| Note 2 - Summary of Significant Accounting Policies | Note 2 Summary of significant accounting policies Use of estimates Cash and cash equivalents Tenant improvements and office equipment Tenant improvements and office equipment, net of accumulated amortization and depreciation are comprised of the following: October 31, 2016 January 31, 2016 Leasehold improvements $ 2,200 $ 2,200 Office equipment, furniture and fixtures 22,251 22,251 24,451 24,451 Accumulated amortization and depreciation (21,272 ) (15,284 ) $ 3,179 $ 9,167 Tenant improvements are amortized over the term of the lease, and office equipment is depreciated over its useful lives, which has been deemed by management to be three years. Amortization and depreciation expense related to tenant improvements and office equipment for each of the three months ended October 31, 2016 and 2015 was $1,854 and $2,067, respectively. Amortization and depreciation expense related to tenant improvements and office equipment for each of the nine months ended October 31, 2016 and 2015 was $5,988 and $6,201, respectively. Income taxes Investment in Unconsolidated Entity Accounting Standard Codification 810-10, Consolidation-Overall Long-Lived Assets Trademarks Gross Carrying Amount Accumulated Amortization Net Trademarks $ 11,010 $ 2,074 $ 8,936 Discontinued Operations Discontinued Operations Income Statement Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 Rental income from the Regulated Entities (Affiliates) $ 973,798 $ 1,063,125 $ 2,921,393 $ 3,480,090 Total revenues 973,798 1,063,125 2,921,393 3,480,090 Operating costs and expenses Reserve for amounts due from Regulated Entities (Affiliates) (325,807 ) 19,850 (657,018 ) 1,412,234 Rents and other occupancy 800,438 912,681 2,425,100 3,069,548 Depreciation and amortization 54,554 45,876 136,418 193,873 Total operating costs and expenses 529,185 978,407 1,904,500 4,675,655 Operating (loss)/income from discontinued operations 444,613 84,718 1,016,893 (1,195,565 ) Other income and (expenses) Loss from cancellation of lease and related tenant improvement loan (62,503 ) (62,503 ) Interest expense (168,052 ) (207,061 ) (832,193 ) (622,968 ) Loss from discontinued operations $ 276,561 $ (184,458 ) $ 184,700 $ (1,881,036 ) The Company anticipates continued expenses through the end of calendar 2017 related to the discontinued operations. The individual assets and liabilities of the discontinued agricultural business are combined in the captions "Assets of discontinued operation" and "Liabilities of discontinued operation" in the consolidated Balance Sheet. The carrying amounts of the major classes of assets and liabilities included part of the discontinued business are presented in the following table: Discontinued Operations Balance Sheet October 31, 2016 January 31, 2016 ASSETS Due from Regulated Entities (Affiliates), net of collection allowance reserve of $2,565,516 and $3,222,535 at October 31, 2016 and January 31, 2016, respectively. $ $ Prepaid rent 134,112 Tenant improvements and office equipment, net of accumulated amortization and depreciation of $186,443 and $62,025 at October 31, 2016 and January 31, 2016, respectively 505,968 630,386 Commercial operating property, net of accumulated amortization of $34,667 and $22,667 at October 31, 2016 and January 31, 2016, respectively 625,333 637,333 Prepaid expenses and other assets 200,000 150,000 Total assets $ 1,465,413 $ 1,417,719 LIABILITIES Accounts payable and accrued expenses $ $ 34,477 Settlement of equipment advance payable 150,100 Accrued interest payable 397,692 138,458 Deferred rent 1,139,643 965,319 Mortgage payable 202,660 357,010 Convertible notes payable 2,073,883 Notes payable 2,465,000 Total liabilities $ 4,204,995 $ 3,719,247 The Company discontinued providing services under the Master Service agreements to the Regulated Entities on June 30, 2015. There were no components of major assets and liabilities associated with the discontinued operations at October 31, 2016 and 2015 and at January 31, 2016. The summarized discontinued operating results for the three Nine months ended October 31, 2015, respectively, are, as follows: Three Months Ended October 31, 2015 Nine Months Ended October 31, 2015 Revenues $ $ 764,071 Expenses (1,146,758 ) $ $ (382,687 ) Comprehensive Income (Loss) - Net income per share of common stock Earnings per Share Recently Issued Accounting Pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and ensure that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change. New pronouncements assessed by the Company recently are discussed below: In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases In July 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
