
Mt. Melrose LLC [Member] | Woodmont [Member] | ||||||||||||||||||||
Ownership Percentage | 65.00% | |||||||||||||||||||
Rooter Hero [Member] | ||||||||||||||||||||
Royalty Agreement, Percent of Revenue in First Year | 7.50% | 7.50% | ||||||||||||||||||
Royalty Agreement, Percent of Revenue in Year Two Through Five | 5.00% | 5.00% | ||||||||||||||||||
Woodmont [Member] | Mt. Melrose LLC [Member] | ||||||||||||||||||||
Ownership Interest, Sold, Percent | 65.00% | |||||||||||||||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 100,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 27, 2019 | Jan. 01, 2019USD ($) | |
Number of Domain Names Owned | 228 | |||
Number of Domain Names Available for Sale | 106 | |||
Operating Lease, Right-of-Use Asset | $ 73,826 | |||
Operating Lease, Liability, Total | 141,859 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 184,000 | |||
Operating Lease, Liability, Total | $ 186,000 | |||
Real Estate, Held For Sale [Member] | Mt. Melrose LLC [Member] | ||||
Impairment of Real Estate | 126,827 | $ 964,743 | ||
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 62 | |||
Real Estate, Held For Sale [Member] | EDI Real Estate, LLC [Member] | ||||
Impairment of Real Estate | 39,972 | $ 64,038 | ||
Home Service [Member] | ||||
Goodwill, Impairment Loss | $ 1,024,592 | $ 754,958 | ||
Mt. Melrose LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property and Equipment Useful Life (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Equipment [Member] | |
Property and Equipment (Year) | 7 years |
Building Improvements [Member] | |
Property and Equipment (Year) | 15 years |
Building [Member] | Minimum [Member] | |
Property and Equipment (Year) | 27 years 182 days |
Building [Member] | Maximum [Member] | |
Property and Equipment (Year) | 39 years |
Note 3 - Home Services Subsid_3
Note 3 - Home Services Subsidiary Asset Sale (Details Textual) - USD ($) | May 27, 2019 | May 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (1,270,371) | $ 32,626 | $ (1,410,005) | $ (145,761) | ||
Discontinued Operations, Held-for-sale [Member] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (1,270,371) | $ 32,626 | $ (1,410,005) | $ (145,761) | ||
Home Service [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ 1,158,733 | |||||
Rooter Hero [Member] | ||||||
Royalty Agreement, Percent of Revenue in First Year | 7.50% | 7.50% | ||||
Royalty Agreement, Percent of Revenue in Year Two Through Five | 5.00% | 5.00% |
Note 3 - Home Services Subsid_4
Note 3 - Home Services Subsidiary Asset Sale - Discontinued Assets and Liabilities (Details) - USD ($) | May 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Total current assets - held for resale | $ 195,548 | $ 195,548 | $ 232,363 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 73,212 | |||||
Total long-term assets - held for resale | 1,300,569 | |||||
Total current liabilities - held for resale | 219,693 | 219,693 | 317,487 | |||
Total long-term liabilities - held for resale | 50,738 | |||||
Loss on sale of subsidiary | (3,519,053) | (3,519,053) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (1,270,371) | 32,626 | (1,410,005) | (145,761) | ||
Discontinued Operations, Held-for-sale [Member] | ||||||
Cash and cash equivalents | 23,025 | 23,025 | 23,954 | |||
Accounts receivable | 51,896 | 51,896 | 136,785 | |||
Other current assets | 120,627 | 120,627 | 71,624 | |||
Total current assets - held for resale | 195,548 | 195,548 | 232,363 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 270,603 | |||||
Goodwill | 1,024,591 | |||||
Other long-term assets | 5,375 | |||||
Total long-term assets - held for resale | 1,300,569 | |||||
Accounts payable | 151,004 | 151,004 | 75,208 | |||
Accrued expenses | 2,490 | 2,490 | 80,146 | |||
Other current liabilities | 66,199 | 66,199 | 3,435 | |||
Notes payable, current | 158,698 | |||||
Total current liabilities - held for resale | 219,693 | 219,693 | 317,487 | |||
Notes payable, long-term - held for resale | 50,738 | |||||
Total long-term liabilities - held for resale | $ 50,738 | |||||
Sale of vehicles, equipment, and furniture, net of depreciation | $ 230,578 | |||||
Write down of remaining goodwill | 1,024,592 | |||||
Total carrying value of assets sold | 1,255,170 | |||||
Vehicle and equipment notes payable assumed by the buyer | 76,791 | |||||
Service agreements assumed by the buyer | 19,646 | |||||
Total carrying value of liabilities assumed | 96,437 | |||||
Net loss on sale of subsidiary, pre-tax | $ 1,158,733 | |||||
Revenues | 318,886 | 1,019,667 | 675,963 | 1,645,506 | ||
Cost of revenues | 211,384 | 634,308 | 432,872 | 1,122,983 | ||
Gross profit | 107,502 | 385,359 | 243,091 | 522,523 | ||
Selling, general and administrative expenses | 215,381 | 359,015 | 489,814 | 669,885 | ||
Loss on sale of subsidiary | 1,158,733 | 1,158,733 | ||||
Other income (expense), net | (3,759) | 6,282 | (4,549) | 1,601 | ||
Total other income (expense) | (1,162,492) | 6,282 | (1,163,282) | 1,601 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | $ (1,270,371) | $ 32,626 | $ (1,410,005) | $ (145,761) |
Note 4 - Sale of Controlling _2
Note 4 - Sale of Controlling Interest in Real Estate Subsidiary (Details Textual) - USD ($) | Jun. 27, 2019 | Jun. 30, 2019 | Jun. 26, 2019 |
Mt. Melrose LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Mt. Melrose LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | |
Distribution Made to Limited Liability Company (LLC) Member, Percentage of Distribution | 67.00% | ||
Equity Method Investment, Underlying Equity in Net Assets | $ 53,846 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | $ (3,519,053) | ||
Mt. Melrose LLC [Member] | Woodmont [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Percentage of Distribution | 33.00% | ||
Mt. Melrose LLC [Member] | Minimum [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Cumulative Amount For Percentage Range | $ 2,000,000 | ||
Mt. Melrose LLC [Member] | Maximum [Member] | |||
Distribution Made to Limited Liability Company (LLC) Member, Cumulative Amount For Percentage Range | $ 3,000,000 | ||
Mt. Melrose LLC [Member] | Woodmont [Member] | |||
Percentage of Membership Interest in Subsidiary Sold | 65.00% | ||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 100,000 |
Note 5 - Asset Acquisition of_3
Note 5 - Asset Acquisition of Real Estate Properties (Details Textual) | Jun. 27, 2019USD ($) | Jun. 29, 2018USD ($)shares | Jan. 10, 2018USD ($)shares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Payments to Acquire Businesses, Gross | $ 552,644 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 0 | $ 0 | ||||
Mt. Melrose LLC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | ||||
Mt. Melrose LLC [Member] | Woodmont [Member] | ||||||
Percentage of Membership Interest in Subsidiary Sold | 65.00% | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 100,000 | |||||
Mt. Melrose LLC [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 500,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 148,158 | 120,602 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 2,407,564 | $ 1,658,270 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 2,767,158 | 1,798,119 | ||||
Mt. Melrose LLC [Member] | Land, Buildings and Improvements [Member] | ||||||
Business Acquisition, Transaction Costs | $ 7,394 | $ 45,250 | ||||
Mt. Melrose LLC [Member] | Residential Properties [Member] | ||||||
Number of Real Estate Properties | 69 | 44 | ||||
Business Combination, Consideration Transferred, Total | $ 5,174,722 | $ 3,956,389 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 148,158 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 2,767,158 |
Note 5 - Asset Acquisition of_4
Note 5 - Asset Acquisition of Real Estate Properties - Summary of Purchase Price Allocated to Land and Buildings Acquired Based On Relative Fair Values (Details) - Mt. Melrose LLC [Member] - USD ($) | Jun. 29, 2018 | Jan. 10, 2018 |
Land | $ 1,036,423 | $ 800,328 |
Buildings | 4,145,692 | 3,201,311 |
Total Value | $ 5,182,115 | $ 4,001,639 |
Note 6 - Investments (Details T
Note 6 - Investments (Details Textual) | Jun. 27, 2019 |
Woodmont [Member] | Mt. Melrose LLC [Member] | |
Percentage of Membership Interest in Subsidiary Sold | 65.00% |
Note 6 - Investments - Summary
Note 6 - Investments - Summary of Investments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Cost Basis | $ 7,108,914 | $ 7,492,426 |
Accrued Fees | 2,626,360 | 1,422,812 |
Unrealized Gain | 9,735,274 | 8,915,238 |
Alluvial Fund, LP [Member] | ||
Cost Basis | 7,032,936 | 7,023,676 |
Accrued Fees | 2,625,670 | 1,422,812 |
Unrealized Gain | 9,658,606 | 8,446,488 |
Huckleberry Real Estate Fund II, LLC [Member] | ||
Cost Basis | 468,750 | |
Accrued Fees | ||
Unrealized Gain | $ 468,750 | |
Willow Oak Select Fund, LP [Member] | ||
Cost Basis | 22,132 | |
Accrued Fees | 690 | |
Unrealized Gain | 22,822 | |
Mt. Melrose LLC [Member] | ||
Cost Basis | 53,846 | |
Accrued Fees | ||
Unrealized Gain | $ 53,846 |
Note 7 - Fair Value of Assets_3
Note 7 - Fair Value of Assets and Liabilities (Details Textual) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Mt. Melrose LLC [Member] | Residential Properties [Member] | ||||
Number of Real Estate Properties | 69 | 44 | ||
Business Combination, Consideration Transferred, Total | $ 5,174,722 | $ 3,956,389 | ||
Real Estate, Held For Sale [Member] | Mt. Melrose LLC [Member] | ||||
Impairment of Real Estate | $ 126,827 | $ 964,743 | ||
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 62 | |||
Number of Real Estate Properties | 57 | |||
Real Estate, Held For Sale [Member] | EDI Real Estate, LLC [Member] | ||||
Impairment of Real Estate | 39,972 | $ 64,038 | ||
Home Service [Member] | ||||
Goodwill, Impairment Loss | $ 1,024,592 | $ 754,958 |
Note 7 - Fair Value of Assets_4
Note 7 - Fair Value of Assets and Liabilities - Schedule of Marketable Securities at Fair Value (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value | $ 8,915,238 | ||
Huckleberry Real Estate Fund II, LLC [Member] | |||
Fair Value | 468,750 | ||
Alluvial Fund, LP [Member] | |||
Fair Value | $ 9,658,606 | 8,446,488 | |
Willow Oak Select Fund, LP [Member] | |||
Fair Value | 22,822 | ||
Mt. Melrose LLC [Member] | |||
Fair Value | 9,681,428 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 1 [Member] | Huckleberry Real Estate Fund II, LLC [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 1 [Member] | Alluvial Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 1 [Member] | Willow Oak Select Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 1 [Member] | Mt. Melrose LLC [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | Huckleberry Real Estate Fund II, LLC [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | Alluvial Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | Willow Oak Select Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 2 [Member] | Mt. Melrose LLC [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value | 468,750 | ||
Fair Value, Inputs, Level 3 [Member] | Huckleberry Real Estate Fund II, LLC [Member] | |||
Fair Value | 468,750 | ||
Fair Value, Inputs, Level 3 [Member] | Alluvial Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 3 [Member] | Willow Oak Select Fund, LP [Member] | |||
Fair Value | |||
Fair Value, Inputs, Level 3 [Member] | Mt. Melrose LLC [Member] | |||
Fair Value | |||
Fair Value Measured at Net Asset Value Per Share [Member] | |||
Fair Value | [1] | 8,446,488 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Huckleberry Real Estate Fund II, LLC [Member] | |||
Fair Value | [1] | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Alluvial Fund, LP [Member] | |||
Fair Value | [1] | 9,658,606 | $ 8,446,488 |
Fair Value Measured at Net Asset Value Per Share [Member] | Willow Oak Select Fund, LP [Member] | |||
Fair Value | 22,822 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Mt. Melrose LLC [Member] | |||
Fair Value | [1] | $ 9,681,428 | |
[1] | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Depreciation, Total | $ 23,127 | $ 44,038 | ||
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 2,318,912 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | $ 73,212 | |||
Warehouse Space Located in Lexington, Kentucky [Member] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Total | 822,829 | 822,829 | ||
Impairment of Real Estate | $ 126,827 | |||
Personal Property Used in Real Estate Segment Rental Operations [Member] | ||||
Depreciation, Total | $ 421 | $ 13,011 |
Note 8 - Property and Equipme_4
Note 8 - Property and Equipment - Schedule of Cost of Property and Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 20,330 | $ 1,090,076 |
Less accumulated depreciation | (9,189) | (70,334) |
Property and equipment, net | 11,141 | 1,019,742 |
Building [Member] | ||
Property and equipment, gross | 836,827 | |
Computer Equipment [Member] | ||
Property and equipment, gross | 17,330 | 17,330 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 3,000 | 90,919 |
Land [Member] | ||
Property and equipment, gross | $ 145,000 |
Note 8 - Property and Equipme_5
Note 8 - Property and Equipment - Schedule of Assets Held for Sale (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Real estate held for resale | $ 822,904 | $ 2,318,912 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent | 73,212 | |
Total assets held for resale | $ 822,904 | $ 2,392,124 |
Note 9 - Real Estate (Details T
Note 9 - Real Estate (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Depreciation, Total | $ 23,127 | $ 44,038 | ||
Real Estate Investment Property, Net, Total | 598,460 | $ 598,460 | $ 9,492,877 | |
Gains (Losses) on Sales of Investment Real Estate | 16,932 | (11,931) | ||
Mt. Melrose LLC [Member] | ||||
Real Estate Investment Property, Net, Total | 8,890,431 | |||
EDI Real Estate, LLC [Member] | ||||
Real Estate Investment Property, Net, Total | 598,460 | 598,460 | 602,446 | |
Real Estate Held For Investment [Member] | ||||
Depreciation, Total | $ 62,393 | $ 40,938 | ||
Real Estate Held For Investment [Member] | Mt. Melrose LLC [Member] | ||||
Number of Real Estate Properties Sold | 0 | |||
Number of Real Estate Properties Acquired | 0 | 34 | ||
Payments to Acquire Real Estate Held-for-investment | $ 1,065,229 | |||
Real Estate Held For Investment [Member] | EDI Real Estate, LLC [Member] | ||||
Impairment of Real Estate | 64,038 | |||
Residential Properties [Member] | Mt. Melrose LLC [Member] | ||||
Number of Real Estate Properties Sold | 14 | |||
Residential Properties [Member] | EDI Real Estate, LLC [Member] | ||||
Depreciation, Total | $ 6,116 | $ 5,304 | ||
Number of Real Estate Properties Sold | 0 | 0 | ||
Number of Real Estate Properties Acquired | 0 | 0 | ||
Vacant Lots [Member] | Mt. Melrose LLC [Member] | ||||
Number of Real Estate Properties Sold | 1 | |||
Vacant Lots [Member] | EDI Real Estate, LLC [Member] | ||||
Impairment of Real Estate | $ 39,972 | |||
Residential Properties and Vacant Lots [Member] | Mt. Melrose LLC [Member] | ||||
Proceeds from Sale of Real Estate Held-for-investment, Total | 654,000 | |||
Proceeds from Sale of Real Estate Held-for-investment, Net | 78,596 | |||
Real Estate Investment Property, Net, Total | $ 669,980 | 669,980 | ||
Gains (Losses) on Sales of Investment Real Estate | 15,980 | |||
Real Estate, Held For Sale [Member] | Mt. Melrose LLC [Member] | ||||
Impairment of Real Estate | 126,827 | $ 964,743 | ||
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 62 | |||
Real Estate, Held For Sale [Member] | EDI Real Estate, LLC [Member] | ||||
Impairment of Real Estate | $ 39,972 | $ 64,038 |
Note 9 - Real Estate - Portfoli
Note 9 - Real Estate - Portfolio of Properties in Units (Details) | Jun. 30, 2019 | Dec. 31, 2018 |
Mt. Melrose LLC [Member] | Real Estate Occupied or Available to Rent, Held For Investment [Member] | ||
Number of Real Estate Properties | 98 | |
Mt. Melrose LLC [Member] | Vacant Real Estate Being Prepared or to Be Prepared to Market to Tenants, Held For Investment [Member] | ||
Number of Real Estate Properties | 15 | |
Mt. Melrose LLC [Member] | Real Estate Held For Investment [Member] | ||
Number of Real Estate Properties | 113 | |
Mt. Melrose LLC [Member] | Real Estate Held For Sale, Residential and Commercial Properties [Member] | ||
Number of Real Estate Properties | 48 | |
Mt. Melrose LLC [Member] | Real Estate Held For Sale, Vacant Lots [Member] | ||
Number of Real Estate Properties | 9 | |
Mt. Melrose LLC [Member] | Real Estate, Held For Sale [Member] | ||
Number of Real Estate Properties | 57 | |
EDI Real Estate, LLC [Member] | Real Estate Occupied or Available to Rent, Held For Investment [Member] | ||
Number of Real Estate Properties | 7 | 6 |
EDI Real Estate, LLC [Member] | Vacant Real Estate Being Prepared or to Be Prepared to Market to Tenants, Held For Investment [Member] | ||
Number of Real Estate Properties | 2 | 3 |
EDI Real Estate, LLC [Member] | Real Estate Held For Investment [Member] | ||
Number of Real Estate Properties | 9 | 9 |
EDI Real Estate, LLC [Member] | Commercial Real Estate, Held For Resale [Member] | ||
Number of Real Estate Properties | 3 | 3 |
Note 9 - Real Estate - Schedule
Note 9 - Real Estate - Schedule of Carrying Amount of Real Estate Properties (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Real estate held for investment, net | $ 598,460 | $ 9,492,877 |
Real estate held for resale | 822,904 | 2,318,912 |
Mt. Melrose LLC [Member] | ||
Total real estate held for investment | 9,049,945 | |
Accumulated depreciation | (159,514) | |
Real estate held for investment, net | 8,890,431 | |
Real estate held for resale | 2,278,865 | |
EDI Real Estate, LLC [Member] | ||
Total real estate held for investment | 717,456 | 710,022 |
Accumulated depreciation | (118,996) | (107,576) |
Real estate held for investment, net | 598,460 | 602,446 |
Real estate held for resale | $ 75 | $ 40,047 |
Note 9 - Real Estate - Minimum
Note 9 - Real Estate - Minimum Rental Revenues (Details) | Jun. 30, 2019USD ($) |
2019 | $ 37,150 |
2020 | 8,695 |
2021 | |
Total | $ 45,845 |
Note 10 - Notes Payable (Detail
Note 10 - Notes Payable (Details Textual) | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2019 |
HVAC Value Fund, LLC [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.99% | |||
EDI Real Estate, LLC [Member] | Promissory Notes due September 15, 2022 [Member] | Real Estate Held For Investment [Member] | ||||
Number Of Promissory Notes | 2 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Debt Instrument, Maturity Date | Sep. 15, 2022 | |||
EDI Real Estate, LLC [Member] | Promissory Notes due September 1, 2033 [Member] | Real Estate Held For Investment [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | ||
Debt Instrument Rate, Subject to Change, Term | 5 years | |||
US Treasury Security, Term | 5 years | |||
Debt Instrument, Maturity Date | Sep. 1, 2033 | |||
EDI Real Estate, LLC [Member] | Promissory Notes due September 1, 2033 [Member] | Real Estate Held For Investment [Member] | Index Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Mt Melrose Warehouse [Member] | Interest Bearing Notes Payable [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Mt. Melrose LLC [Member] | Interest Bearing Notes Payable [Member] | Real Estate Held For Investment [Member] | ||||
Number Of Promissory Notes | 0 | |||
Mt. Melrose LLC [Member] | Interest Bearing Notes Payable [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.375% | |||
Mt. Melrose LLC [Member] | Interest Bearing Notes Payable [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 13.00% |
Note 10 - Notes Payable - Summa
Note 10 - Notes Payable - Summary of Notes Payable (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Less notes related to discontinued operations | $ (209,436) | ||
Less accrued interest | (4,683) | $ (134,623) | (134,623) |
Less current portion | (576,095) | (1,002,965) | (1,002,965) |
Long-term portion | $ 500,855 | $ 6,518,854 | 6,518,854 |
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | |||
Notes payable, interest rate | 10.00% | ||
Notes payable, term (Year) | 1 year | ||
Notes payable | $ 54,683 | 131,279 | |
Notes payable | $ 54,683 | 131,279 | |
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Traditional Mortgages on Real Estate Held for Investment [Member] | |||
Notes payable, term (Year) | 14 years | ||
Notes payable | 4,505,139 | ||
Notes payable | 4,505,139 | ||
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Traditional Mortgages on Real Estate Held for Investment [Member] | Minimum [Member] | |||
Notes payable, interest rate | 4.38% | ||
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Traditional Mortgages on Real Estate Held for Investment [Member] | Maximum [Member] | |||
Notes payable, interest rate | 5.75% | ||
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Hard Money Loans on Real Estate Held for Investment [Member] | |||
Notes payable, term (Year) | 2 years | ||
Notes payable | 2,379,851 | ||
Notes payable | 2,379,851 | ||
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Hard Money Loans on Real Estate Held for Investment [Member] | Minimum [Member] | |||
Notes payable, interest rate | 10.00% | ||
Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | Hard Money Loans on Real Estate Held for Investment [Member] | Maximum [Member] | |||
Notes payable, interest rate | 13.00% | ||
Interest Bearing Notes Payable [Member] | Mt Melrose Warehouse [Member] | |||
Notes payable, interest rate | 8.00% | ||
Notes payable, term (Year) | 1 year | ||
Notes payable | $ 300,000 | ||
Notes payable | $ 300,000 | ||
Interest Bearing Notes Payable [Member] | EDI Real Estate, LLC [Member] | |||
Notes payable, interest rate | 5.60% | ||
Notes payable, term (Year) | 15 years | ||
Notes payable | $ 378,912 | 384,304 | |
Notes payable | $ 378,912 | 384,304 | |
Interest Bearing Notes Payable [Member] | EDI Real Estate, LLC [Member] | Real Estate Held For Investment [Member] | |||
Notes payable, interest rate | 6.00% | ||
Notes payable, term (Year) | 5 years | ||
Notes payable | $ 137,600 | 137,600 | |
Notes payable | $ 137,600 | 137,600 | |
Non-Interest Bearing Notes Payable [Member] | Mt. Melrose LLC [Member] | |||
Notes payable, interest rate | 0.00% | ||
Notes payable, term (Year) | 1 year | ||
Notes payable | $ 210,438 | 218,270 | |
Notes payable | $ 210,438 | 218,270 | |
Equipment and Vehicle Capital Leases and Loans [Member] | HVAC Value Fund, LLC [Member] | |||
Notes payable, term (Year) | 5 years | ||
Notes payable | 55,797 | ||
Notes payable | 55,797 | ||
Equipment and Vehicle Capital Leases and Loans [Member] | HVAC Value Fund, LLC [Member] | Minimum [Member] | |||
Notes payable, interest rate | 0.00% | ||
Equipment and Vehicle Capital Leases and Loans [Member] | HVAC Value Fund, LLC [Member] | Maximum [Member] | |||
Notes payable, interest rate | 4.90% | ||
Vehicle Loans [Member] | HVAC Value Fund, LLC [Member] | |||
Notes payable, interest rate | 5.99% | ||
Notes payable, term (Year) | 5 years | ||
Notes payable | 53,638 | ||
Notes payable | $ 53,638 |
Note 10 - Notes Payable - Inter
Note 10 - Notes Payable - Interest Rates on Remaining Notes Payable Amount (Details) | Jun. 30, 2019USD ($) |
Note payable | $ 1,081,633 |
Note Payable One [Member] | |
Note payable | 210,438 |
Note Payable One [Member] | Minimum [Member] | |
Note payable | 0 |
Note Payable One [Member] | Maximum [Member] | |
Note payable | 0 |
Note Payable Two [Member] | |
Note payable | 378,912 |
Note Payable Two [Member] | Minimum [Member] | |
Note payable | 5 |
Note Payable Two [Member] | Maximum [Member] | |
Note payable | 5.99 |
Note Payable Three [Member] | |
Note payable | 137,600 |
Note Payable Three [Member] | Minimum [Member] | |
Note payable | 6 |
Note Payable Three [Member] | Maximum [Member] | |
Note payable | 6.99 |
Note Payable Four [Member] | |
Note payable | 300,000 |
Note Payable Four [Member] | Minimum [Member] | |
Note payable | 8 |
Note Payable Four [Member] | Maximum [Member] | |
Note payable | 8.99 |
Note Payable Five[Member] | |
Note payable | 54,683 |
Note Payable Five[Member] | Minimum [Member] | |
Note payable | 10 |
Note Payable Five[Member] | Maximum [Member] | |
Note payable | $ 13 |
Note 10 - Notes Payable - Futur
Note 10 - Notes Payable - Future Payments on Notes Payable (Details) | Jun. 30, 2019USD ($) |
2019 | $ 570,608 |
2020 | 11,453 |
2021 | 12,181 |
2022 | 150,491 |
2023 and thereafter | 336,900 |
Total | $ 1,081,633 |
Note 11 - Accounts Receivable_3
Note 11 - Accounts Receivable and Bad Debt Expense (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 93,749 | $ 16,029 |
Note 11 - Accounts Receivable_4
Note 11 - Accounts Receivable and Bad Debt Expense - Schedule of Accounts Receivable (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Gross accounts receivable | $ 20,689 | $ 85,093 |
Less allowance for doubtful accounts | (477) | (26,830) |
Accounts receivable, net | $ 20,212 | $ 58,263 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | Jun. 27, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018 |
Number of Business Units | 5 | |||||
Number of Reportable Segments | 5 | 6 | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,073,696 | $ 423,232 | $ 2,440,715 | $ 1,263,336 | ||
Internet Operations [Member] | UNITED STATES | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 252,260 | 278,992 | ||||
Internet Operations [Member] | CANADA | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,657 | $ 18,595 | ||||
Mt. Melrose LLC [Member] | Woodmont [Member] | ||||||
Percentage of Membership Interest in Subsidiary Sold | 65.00% |
Note 12 - Segment Information -
Note 12 - Segment Information - Summary of Financial Information Concerning Company's Reportable Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,073,696 | $ 423,232 | $ 2,440,715 | $ 1,263,336 | ||
Cost of revenue | 247,373 | 224,210 | 498,229 | 511,580 | ||
Operating expenses | 680,381 | 525,809 | 1,166,336 | 1,203,743 | ||
Other income (expense) | (3,868,407) | (102,410) | (3,985,205) | (171,642) | ||
Comprehensive income (loss) | (4,992,836) | (396,571) | (4,619,060) | (769,390) | ||
Goodwill | 212,445 | 212,445 | 212,445 | 212,445 | $ 212,445 | |
Identifiable assets | 12,489,276 | 28,205,951 | 12,489,276 | 28,205,951 | $ 24,519,452 | |
Asset Management [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 589,180 | (92,773) | 1,286,160 | 191,932 | ||
Cost of revenue | ||||||
Operating expenses | 104,526 | 35,493 | 227,990 | 63,366 | ||
Other income (expense) | 7,052 | 11,075 | 14,091 | 22,150 | ||
Comprehensive income (loss) | 491,706 | (117,191) | 1,072,261 | 150,716 | ||
Goodwill | ||||||
Identifiable assets | 9,839,643 | 9,481,129 | 9,839,643 | 9,481,129 | ||
Real Estate [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 218,599 | 218,418 | 401,105 | 472,081 | ||
Cost of revenue | 164,130 | 143,630 | 327,373 | 359,853 | ||
Operating expenses | 211,536 | 289,580 | 315,844 | 497,022 | ||
Other income (expense) | (352,476) | (125,217) | (480,602) | (235,586) | ||
Comprehensive income (loss) | (509,543) | (340,009) | (722,714) | (620,380) | ||
Goodwill | ||||||
Identifiable assets | 675,268 | 15,632,590 | 675,268 | 15,632,590 | ||
Internet Operations [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 265,917 | 297,587 | 540,819 | 599,323 | ||
Cost of revenue | 83,243 | 80,580 | 170,856 | 151,727 | ||
Operating expenses | 59,035 | 63,273 | 122,298 | 133,051 | ||
Other income (expense) | 3,541 | 2,623 | 3,933 | 32,419 | ||
Comprehensive income (loss) | 127,180 | 156,357 | 251,598 | 346,964 | ||
Goodwill | 212,445 | 212,445 | 212,445 | 212,445 | ||
Identifiable assets | 449,095 | 385,833 | 449,095 | 385,833 | ||
Product and Service, Other [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 212,631 | 212,631 | ||||
Cost of revenue | ||||||
Operating expenses | 305,284 | 137,463 | 500,204 | 510,304 | ||
Other income (expense) | (3,526,524) | 9,109 | (3,522,627) | 9,375 | ||
Comprehensive income (loss) | (3,831,808) | (128,354) | (3,810,200) | (500,929) | ||
Goodwill | ||||||
Identifiable assets | 1,329,722 | 214,821 | 1,329,722 | 214,821 | ||
Home Service [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | ||||||
Cost of revenue | ||||||
Operating expenses | ||||||
Other income (expense) | ||||||
Comprehensive income (loss) | (1,270,371) | 32,626 | (1,410,005) | (145,761) | ||
Goodwill | ||||||
Identifiable assets | $ 195,548 | $ 2,491,578 | $ 195,548 | $ 2,491,578 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) | Jun. 27, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 29, 2018USD ($)shares | Jan. 10, 2018USD ($)shares | Jan. 01, 2018USD ($) | Apr. 12, 2016USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jan. 01, 2017USD ($) | Sep. 19, 2016USD ($) |
Lessee, Operating Lease, Term of Contract | 1 year 328 days | ||||||||||
Lessee, Operating Lease, Discount Rate | 6.70% | ||||||||||
Payments to Acquire Businesses, Gross | $ 552,644 | ||||||||||
Civil Action Complaint Against Frank Erhartic, Jr. [Member] | |||||||||||
Loss Contingency, Damages Sought, Value | $ 350,000 | ||||||||||
Mt. Melrose LLC [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | |||||||||
Woodmont [Member] | Mt. Melrose LLC [Member] | |||||||||||
Percentage of Membership Interest in Subsidiary Sold | 65.00% | ||||||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 100,000 | ||||||||||
Mt. Melrose LLC [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 500,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 2,767,158 | $ 1,798,119 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 148,158 | 120,602 | |||||||||
Purchase Agreement, Monthly Payments of Interest and Principal for Outstanding Debt | $ 10,568 | ||||||||||
Purchase Agreement, Insurance Monthly Payment | 1,073 | ||||||||||
Purchase Agreement, Estimated Annualized Obligation of Real Propety Taxes | $ 7,461 | ||||||||||
Mt. Melrose LLC [Member] | Residential Properties [Member] | |||||||||||
Number of Real Estate Properties | 69 | 44 | |||||||||
Business Combination, Consideration Transferred, Total | $ 5,174,722 | $ 3,956,389 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 2,767,158 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 148,158 | ||||||||||
Alluvial Fund, LP [Member] | Arquitos Capital Partners, LP [Member] | |||||||||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ 3,000,000 | ||||||||||
Willow Oak Asset Management LLC [Member] | Alluvial Fund, LP [Member] | |||||||||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ 10,000,000 | $ 10,000,000 | |||||||||
Financial Instruments, Withdrawal from Capital Amount | $ 3,000,000 | ||||||||||
Alluvial Fund, LP [Member] | Willow Oak Asset Management LLC [Member] | |||||||||||
Capital Contribution Commitment | $ 10,000,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Lease Expenses (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Amortization of ROU assets | $ 8,738 |
Interest on lease liabilities | |
Operating lease cost | 25,167 |
Sublease income | (7,052) |
Total lease costs | $ 26,853 |
Note 13 - Commitments and Con_5
Note 13 - Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
2019 | $ 50,304 | |
2020 | 86,380 | |
2021 | 13,005 | |
Total | 149,689 | |
Discount factor | (7,830) | |
Lease liability | 141,859 | |
Less lease liability from discontinuing operations | (66,199) | |
Amounts due within 12 months | (28,389) | |
Long-term lease liability | $ 47,271 |
Note 14 - Share Adjustment, C_2
Note 14 - Share Adjustment, Cancellation and Sale of Treasury Shares, and Reverse Stock Split (Details Textual) | Jul. 31, 2018shares | May 26, 2018$ / sharesshares | Mar. 29, 2019 | Jun. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | May 22, 2018$ / sharesshares |
Stock Issued During Period, Shares, Treasury Stock Reissued | 13,068 | |||||
Shares Issued, Price Per Share | $ / shares | $ 0.11036586 | |||||
Common Stock, Shares Authorized | 2,800,000 | 2,800,000 | 350,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.125 | $ 0.125 | $ 0.001 | |||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 | 30,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Reverse Stock Split [Member ] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 125 | |||||
Before Reverse Stock Split [Member] | ||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,633,500 |