Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 13, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Owens Realty Mortgage, Inc. | ||
Entity Central Index Key | 0001556364 | ||
Trading Symbol | orm | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,482,880 | ||
Entity Public Float | $ 139,041 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash, cash equivalents and restricted cash | $ 4,514,301 | $ 5,670,816 |
Loans, net of allowance for loan losses of $1,478,188 in 2018 and $1,827,806 in 2017 | 141,204,055 | 144,343,844 |
Interest and other receivables | 1,104,638 | 2,430,457 |
Other assets, net of accumulated depreciation and amortization of $85,944 in 2018 and $309,686 in 2017 | 416,615 | 725,341 |
Deferred financing costs, net of accumulated amortization of $82,635 in 2018 and $265,276 in 2017 | 351,199 | 26,823 |
Deferred tax assets, net | 2,697,480 | 3,207,322 |
Investment in limited liability company | 2,139,242 | 2,140,545 |
Real estate held for sale | 34,093,790 | 56,110,472 |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | 22,548,720 | 24,355,653 |
Total assets | 209,070,040 | 239,011,273 |
Liabilities: | ||
Dividends payable | 1,696,576 | 1,572,047 |
Due to Manager | 242,170 | 277,671 |
Accounts payable and accrued liabilities | 1,245,609 | 1,390,329 |
Deferred gains | 302,895 | |
Forward contract liability – share repurchase | 2,731,171 | |
Line of credit payable | 1,728,000 | 1,555,000 |
Notes and loans payable on real estate | 12,798,903 | 30,192,433 |
Total liabilities | 17,711,258 | 38,021,546 |
Commitments and Contingencies (Note 15) | ||
Equity: | ||
Preferred stock, $.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2018 and 2017 | ||
Common stock, $.01 par value per share, 50,000,000 shares authorized, 11,198,119 shares issued, 8,482,880 and 9,095,454 shares outstanding at December 31, 2018 and 2017 | 111,981 | 111,981 |
Additional paid-in capital | 182,437,522 | 182,437,522 |
Treasury stock, at cost – 2,715,239 and 2,102,665 shares at December 31, 2018 and 2017 | (41,753,190) | (31,655,119) |
Retained earnings | 50,562,469 | 50,095,343 |
Total stockholders’ equity | 191,358,782 | 200,989,727 |
Total liabilities and equity | $ 209,070,040 | $ 239,011,273 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loans, allowance of losses | $ 1,478,188 | $ 1,827,806 |
Other assets, accumulated depreciation and amortization | 85,944 | 309,686 |
Deferred financing costs, accumulated amortization | 82,635 | 265,276 |
Real estate held for investment, accumulated depreciation | $ 2,679,823 | $ 3,316,753 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, share authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,198,119 | 11,198,119 |
Common stock, shares outstanding (in shares) | 8,482,880 | 9,095,454 |
Treasury stock, shares (in shares) | 2,715,239 | 2,102,665 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Interest and related income from loans | $ 12,281,261 | $ 10,840,730 | $ 8,922,142 |
Rental and other income from real estate properties | 4,129,261 | 4,505,385 | 7,977,400 |
Other income | 386,499 | 187,013 | 179,449 |
Total revenues | 16,797,021 | 15,533,128 | 17,078,991 |
Expenses: | |||
Management fees to Manager | 2,906,333 | 3,546,085 | 3,286,470 |
Servicing fees to Manager | 95,143 | 362,411 | 298,770 |
General and administrative expense | 3,389,524 | 2,234,230 | 1,568,890 |
Rental and other expenses on real estate properties | 3,858,962 | 4,980,900 | 7,060,526 |
Depreciation and amortization | 761,717 | 1,138,515 | 1,258,305 |
Interest expense | 2,132,776 | 1,587,695 | 2,859,294 |
(Recovery of) provision for loan losses | (239,144) | (360,012) | 1,284,896 |
Impairment losses on real estate properties | 1,053,161 | 1,423,286 | 3,227,807 |
Total expenses | 13,958,472 | 14,913,110 | 20,844,958 |
Operating income (loss) | 2,838,549 | 620,018 | (3,765,967) |
Gain on sales of real estate, net | 4,610,824 | 14,728,921 | 24,497,763 |
Settlement expense | (2,627,436) | ||
Net income before income tax expense | 7,449,373 | 12,721,503 | 20,731,796 |
Income tax (expense) benefit | (559,842) | (4,041,655) | 7,248,977 |
Net income | 6,889,531 | 8,679,848 | 27,980,773 |
Less: Net income attributable to non-controlling interests | (3,571,003) | ||
Net income attributable to common stockholders | $ 6,889,531 | $ 8,679,848 | $ 24,409,770 |
Per common share data: | |||
Basic and diluted earnings per common share (in dollars per share) | $ 0.79 | $ 0.85 | $ 2.38 |
Basic and diluted weighted average number of common shares outstanding (in shares) | 8,764,568 | 10,162,496 | 10,247,477 |
Dividends declared per share of common stock (in dollars per share) | $ 0.76 | $ 0.38 | $ 0.32 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) at Dec. 31, 2015 | 11,198,119 | (950,642) | |||||
Balances at Dec. 31, 2015 | $ 111,981 | $ 182,437,522 | $ (12,852,058) | $ 25,282,553 | $ 194,979,998 | $ 4,528,849 | $ 199,508,847 |
Net income | 24,409,770 | 24,409,770 | 3,571,003 | 27,980,773 | |||
Dividends declared | (3,279,193) | (3,279,193) | (3,279,193) | ||||
Tax payment made on behalf of stockholders (Note 9) | (582,698) | (582,698) | (582,698) | ||||
Contribution from non-controlling interest | 44,207 | 44,207 | |||||
Distributions to non-controlling interests | (8,144,059) | (8,144,059) | |||||
Balances (in shares) at Dec. 31, 2016 | 11,198,119 | (950,642) | |||||
Balances at Dec. 31, 2016 | $ 111,981 | 182,437,522 | $ (12,852,058) | 45,830,432 | 215,527,877 | 215,527,877 | |
Net income | 8,679,848 | 8,679,848 | 8,679,848 | ||||
Dividends declared | (3,774,670) | (3,774,670) | (3,774,670) | ||||
Tax payment made on behalf of stockholders (Note 9) | (640,267) | (640,267) | (640,267) | ||||
Purchase of treasury stock (in shares) | (1,152,023) | ||||||
Purchase of treasury stock | $ (18,803,061) | (18,803,061) | (18,803,061) | ||||
Balances (in shares) at Dec. 31, 2017 | 11,198,119 | (2,102,665) | |||||
Balances at Dec. 31, 2017 | $ 111,981 | 182,437,522 | $ (31,655,119) | 50,095,343 | 200,989,727 | 200,989,727 | |
Net income | 6,889,531 | 6,889,531 | 6,889,531 | ||||
Dividends declared | (6,589,300) | (6,589,300) | (6,589,300) | ||||
Purchase of treasury stock (in shares) | (612,574) | ||||||
Purchase of treasury stock | $ (10,098,071) | (10,098,071) | (10,098,071) | ||||
Balances (in shares) at Dec. 31, 2018 | 11,198,119 | (2,715,239) | |||||
Balances at Dec. 31, 2018 | $ 111,981 | 182,437,522 | $ (41,753,190) | 50,562,469 | 191,358,782 | 191,358,782 | |
Net effect of adoption of new accounting standards | $ 166,895 | $ 166,895 | $ 166,895 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 6,889,531 | $ 8,679,848 | $ 27,980,773 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Gain on sales of real estate, net | (4,610,824) | (14,728,921) | (24,497,763) |
Deferred income tax benefit | 509,842 | 4,041,655 | (7,248,977) |
Distribution received from equity method investee | 384,500 | 185,000 | 180,000 |
Income in earnings of equity method investee | (383,197) | (185,063) | (179,450) |
(Reversal of) provision for loan losses | (239,144) | (360,012) | 1,284,896 |
Impairment losses on real estate properties | 1,053,161 | 1,423,286 | 3,227,807 |
Depreciation and amortization | 761,717 | 1,138,515 | 1,258,305 |
Amortization of deferred financing costs | 267,932 | 317,419 | 456,168 |
Accretion of discount on loans | (241,061) | ||
Deferred loan fees, net of amortization | 385,682 | ||
Changes in operating assets and liabilities: | |||
Interest and other receivables | 575,657 | (266,122) | (441,985) |
Other assets | 227,432 | 34,172 | (420,759) |
Accounts payable and accrued liabilities | (225,062) | (2,351,676) | (2,314,291) |
Due to Manager | (35,501) | (82,956) | (48,016) |
Forward contract liability | (459,688) | 459,688 | |
Net cash provided by (used in) operating activities | 4,860,977 | (1,695,167) | (763,292) |
Cash flows from investing activities: | |||
Principal collected on loans | 78,632,376 | 69,266,337 | 55,849,884 |
Investments in loans | (68,792,474) | (85,824,680) | (78,272,140) |
Investment in real estate properties | (496,826) | (11,232,758) | (26,406,879) |
Net proceeds from disposition of real estate properties | 21,286,595 | 55,879,123 | 89,401,642 |
Purchases of vehicles and equipment | (16,170) | (29,887) | |
Net cash provided by investing activities | 30,629,671 | 28,071,852 | 40,542,620 |
Cash flows from financing activities | |||
Advances on notes payable | 243,267 | 10,543,172 | 23,966,383 |
Repayments on notes payable | (17,789,514) | (13,972,820) | (36,380,880) |
Advances on lines of credit | 71,634,706 | 19,945,000 | 79,416,793 |
Repayments of lines of credit | (71,461,706) | (23,366,000) | (95,356,293) |
Payment of deferred financing costs | (439,591) | (12,500) | (279,599) |
Distributions to non-controlling interests | (8,144,059) | ||
Contribution from non-controlling interest | 44,207 | ||
Purchase of treasury stock | (12,369,554) | (16,531,578) | |
Dividends paid | (6,464,771) | (4,245,386) | (4,592,850) |
Net cash used in financing activities | (36,647,163) | (27,640,112) | (41,326,298) |
Net decrease in cash, cash equivalents and restricted cash | (1,156,515) | (1,263,427) | (1,546,970) |
Cash, cash equivalents and restricted cash at beginning of year | 5,670,816 | 6,934,243 | 8,481,213 |
Cash, cash equivalents and restricted cash at end of year | 4,514,301 | 5,670,816 | 6,934,243 |
Supplemental Disclosures of Cash Flow Information | |||
Cash paid during the year for interest (excluding amounts capitalized) | 1,893,988 | 1,291,743 | 2,495,000 |
Cash paid during the year for interest that was capitalized | 472,357 | 555,453 | |
Supplemental Disclosure of Non-Cash Activity | |||
Increase in real estate from loan foreclosures | 2,062,729 | 700,800 | |
Decrease in loans, net of allowance for loan losses, from loan foreclosures | (1,937,475) | (631,232) | |
Decrease in interest and other receivables from adding balances to loans | (69,568) | ||
Decrease in interest and other receivables from loan foreclosures | (44,912) | ||
Increase in loans from sales of real estate | 8,679,065 | 450,000 | 1,595,000 |
Amortization of deferred financing costs capitalized to construction project | (76,260) | (119,471) | |
Capital expenditures financed through accounts payable | (42,146) | (2,654,856) | |
Dividends declared but not paid | (1,696,576) | (1,572,047) | (1,402,496) |
Repurchase of treasury stock accrued as forward contract liability | (2,271,483) | ||
Reversal of deferred gain on adoption of ASU 2014-09 | (302,895) | ||
Loan discounts established on adoption of ASU 2014-09 | $ 136,000 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 Owens Realty Mortgage, Inc. (the “Company”) was incorporated on August 9, 2012, 50,000,000 $0.01 5,000,000 $0.01 4, February 12, 2013 ( No. 333 184392 May 20, 2013. 12g 3 1934, 11,198,119 January 1, 2013. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, 100% 90% Proposed Merger with Ready Capital Corporation On November 7, 2018, Under the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of the Company’s Common Stock issued and outstanding immediately prior to the Effective Time (excluding any cancelled shares) will be converted into the right to receive from Ready Capital 1.441 $0.0001, three Completion of the proposed Merger is subject to the satisfaction of certain customary conditions, and is subject to the approval of the stockholders of both Ready Capital and the Company. The Company cannot provide any assurance that the proposed Merger will close in a timely manner or at all. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority and wholly owned limited liability companies. All significant inter-company transactions and balances have been eliminated in consolidation. The Company also has a 50% 4 one Certain reclassifications have been made to the 2016 2017 2018 None Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates. Recently Issued Accounting Standards In June 2016, 2016 13, 326 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 In February 2016, 2016 02, 842 2016 02 January 1, 2019. not 2014 09, 2016 02 not not In July 2018, 2018 11, 842 2016 02 not not 2014 09. In August 2018, 2018 13, 820 2018 13 820. December 15, 2019. not 2018 13 Recently Adopted Accounting Pronouncements On January 1, 2018, 2017 01, 805 2017 01 2017 01 March 31, 2018 not On January 1, 2018, 2016 18, 230 2016 18 2016 18 March 31, 2018 On January 1, 2018, 2016 15, 230 2016 15 eight 2016 15 March 31, 2018 2016 15. On January 1, 2018, 2014 09, 606” 606. not 606, 606, 2016 02, The Company adopted ASC 606 not January 1, 2018. January 1, 2018 606 $167,000 January 1, 2018 606 four two $303,000 two $136,000. On January 1, 2018, 2016 01, 825 10 2016 01 2016 01 not 1 2 3 4 2016 01 2016 01 March 31, 2018 14. Cash , Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions. Restricted cash includes contingency reserves required pursuant to the Company’s charter and non-interest bearing deposits required pursuant to the Company’s line of credit of $3,500,000 7 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and loans. The Company places its cash and cash equivalents with financial institutions and, at times, cash held may Loans and Allowance for Loan Losses Loans are generally stated at the principal amount outstanding, net of unamortized loan discounts and deferred loan fees which totaled $364,000 $386,000 December 31, 2018, no December 31, 2017. second third ninety not not not April 1, 2018, 30% 30% 70% 12 Loans and the related accrued interest and advances are analyzed by management on a periodic basis for ultimate recovery. The allowance for loan losses is management’s estimate of probable credit losses inherent in the Company’s loan portfolio that have been incurred as of the balance sheet date. The allowance is established through a provision for loan losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two not Regardless of the loan type, a loan is considered impaired when, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. All loans determined to be impaired are individually evaluated for impairment. When a loan is considered impaired, management estimates impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, management may fourth may A restructuring of a debt constitutes a troubled debt restructuring (“TDR”) if the Company for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not not The determination of the general reserve for loans that are not not The Company maintains a separate allowance for each portfolio segment (loan type). These portfolio segments include commercial real estate, residential real estate and land loans. The allowance for loan losses attributable to each portfolio segment, which includes both impaired loans that are individually evaluated for impairment and loans that are not not 1 2 3 Land Loans Commercial and Residential Real Estate Loans may Management monitors the credit quality of the Company’s loan portfolio on an ongoing basis using certain credit quality indicators including a loan’s delinquency status and internal asset classification. A loan is considered classified when it meets the definition of impaired as described above. Other Assets Other assets primarily include deferred rent, capitalized lease commissions, prepaid expenses, deposits and inventory. Amortization of lease commissions is provided on the straight-line method over the lives of the related leases. Deferred Financing Costs Issuance and other costs related to the Company’s line of credit and certain notes payable are capitalized and amortized to interest expense under either the straight-line or effective interest methods over the terms of the respective debt instruments. Deferred financing costs related to the construction loan in Zalanta Resort at the Village, LLC (“ZRV”) were amortized to the construction project under the straight-line method over the term of construction/renovation. Rental Income The Company leases multifamily rental units under operating leases with terms of generally one Real Estate Held for Sale Real estate held for sale includes real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is being marketed for sale. Real estate held for sale is recorded at acquisition at the property’s estimated fair value less estimated costs to sell. Any excess of the recorded investment in the loan over the net realizable value is charged against the allowance for loan losses. Any excess of the net realizable value over the recorded investment in the loan is credited first After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not not The Company records a gain or loss from the sale of real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the real estate is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. This adjustment is based on management’s estimate of the fair value of the loan extended to the buyer to finance the sale. Real Estate Held for Investment Real estate held for investment includes real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is not After acquisition, costs incurred relating to the development and improvement of the property are capitalized, whereas costs relating to operating or holding the property are expensed. Subsequent to acquisition, management periodically compares the carrying value of real estate to expected undiscounted future cash flows for the purpose of assessing the recoverability of the recorded amounts. If the carrying value exceeds future undiscounted cash flows, the assets are reduced to estimated fair value through an impairment loss charged to earnings. Subsequent increases in the fair value of such properties are not Depreciation of real estate properties held for investment is provided on the straight-line method over the estimated remaining useful lives of buildings and improvements ( 5 39 The Company reclassifies real estate properties from held for investment to held for sale in the period in which all of the following criteria are met: 1 2 3 4 one 5 If circumstances arise that previously were considered unlikely, and, as a result, the Company decides not not Earnings per Common Share The Company calculates basic earnings per common share by dividing net income attributable to common stockholders for the period by the weighted-average shares of Common Stock outstanding for that period. Diluted earnings per common share take into effect any dilutive instruments, unless if when doing so such effect would be anti-dilutive. At the present time, the Company has not no Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities, if any. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount that is “more likely than not” The Company has elected to be taxed as a REIT. As a result of the Company’s REIT qualification and its distribution policy, the Company does not 90% not may four may The Company has elected or may may may Gains on sales of certain properties may 1221 1 The accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” no December 31, 2018 2017. 2012 11. Certain entities included in the Company’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as general and administrative expenses in the accompanying consolidated financial statements. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | NOTE 3 The following tables show the changes in the allowance for loan losses by portfolio segment for the years ended December 31, 2018, 2017 2016 December 31, 2018 2017 2018 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Charge-offs — (186,708 ) — (186,708 ) Recoveries — 76,234 — 76,234 Provision (Reversal) (9,944 ) (218,779 ) (10,421 ) (239,144 ) Ending balance $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Ending balance $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Loans: Ending balance $ 132,519,461 $ 5,209,357 $ 4,953,425 $ 142,682,243 Ending balance: individually evaluated for impairment $ 9,304,587 $ 2,557,526 $ — $ 11,862,113 Ending balance: collectively evaluated for impairment $ 123,214,874 $ 2,651,831 $ 4,953,425 $ 130,820,130 2017 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (546,004 ) — (546,004 ) Recoveries 27,000 — — 27,000 Provision (Reversal) 177,487 (333,777 ) (203,722 ) (360,012 ) Ending balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Ending balance: individually evaluated for impairment $ — $ 186,708 $ — $ 186,708 Ending balance: collectively evaluated for impairment 1,069,458 $ 264,829 $ 306,811 $ 1,641,098 Ending balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Loans: Ending balance $ 127,873,281 $ 13,170,795 $ 5,127,574 $ 146,171,650 Ending balance: individually evaluated for impairment $ 1,212,851 $ 7,321,359 $ — $ 8,534,210 Ending balance: collectively evaluated for impairment $ 126,660,430 $ 5,849,436 $ 5,127,574 $ 137,637,440 2016 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Recoveries 27,000 — — 27,000 Provision 144,961 875,731 264,204 1,284,896 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment $ 864,971 $ 598,606 $ 510,533 $ 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311 Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment $ 102,442,111 $ 14,117,811 $ 8,238,523 $ 124,798,445 The following tables show an aging analysis of the loan portfolio by the time monthly payments are past due at December 31, 2018 2017. 90 December 31, 2018 2017. December 31 , 2018 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Other Impaired/Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Commercial $ 4,388,000 $ 4,916,587 $ — $ — $ 9,304,587 $ 123,214,874 $ 132,519,461 Residential 2,358,966 — — 198,560 2,557,526 2,651,831 5,209,357 Land — — — — — 4,953,425 4,953,425 $ 6,746,966 $ 4,916,587 $ — $ 198,560 $ 11,862,113 $ 130,820,130 $ 142,682,243 The above table as of December 31, 2018 seven $19,515,000 $10,835,000 30 $3,000,000 30 59 $1,505,000 60 89 $4,175,000 90 $2,359,000 $4,917,000 December 31 , 201 7 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Other Impaired/ Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ 1,212,851 $ 1,212,851 $ 126,660,430 $ 127,873,281 Residential 1,938,895 2,737,538 2,430,878 214,048 7,321,359 5,849,436 13,170,795 Land — — — — — 5,127,574 5,127,574 $ 1,938,895 $ 2,737,538 $ 2,430,878 $ 1,426,899 $ 8,534,210 $ 137,637,440 $ 146,171,650 The above table as of December 31, 2017 seven $7,585,000 $4,585,000 $3,000,000 30 59 $1,585,000 90 $3,000,000 30 $7,107,000 The following tables show information related to impaired loans as of and for the years ended December 31, 2018, 2017 2016: As of December 31, 201 8 Year Ended December 31, 201 8 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 9,467,157 $ 9,304,587 $ — $ 1,855,535 $ 173,711 Residential 2,557,526 2,557,526 — 5,966,958 380,761 Land — — — — — $ 12,024,683 $ 11,862,113 $ — $ 7,822,493 $ 554,472 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential — — — 114,327 — Land — — — — — $ — — $ — $ 114,327 $ — Total: Commercial $ 9,467,157 $ 9,304,587 $ — $ 1,855,535 $ 173,711 Residential 2,557,526 2,557,526 — 6,081,285 380,761 Land — — — — — $ 12,024,683 $ 11,862,113 $ — $ 7,936,820 $ 554,472 As of December 31, 201 7 Year Ended December 31, 201 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,222,499 $ 1,212,851 $ — $ 101,875 $ 19,189 Residential 6,610,216 6,505,469 — 753,711 50,369 Land — — — — — $ 7,832,715 $ 7,718,320 $ — $ 855,586 $ 69,559 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 1,302,707 815,890 186,708 3,188,101 — Land — — — — — $ 1,302,707 815,890 $ 186,708 $ 3,188,101 $ — Total: Commercial $ 1,222,499 $ 1,212,851 $ — $ 101,875 $ 19,189 Residential 7,912,923 7,321,359 186,708 3,941,813 50,369 Land — — — — — $ 9,135,422 $ 8,534,210 $ 186,708 $ 4,043,688 $ 69,559 Year Ended December 31, 201 6 Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,684,877 $ 38,187 Residential 236,042 20,598 Land — — $ 1,920,919 $ 58,785 With an allowance recorded: Commercial $ 865,285 $ — Residential 6,209,540 — Land — — $ 7,074,825 $ — Total: Commercial $ 2,550,162 $ 38,187 Residential 6,445,582 20,598 Land — — $ 8,995,744 $ 58,785 The recorded investment balances presented in the above tables include amounts advanced in addition to principal on impaired loans (such as property taxes, insurance and legal charges) that are reimbursable by borrowers and are included in interest and other receivables in the accompanying consolidated balance sheets. Interest income recognized on a cash basis for impaired loans approximates the interest income recognized as reflected in the tables above. The average recorded investment and interest income recognized on impaired loans for which no may no Troubled Debt Restructurings The Company had recorded specific loan loss allowances of approximately $0 $187,000 $199,000 $2,739,000 December 31, 2018 2017, not No December 31, 2018. December 31, 2017, one $1,145,000 one $165,000 $68,000 no December 31, 2017. 2018. There were no December 31, 2016. The following table shows information related to the loan modification made by the Company during the year ended December 31, 2017 Modifications During the Year Ended December 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings That Occurred During the Year Commercial 1 $ 1,173,625 $ 1,212,851 There were no twelve December 31, 2018, 2017 2016. 90 |
Note 4 - Investment in Limited
Note 4 - Investment in Limited Liability Company | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4 – INVESTMENT IN LIMITED LIABILITY COMPANY During 2008, 1850 “1850” July 2008, two two 1850. 1850 During the years ended December 31, 2018, 2017 2016, 1850 $385,000, $185,000 $180,000, 1850 $383,000, $185,000 $179,000 December 31, 2018, 2017 2016, |
Note 5 - Real Estate Held for S
Note 5 - Real Estate Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 5 Real estate properties held for sale as of December 31, 2018 2017 December, 2018 December 31, 2017 Residential $ 16,855,359 $ 24,627,710 Land 7,359,111 14,389,620 Retail 7,737,181 7,632,893 Golf course — 1,999,449 Marina 1,269,650 2,207,675 Assisted care — 5,253,125 Office 872,489 — $ 34,093,790 $ 56,110,472 Transfers During the year ended December 31, 2018, five $6,725,000 December 31, 2018, one $6,561,000 no During the year ended December 31, 2017, seven $13,423,000 one December 31, 2017, one $1,915,000 not one $1,423,000 four 2017 During the year ended December 31, 2016, four $10,052,000 one No December 31, 2018, 2017 2016. Impairment Losses During the year ended December 31, 2018, $1,053,000 $938,000 $54,000 October 2018 $61,000 January 2019 ( During the year ended December 31, 2017, $1,423,000 $495,000 $315,000 $146,000 $467,000 During the year ended December 31, 2016, $3,228,000 $2,110,000 $1,094,000 $24,000 Sales During the year ended December 31, 2018, twenty-three eleven $21,287,000 $8,679,000, $4,611,000. During the year ended December 31, 2017, fifteen seven $55,879,000 $450,000, $14,729,000. one 2017 $93,000. During the year ended December 31, 2016, seven $89,402,000 $1,595,000, $24,498,000 $20,782,000 $3,716,000 2016 Foreclosure s During the year ended December 31, 2018, two two 20 $1,937,000 $125,000 There were no December 31, 2017. During the year ended December 31, 2016, one $1,079,000 $70,000 $495,000. $47,000 $448,000 2015, June 2016. 2017. |
Note 6 - Real Estate Held for I
Note 6 - Real Estate Held for Investment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Real Estate Held for Investment Disclosure [Text Block] | NOTE 6 Real estate held for investment as of December 31, 2018 2017 December 31, 2018 December 31, 2017 Retail $ 15,987,697 $ 16,623,238 Land 6,561,023 2,018,068 Residential — 2,356,995 Office — 3,357,352 $ 22,548,720 $ 24,355,653 The balances of land and the major classes of depreciable property for real estate held for investment as of December 31, 2018 2017 December 31, 2018 December 31, 2017 Land and land improvements $ 7,908,072 $ 5,112,063 Buildings and improvements 17,320,471 22,560,343 25,228,543 27,672,406 Less: Accumulated depreciation and amortization (2,679,823 ) (3,316,753 ) $ 22,548,720 $ 24,355,653 It is the Company’s intent to sell its real estate properties held for investment, but expected sales are not Depreciation expense was approximately $721,000, $1,080,000 $1,186,000 December 31, 2018, 2017 2016, Foreclosures There was no December 31, 2018, 2017 2016. |
Note 7 - Line of Credit Payable
Note 7 - Line of Credit Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 The Company borrows funds under a restated secured revolving credit facility with California Bank & Trust and other lenders described below (the “CB&T Line of Credit”). As of December 31, 2018 2017, December 31, 201 8 December 31, 201 7 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ 1,728,000 $ 47,235,245 $ 1,555,000 $ 27,259,000 CB&T Line of Credit Effective September 4, 2018, The maximum borrowings available (total commitment) to the Company under the CB&T Line of Credit is the lesser of $75 $10 may $25 May 15, 2020, $3,500,000 As of December 31, 2018, $1,728,000 $0 $47,235,000 $45,507,000 September 4, 2018, 1 x 0.25% 0.0% 1.0% 0.75% 2 x 3.00% 2.75% 3.75% 3.50% one 0.25% one 1.00% 5.75% December 31, 2018. 2.00% 5.0% 50% 0.20% Amounts owing under the CB&T Line of Credit may $412,500 $434,000 $919,000, $312,000 $881,000 December 31, 2018, 2017 2016, $89,000, $158,000 $131,000, $44,000 2018 Borrowings are secured by certain assets of the Company. These collateral assets will include the grant to the lenders of first December 31, 2018, December 31 , 201 8 Loans: Commercial $ 69,569,181 Residential — Total $ 69,569,181 The CB&T Line of Credit agreements contain financial covenants which are customary for a loan of this type. Management is not December 31, 2018. |
Note 8 - Notes and Loans Payabl
Note 8 - Notes and Loans Payable on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Mortgage Notes Payable Disclosure [Text Block] | NOTE 8 The Company had the following notes and loans payable outstanding as of December 31, 2018 2017: December 31, 2018 Interest Rate December 31, 2017 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 12,872,555 4.22% $ 13,242,514 4.22% Amortizing Monthly January 2021 Zalanta Construction Loan Payable — N/A 17,176,288 6.00% Interest Monthly Principal Quarterly November 2018 Principal amount $ 12,872,555 $ 30,418,802 Less unamortized deferred financing costs (73,652 ) (226,369 ) Notes and loans payable, net $ 12,798,903 $ 30,192,433 The following table shows maturities by year on these notes and loans payable as of December 31, 2018: Years ending December 31: 2019 $ 387,135 2020 403,792 2021 12,081,628 2022 — 2023 — Thereafter — $ 12,872,555 Tahoe Stateline Venture , LLC Loan Payable In December 2014, $14,500,000. $10,445,000 first $3,830,000 September 2015. The maturity date of the TSV Loan is January 1, 2021 ( 3.47% January 1, 2018 three 4.22% five 5.00% ten 10.00% 90 may During the term of the TSV Loan, TSV will make equal combined payments of principal and accrued interest on the first 300 The Credit Agreement required the payment of a closing fee of $108,750 $218,000. December 31, 2018, 2017 2016, $586,000, $502,000 $515,000, $36,000, $36,000 $36,000, The TSV Loan documents contain financial covenants which are customary for loans of this type. Management is not December 31, 2018. Zalanta Construction Loan Payable In August 2016, $31,000,000, October 2018. Borrowings under the ZRV Loan documents were for payment or reimbursement of approved Project costs. All borrowings under the ZRV Loan bore interest at the Wall Street Journal Prime Rate plus 1.50% December 31, 2017 6.00%. Interest only payments were payable monthly from an established interest reserve. In addition, commencing on August 18, 2017 $6 July 27, 2018, November 1, 2018 Borrowings were secured by: (i) a first $3,000,000 2017 $3,000,000 The Loan Agreement required the payment of an origination fee of $310,000 $400,000 $6,000 2018. December 31, 2017 2016, $76,000 $83,000, December 31, 2017 2016, $472,000 $272,000, December 31, 2018 2017, $608,000 $774,000 $122,000 $124,000 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 – STOCKHOLDERS’ EQUITY Dividends The following table presents the tax treatment for dividends paid by the Company on its Common Stock for the years ended December 31, 2018, 2017 2016: Dividends Classified as Capital Gain Dividends Classified as Return of Capital Year Total Dividends Percent Dividends Sec 199A Dividends Per Share Percent Dividend Percent Dividends Common Stock: 2018 (1) $ 5,237,571 $ 0.601 91.21 % $ 0.548 0.548 8.79 % $ 0.053 — % $ 0.000 2017 (2) $ 3,789,108 $ 0.380 87.67 % $ 0.333 0.000 12.33 % $ 0.047 — % $ 0.000 2016 (3) $ 3,279,193 $ 0.320 15.05 % $ 0.048 0.000 84.95 % $ 0.272 — % $ 0.000 ( 1 January 14, 2019 December 31, 2018 December 31, 2018, 2018. $0.041 January 14, 2019 2018 1099 $0.159 2019 not 2018 1099. ( 2 2017 not $640,267 2017 January 2018 ( ( 3 2016 not $582,698 2016 January 2017 ( Stock Repurchase s and Repurchase Programs On December 11, 2015, 10b5 1 “2016 $7.5 No 2016 March 31, 2017. On June 9, 2017, 10b5 1 “2017 $10 2017 2017 July 13, 2017 December 31, 2017, 341,086 2017 $5,820,000 $17.06 4,000 December 29, 2017 January 2018 ( $65,000 $16.18 2017 December 29, 2017. On March 12, 2018, 10b5 1 “2018 $10 2018 2018 March 19, 2018 December 31, 2018, 608,574 2018 $10,033,000 $16.49 2018 September 17, 2018 On December 29, 2017, 669,058 December 2017 141,879 January 2018 ( 810,937 $19.25 $15.6 $4.1 2017 five two not may 810,937 December 29, 2017 $16.01 $12,983,000 $3.24 $2,627,000 141,879 January 2018, $2,731,000 December 31, 2017. |
Note 10 - Contingency Reserves
Note 10 - Contingency Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | NOTE 10 In accordance with its charter, the Company is required to maintain cash, cash equivalents and marketable securities as contingency reserves in an aggregate amount of 1.50% not The contingency reserves required per the charter as of December 31, 2018 2017 $3,253,000 $3,464,000 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 The Company operates in such a manner as to qualify as a REIT, under the provisions of the Internal Revenue Code of 1986, 90% not 100% 2018, 2017 2016, 100% 2018, 2017 2016, $458,000, $2,297,000 $4,451,000, 2018 2018. 2017 2016 not 35% $640,000 $583,000 January 2018 2017, December 31, 2017 2016. The Company recently discovered that its 2012 1120 1120, 2012 2013 2012 2013. $50,000 $50,000 not 2017 2018 not $3,000,000 $9,000,000, not not not $50,000 December 31, 2018. The Company’s total tax expense for the year ended December 31, 2018 $559,842 $50,000 $509,842 Taxable income from non-REIT activities managed through the Company's taxable REIT subsidiaries (“TRS”) (currently Lone Star Golf, Inc. and ZRV) is subject to federal, state and local income taxes. The Company did not December 31, 2018, 2017 2016 not $1,189,000 December 31, 2018. 2033 2038 2018 $405,000 not September 2018 two one November 2018). During 2016, two 75 $7,249,000 $15,450,000 December 31, 2016. 2017, $4,041,655 34% 21% 2018 December 22, 2017, 2018, $509,842 The components of the income tax expense (benefit) as it relates to the Company’s taxable income (loss) from domestic TRSs during the years ended December 31, 2018, 2017 2016 Year Ended December 31, 2018 Federal State and Local Total Change in valuation allowance $ 388,408 $ 129,166 $ 517,574 Other (39,625 ) 31,893 (7,732 ) Income tax expense (benefit) $ 348,783 $ 161,059 $ 509,842 Year Ended December 31, 201 7 Federal State and Local Total Change in valuation allowance $ 2,602,441 $ 418,020 $ 3,020,461 Reduction in Federal corporate tax rate 1,358,272 — 1,358,272 Other (293,814 ) (43,264 ) (337,078 ) Income tax expense (benefit) $ 3,666,899 $ 374,756 $ 4,041,655 Year Ended December 31, 2016 Federal State and Local Total Deferred expense (benefit) $ (6,655,774 ) $ (1,387,947 ) $ (8,043,721 ) Change in valuation allowance 794,744 — 794,744 Income tax expense (benefit) $ (5,861,030 ) $ (1,387,947 ) $ (7,248,977 ) A reconciliation of the income tax provision (benefit) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the year ended December 31, 2018 2017: Year Ended December 31 , 201 8 Year Ended December 31 , 201 7 Tax (benefit) expense at Federal statutory rate $ (5,867 ) $ (149,766 ) State income tax expense (benefit), net of Federal effect 127,236 250,193 Other 65 (19,485 ) Change in Federal valuation allowance 388,408 2,602,441 Reduction in Federal corporate tax rate — 1,358,272 Income tax expense (benefit) $ 509,842 $ 4,041,655 Significant components of the Company’s deferred tax assets (liabilities) for its TRS entities are as follows as of December 31, 2018 2017: December 31 , 201 8 December 31 , 201 7 Deferred tax assets (liabilities): Real estate basis differences $ 4,144,365 4,255,681 Net operating losses 1,499,186 1,380,138 Total deferred tax assets 5,643,551 5,635,819 Valuation allowance (2,946,071 ) (2,428,497 ) Net deferred tax assets $ 2,697,480 3,207,322 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not not Management has estimated future taxable gains and losses on sale of ZRV real estate assets to determine how much of the deferred tax assets are realizable. This realizability analysis is inherently subjective and actual results could differ from these estimates. Based on an assessment of all factors, it was determined that a valuation allowance of $2,946,000 $2,428,000 December 31, 2018 2017, not $6,671,000 $1,404,000, December 31, 2018. $3,511,000 December 31, 2018; not not not 2036 2038, 2018 $425,000 not As of December 31, 2018 2017, $50,000 $0, no As of December 31, 2018, 2015 2018 |
Note 12 - Transactions With Aff
Note 12 - Transactions With Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 12 The Company is managed by OFG pursuant to the terms of our charter and the Management Agreement, as amended, between the Company and the Manager. Until July 1, 2017, not 2.75% 12 July 1, 2017 March 31, 2018, 1/12th 1.50% April 1, 2018, “Amendment to Management Agreement” All of the Company’s loans are serviced by OFG, and until April 1, 2018, not 0.25% April 1, 2018, “Amendment to Management Agreement” Management fees amounted to approximately $2,906,000, $3,546,000 $3,286,000 December 31, 2018 2017, 2016, $95,000, $362,000 $299,000 December 31, 2018, 2017 2016, December 31, 2018 2017, $242,000 $245,000, Until April 1, 2018, April 1, 2018, 30% 70% “Amendment to Management Agreement” $57,000 December 31, 2018. $139,000, $83,000 $83,000 December 31, 2018, 2017 2016, The Company remits other miscellaneous fees to OFG, which are collected from loan payments, loan payoffs or advances from loan principal (i.e. funding, demand and partial release fees). The amounts paid to or collected by OFG for such fees totaled approximately $19,000, $23,000 $20,000, December 31, 2018, 2017 2016. OFG originates all loans the Company invests in and, until April 1, 2018, April 1, 2018, 30% 70% “Amendment to Management Agreement” $508,000 December 31, 2018 $123,000 December 31, 2018, 2017 2016, $1,972,000, $2,492,000 $2,514,000, $139,725,000, $122,240,000 $101,594,000, OFG is reimbursed by the Company for the actual cost of goods, services and materials used for or by the Company and paid by OFG. Until April 1, 2018, “Amendment to Management Agreement” $105,000, $381,000 $440,000 December 31, 2018, 2017 2016, December 31, 2018 2017, $0 $32,000 $3,000, $2,000 $0 December 31, 2018, 2017 2016, The Company paid Investor’s Yield, Inc. (a wholly owned subsidiary of OFG) approximately $1,000, $1,000 $9,000 December 31, 2018, 2017 2016, Amendment to Management Agreement April 1, 2018, No. 1 ● Reduced Management Fee one twelfth 1/12 1.50% first $300,000,000 1.25% $300,000,000. ● Company to Receive 30% thirty 30% thirty 30% seventy 70% ● Company to Receive 30% thirty 30% seventy 70% ● Elimination of Service Fees no ● Elimination of Certain Expense Reimbursements no |
Note 13 - Rental Income
Note 13 - Rental Income | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Leases of Lessor Disclosure [Text Block] | NOTE 13 The Company’s real estate properties held for sale and investment are leased to tenants under noncancellable leases with remaining terms ranging from one ten five December 31, 2018, Year ending December 31: 2019 $ 2,842,830 2020 2,163,672 2021 2,057,822 2022 1,837,332 2023 1,395,151 Thereafter (through 2028) 2,071,519 Total $ 12,368,326 |
Note 14 - Fair Value
Note 14 - Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 14 The Company measures its financial and nonfinancial assets and liabilities pursuant to ASC 820 Fair Value Measurements and Disclosures 820 Fair value is defined in ASC 820 820 three may Level 1 Level 2 1 not Level 3 no Level 3 Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may one Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial and nonfinancial assets and liabilities on a recurring and nonrecurring basis. Impaired Loans The Company does not ninety 310 10 35. third not December 31, 2018 2017, third 820, 2. not 3. Real Estate Held for Sale and Investment Real estate held for sale and investment includes properties acquired through foreclosure of the related loans. When property is acquired, any excess of the Company’s recorded investment in the loan and accrued interest income over the estimated fair market value of the property, net of estimated selling costs, is charged against the allowance for loan losses. Subsequently, real estate properties held for sale are carried at the lower of carrying value or fair value less costs to sell. The Company periodically compares the carrying value of real estate held for investment to expected future cash flows as determined by internally or third third two may 2 3 The following table presents information about the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2018 2017: Fair Value Measurements Using Carrying Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs 201 8 Nonrecurring: Impaired loans: NONE $ $ — $ — $ Total $ $ — $ — $ Real estate properties: Commercial $ 1,269,650 $ — $ — $ 1,269,650 Land 1,850,342 — 1,850,342 — Total $ 3,119,992 $ — $ 1,850,342 $ 1,269,650 201 7 Nonrecurring Impaired loans: Residential $ 1,115,999 $ — $ — $ 1,115,999 Total $ 1,115,999 $ — $ — $ 1,115,999 Real estate properties: Commercial $ 7,460,800 $ — $ — $ 7,460,800 Land 1,914,870 1,914,870 Total $ 9,375,670 $ — $ — $ 9,375,670 There was no December 31, 2018 2017, $187,000 $546,000 2018 2017, 2017 $1,053,000 $1,423,000 December 31, 2018 2017, December 31, 2018 2017 $115,000 $145,000, $938,000 $1,278,000, There were no December 31, 2018 2017. December 31, 2018, two $4,253,000 2 $115,000 October 2018 one January 2019. December 31, 2017, no 1 2. The following table presents quantitative information about Level 3 December 31, 2018 2017: December 31, 2018: Description Fair Value Valuation Technique Significant Unobservable Inputs Input / Range Weighted Average Impaired Loans: NONE Real Estate Properties: Commercial $ 1,269,650 Appraisal Comparable Sales Adjustment (45.3)% to 2.1% N/A December 31, 2017: Description Fair Value Valuation Technique Significant Unobservable Inputs Input / Range Weighted Average Impaired Loans: Residential $ 1,115,999 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Commercial $ 7,460,800 Appraisal Comparable Sales Adjustment (23.7)% to (11.6)% (13.5)% Land 1,914,870 Appraisal Comparable Sales Adjustment (50.8)% to 21.9% N/A Capitalization Rate 32.5% N/A Where only one one one The approximate carrying amounts and estimated fair values of financial instruments at December 31, 2018 2017 Fair Value Measurements at December 31 , 201 8 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash, cash equivalents and restricted cash $ 4,514,000 $ 4,514,000 $ — $ — $ 4,514,000 Loans, net 141,204,000 — — 139,532,000 139,532,000 Investment in limited liability company 2,139,000 — — 7,711,000 7,711,000 Accrued interest and advances receivable 1,023,000 — — 1,023,000 1,023,000 Financial liabilities Accrued interest payable $ 86,000 — 41,000 45,000 $ 86,000 Lines of credit payable 1,728,000 — 1,728,000 — 1,728,000 Notes payable 12,799,000 — — 12,568,000 12,568,000 Fair Value Measurements at December 31 , 201 7 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash, cash equivalents and restricted cash $ 5,671,000 $ 5,671,000 $ — $ — $ 5,671,000 Loans, net 144,344,000 — — 144,255,000 144,255,000 Investment in limited liability company 2,141,000 — — 4,819,000 4,819,000 Accrued interest and advances receivable 1,459,000 — — 1,459,000 1,459,000 Financial liabilities Accrued interest payable $ 115,000 — 77,000 38,000 $ 115,000 Lines of credit payable 1,555,000 — 1,555,000 — 1,555,000 Notes payable 30,192,000 — 17,176,000 13,233,000 30,409,000 The fair values of financial instruments in the above table as of December 31, 2018 December 31, 2017 2016 01 2 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 - COMMITMENTS AND CONTINGENCIES Contractual Obligations As of December 31, 2018, $29,301,000 $2,348,000 Legal Proceedings The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, such matters will not 16 “Litigation Relating to the Merger” |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 – SUBSEQUENT EVENTS The Company sold two January 2019 $2,706,000 $466,000. The Company extended the maturity dates on five December 31, 2018 $15,010,000 January February 2019. Special Meeting of Stockholders On February 15, 2019, March 21, 2019 February 28, 2019, As announced on January 4, 2019, January 14, 2019 March 21, 2019. Determination of Exchange Ratio On February 22, 2019, 1.441 no January 31, 2019 1.441 February 15, 2019, Litigation Relating to the Merger A purported class action lawsuit has been filed by an individual who claims to be a stockholder of ORM. The lawsuit, Richard Scaranti no v. Owens Realty Mortgage, Inc., et al. February 8, 2019. March 12, 2019, March 21, 2019 not |
Note 17 - Summary Quarterly Con
Note 17 - Summary Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 17 ( UNAUDITED ) The following tables represent unaudited summarized quarterly financial data of the Company for the years ended December 31, 2018, 2017 2016 Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total revenues $ 3,735,550 $ 4,723,505 $ 4,346,044 3,991,920 Total expenses 3,790,374 3,696,281 2,978,230 3,493,586 Operating (loss) income (54,824 ) 1,027,224 1,367,814 498,334 Gain on sale of real estate, net 2,126,084 1,372,925 957,239 154,577 Net income before income taxes 2,071,260 2,400,149 2,325,053 652,911 Income tax (expense) benefit (243,122 ) (150,910 ) 17,635 (183,445 ) Net income attributable to common stockholders $ 1,828,138 $ 2,249,239 $ 2,342,688 $ 469,466 Earnings per common share (basic and diluted) $ 0.22 $ 0.26 $ 0.26 $ 0.05 Weighted average number of common shares outstanding (basic and diluted) 8,482,880 8,572,614 8,922,280 9,089,270 Dividends declared per share of Common Stock $ 0.20 $ 0.20 $ 0.20 $ 0.16 Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total revenues $ 3,850,940 $ 4,277,493 $ 3,867,290 3,537,405 Total expenses 3,964,664 3,427,969 4,164,895 3,355,582 Operating (loss) income (113,724 ) 849,524 (297,605 ) 181,823 Gain (loss) on sale of real estate, net 268,891 582,496 13,877,715 (181 ) Settlement expense (2,627,436 ) — — — Net (loss) income before income taxes (2,472,269 ) 1,432,020 13,580,110 181,642 Income tax (expense) benefit (1,951,828 ) (1,275,700 ) (824,163 ) 10,036 Net (loss) income attributable to common stockholders $ (4,424,097 ) $ 156,320 $ 12,755,947 $ 191,678 (Loss) earnings per common share (basic and diluted) $ (0.44 ) $ 0.02 $ 1.24 $ 0.02 Weighted average number of common shares outstanding (basic and diluted) 9,984,352 10,173,448 10,247,477 10,247,477 Dividends declared per share of Common Stock $ 0.10 $ 0.10 $ 0.10 $ 0.08 Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total revenues $ 3,667,283 $ 4,493,977 $ 4,692,114 4,225,617 Total expenses 3,942,004 5,587,213 6,999,063 4,316,678 Operating loss (274,721 ) (1,093,236 ) (2,306,949 ) (91,061 ) (Loss) gain on sale of real estate, net (536,419 ) 20,195,367 — 4,838,815 Net (loss) income before income taxes (811,140 ) 19,102,131 (2,306,949 ) 4,747,754 Income tax (expense) benefit (380,706 ) 260,848 7,368,835 — Net (loss) income (1,191,846 ) 19,362,979 5,061,886 4,747,754 Less: Net loss (income) attributable to non-controlling interests 15,960 (3,630,318 ) 56,847 (13,492 ) Net (loss) income attributable to common stockholders $ (1,175,886 ) $ 15,732,661 $ 5,118,733 $ 4,734,262 (Loss) earnings per common share (basic and diluted) $ (0.11 ) $ 1.54 $ 0.50 $ 0.46 Weighted average number of common shares outstanding (basic and diluted) 10,247,477 10,247,477 10,247,477 10,247,477 Dividends declared per share of Common Stock $ 0.08 $ 0.08 $ 0.08 $ 0.08 |
Financial Statement Schedule II
Financial Statement Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | OWENS REALTY MORTGAGE, INC. FINANCIAL STATEMENT SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2018 Description Encumbrances Initial Cost Capitalized Costs Sales Impairment Write-downs Accumulated Depreciation Carrying Value Date Acquired Depreciable Lives (Years) Retail Complex (TSV), South Lake Tahoe, California $12,872,556 Note Payable 6,409,617 $ 12,299,570 $ (41,667 ) — $ (2,679,823 ) $ 15,987,697 Various 5 - 39 Retail Complex and 12 Residential Condominium Units (ZRV),South Lake Tahoe, California None 5,016,443 37,299,922 (22,025,680 ) — — Note 4 20,290,685 Various N/A Residential Land (ZRV II), South Lake Tahoe, California None 2,032,963 4,528,060 — — — Note 4 6,561,023 Various N/A 73 Residential Lots, Auburn, California None 13,746,625 376,746 (96,678 ) (9,904,826 ) — Note 5 4,121,867 9/27/2007 N/A 12 Condominium & 3 Commercial Units, Tacoma, Washington None 2,154,217 84,909 — — — Note 6 2,239,126 7/8/2011 N/A Two Houses on 20 Acres San Ramon, CA None 2,062,729 — — — — 2,062,729 11/13/2018 N/A Marina & Boat Club with 179 Boat Slips, Isleton, California None 1,809,663 713,318 — (1,253,331 ) Note 7 1,269,650 1/29/2013 N/A Undeveloped, Industrial Land, San Jose, California None 3,025,992 98,681 — (1,274,331 ) — Note 8 1,850,342 12/27/2002 N/A Miscellaneous Real Estate None — 2,259,391 Various Various TOTALS $ (2,679,823 ) $ 56,642,510 NOTE 1: 2012 2014 one 2015. NOTE 2: Balance at beginning of period (1/1/16) $ 153,838,412 Additions during period: Acquisitions through foreclosure 700,800 Investments in real estate properties 29,061,735 Amortization of deferred financing costs capitalized to construction project 119,471 Subtotal 183,720,418 Deductions during period: Cost of real estate properties sold 66,183,589 Impairment losses on real estate properties 3,227,807 Depreciation of properties held for investment 1,185,624 Balance at end of period (12/31/16) $ 113,123,398 Balance at beginning of period (1/1/17) $ 113,123,398 Additions during period: Acquisitions through foreclosure — Investments in real estate properties 11,274,904 Amortization of deferred financing costs capitalized to construction project 76,260 Subtotal 124,474,562 Deductions during period: Cost of real estate properties sold 41,505,148 Impairment losses on real estate properties 1,423,286 Depreciation of properties held for investment 1,080,003 Balance at end of period (12/31/17) $ 80,466,125 Balance at beginning of period (1/1/18) 80,466,125 Additions during period: Acquisitions through foreclosure 2,062,729 Investments in real estate properties 496,826 Subtotal 83,025,680 Deductions during period: Cost of real estate properties sold 24,609,167 Impairment losses on real estate properties 1,053,161 Depreciation of properties held for investment 720,842 Balance at end of period (12/31/18) $ 56,642,510 NOTE 3: Balance at beginning of period (1/1/16) $ 2,915,596 Additions during period: Depreciation expense 1,185,624 Subtotal 4,101,220 Deductions during period: Accumulated depreciation on real estate moved to held for sale 949,793 Balance at end of period (12/31/16) $ 3,151,427 Balance at beginning of period (1/1/17) $ 3,151,427 Additions during period: Depreciation expense 1,080,003 Subtotal 4,231,430 Deductions during period: Accumulated depreciation on real estate moved to held for sale 914,677 Balance at end of period (12/31/17) $ 3,316,753 Balance at beginning of period (1/1/18) 3,316,753 Additions during period: Depreciation expense 720,842 Subtotal 4,037,595 Deductions during period: Accumulated depreciation on real estate moved to held for sale 1,357,772 Balance at end of period (12/31/18) $ 2,679,823 NOTE 4: December 31, 2017 $518,960 $2,571,536 two NOTE 5: $9,904,826 2009 2012 third NOTE 6: 2018 $332,183 NOTE 7: $1,253,331 2017 2018 third 2017 $192,862 NOTE 8: $1,274,331 2010 2012, 2017 2018 third January 2019. NOTE 9: $78,429,000. |
Financial Statement Schedule IV
Financial Statement Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule IV Mortgage Loans On Real Estate Disclosure [Text Block] | OWENS REALTY MORTGAGE, INC. FINANCIAL STATEMENT SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2018 Description Interest Rate Final Maturity date Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal Principal Amount of Loans Subject to Delinquent Payments TYPE OF PROPERTY Commercial 5.00 - 9.65% Current to July 2021 $ 132,519,461 $ 24,431,860 $ 9,304,587 Residential 5.00 - 8.00% Current to March 2028 5,209,357 2,358,966 2,557,526 Land 4.00 - 9.82% January 2019 to October 2020 4,953,425 — — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 AMOUNT OF LOAN $0-500,000 6.00 - 9.65% Current to March 2028 $ 2,581,001 $ 573,606 $ 760,166 $500,001-1,000,000 5.00 - 8.00% Current to October 2019 3,887,834 870,458 870,458 $1,000,001-5,000,000 4.00 - 9.82% Current to July 2021 70,448,597 16,511,762 10,231,489 Over $5,000,000 5.00 - 8.25% Current to March 2021 65,764,811 8,835,000 — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 POSITION OF LOAN First 4.00 - 9.65% Current to March 2028 $ 137,808,788 $ 26,790,826 $ 11,862,113 Second 8.00 - 9.82% July 2019 to October 2020 4,873,455 — — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 NOTE 1: NOTE 2: Balance at beginning of period (1/1/16) $ 106,743,807 Additions during period: New loans, including from sale of real property 79,867,140 Subtotal 186,610,947 Deductions during period: Collection of principal 55,849,884 Foreclosures 1,078,752 Balance at end of period (12/31/16) $ 129,682,311 Balance at beginning of period (1/1/17) $ 129,682,311 Additions during period: New loans, including from sale of real estate property 86,274,680 Subtotal 215,956,991 Deductions during period: Collection of principal 69,785,341 Foreclosures — Balance at end of period (12/31/17) $ 146,171,650 Balance at beginning of period (1/1/18) $ 146,171,650 Additions during period: New loans, including from sale of real estate property 77,471,539 Discount and loan fee amortization 227,801 Subtotal 223,870,990 Deductions during period: Collection of principal 78,742,850 Foreclosures 1,937,475 Loan fees collected 508,422 Balance at end of period (12/31/18) $ 142,682,243 NOTE 3: 3% December 31, 2018: Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Retail Building Irving, Texas 7.50 % 6/1/19 Interest only, balance due at maturity 0 14,822,000 14,784,945 0 Retail Building Walnut Creek, California 7.25 % 5/15/20 Interest only, balance due at maturity 0 9,000,000 8,953,623 0 Hotel Novi, Michigan 8.25 % 12/31/18 Interest only, balance due at maturity 0 8,835,000 8,835,000 8,835,000 Office Building Pleasanton, California 7.50 % 11/1/19 Interest only, balance due at maturity 0 8,250,000 8,200,150 0 Retail Building Folsom, California 7.75 % 1/15/19 Interest only, balance due at maturity 0 8,006,000 7,170,186 0 Retail Building Antioch, California 8.00 % 10/15/19 Interest only, balance due at maturity 0 7,000,000 6,979,074 0 Assisted Care Facility Bensalem, Pennsylvania 5.00 % 3/15/21 Interest only, balance due at maturity 0 5,875,000 5,519,317 0 Apartment Building Concord, California 7.50 % 7/15/20 Interest only, balance due at maturity 0 6,350,000 5,322,516 0 Office Building Chula Vista, California 8.00 % 11/1/18 Interest only, balance due at maturity 0 5,600,000 4,916,586 4,916,586 TOTALS $ 0 $ 73,738,000 $ 70,681,397 $ 13,751,586 NOTE 4: $143,046,000 December 31, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its majority and wholly owned limited liability companies. All significant inter-company transactions and balances have been eliminated in consolidation. The Company also has a 50% 4 one Certain reclassifications have been made to the 2016 2017 2018 None |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates are inherently imprecise and actual results could differ significantly from such estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In June 2016, 2016 13, 326 2016 13 2016 13 December 15, 2019, December 15, 2018. 2016 13 In February 2016, 2016 02, 842 2016 02 January 1, 2019. not 2014 09, 2016 02 not not In July 2018, 2018 11, 842 2016 02 not not 2014 09. In August 2018, 2018 13, 820 2018 13 820. December 15, 2019. not 2018 13 Recently Adopted Accounting Pronouncements On January 1, 2018, 2017 01, 805 2017 01 2017 01 March 31, 2018 not On January 1, 2018, 2016 18, 230 2016 18 2016 18 March 31, 2018 On January 1, 2018, 2016 15, 230 2016 15 eight 2016 15 March 31, 2018 2016 15. On January 1, 2018, 2014 09, 606” 606. not 606, 606, 2016 02, The Company adopted ASC 606 not January 1, 2018. January 1, 2018 606 $167,000 January 1, 2018 606 four two $303,000 two $136,000. On January 1, 2018, 2016 01, 825 10 2016 01 2016 01 not 1 2 3 4 2016 01 2016 01 March 31, 2018 14. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash , Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions. Restricted cash includes contingency reserves required pursuant to the Company’s charter and non-interest bearing deposits required pursuant to the Company’s line of credit of $3,500,000 7 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and loans. The Company places its cash and cash equivalents with financial institutions and, at times, cash held may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans and Allowance for Loan Losses Loans are generally stated at the principal amount outstanding, net of unamortized loan discounts and deferred loan fees which totaled $364,000 $386,000 December 31, 2018, no December 31, 2017. second third ninety not not not April 1, 2018, 30% 30% 70% 12 Loans and the related accrued interest and advances are analyzed by management on a periodic basis for ultimate recovery. The allowance for loan losses is management’s estimate of probable credit losses inherent in the Company’s loan portfolio that have been incurred as of the balance sheet date. The allowance is established through a provision for loan losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two not Regardless of the loan type, a loan is considered impaired when, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. All loans determined to be impaired are individually evaluated for impairment. When a loan is considered impaired, management estimates impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, management may fourth may A restructuring of a debt constitutes a troubled debt restructuring (“TDR”) if the Company for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not not The determination of the general reserve for loans that are not not The Company maintains a separate allowance for each portfolio segment (loan type). These portfolio segments include commercial real estate, residential real estate and land loans. The allowance for loan losses attributable to each portfolio segment, which includes both impaired loans that are individually evaluated for impairment and loans that are not not 1 2 3 Land Loans Commercial and Residential Real Estate Loans may Management monitors the credit quality of the Company’s loan portfolio on an ongoing basis using certain credit quality indicators including a loan’s delinquency status and internal asset classification. A loan is considered classified when it meets the definition of impaired as described above. |
Other Assets [Policy Text Block] | Other Assets Other assets primarily include deferred rent, capitalized lease commissions, prepaid expenses, deposits and inventory. Amortization of lease commissions is provided on the straight-line method over the lives of the related leases. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Issuance and other costs related to the Company’s line of credit and certain notes payable are capitalized and amortized to interest expense under either the straight-line or effective interest methods over the terms of the respective debt instruments. Deferred financing costs related to the construction loan in Zalanta Resort at the Village, LLC (“ZRV”) were amortized to the construction project under the straight-line method over the term of construction/renovation. |
Revenue Recognition, Policy [Policy Text Block] | Rental Income The Company leases multifamily rental units under operating leases with terms of generally one |
Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Sale Real estate held for sale includes real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is being marketed for sale. Real estate held for sale is recorded at acquisition at the property’s estimated fair value less estimated costs to sell. Any excess of the recorded investment in the loan over the net realizable value is charged against the allowance for loan losses. Any excess of the net realizable value over the recorded investment in the loan is credited first After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not not The Company records a gain or loss from the sale of real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the real estate is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. This adjustment is based on management’s estimate of the fair value of the loan extended to the buyer to finance the sale. |
Real Estate, Policy [Policy Text Block] | Real Estate Held for Investment Real estate held for investment includes real estate acquired in full or partial settlement of loan obligations, generally through foreclosure, that is not After acquisition, costs incurred relating to the development and improvement of the property are capitalized, whereas costs relating to operating or holding the property are expensed. Subsequent to acquisition, management periodically compares the carrying value of real estate to expected undiscounted future cash flows for the purpose of assessing the recoverability of the recorded amounts. If the carrying value exceeds future undiscounted cash flows, the assets are reduced to estimated fair value through an impairment loss charged to earnings. Subsequent increases in the fair value of such properties are not Depreciation of real estate properties held for investment is provided on the straight-line method over the estimated remaining useful lives of buildings and improvements ( 5 39 The Company reclassifies real estate properties from held for investment to held for sale in the period in which all of the following criteria are met: 1 2 3 4 one 5 If circumstances arise that previously were considered unlikely, and, as a result, the Company decides not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The Company calculates basic earnings per common share by dividing net income attributable to common stockholders for the period by the weighted-average shares of Common Stock outstanding for that period. Diluted earnings per common share take into effect any dilutive instruments, unless if when doing so such effect would be anti-dilutive. At the present time, the Company has not no |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities, if any. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount that is “more likely than not” The Company has elected to be taxed as a REIT. As a result of the Company’s REIT qualification and its distribution policy, the Company does not 90% not may four may The Company has elected or may may may Gains on sales of certain properties may 1221 1 The accounting guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. A tax position is recognized as a benefit only if it is “more likely than not” no December 31, 2018 2017. 2012 11. Certain entities included in the Company’s consolidated financial statements are subject to certain state and local taxes. These taxes are recorded as general and administrative expenses in the accompanying consolidated financial statements. |
Note 3 - Loans and Allowance _2
Note 3 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2018 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Charge-offs — (186,708 ) — (186,708 ) Recoveries — 76,234 — 76,234 Provision (Reversal) (9,944 ) (218,779 ) (10,421 ) (239,144 ) Ending balance $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Ending balance: individually evaluated for impairment $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Ending balance $ 1,059,514 $ 122,284 $ 296,390 $ 1,478,188 Loans: Ending balance $ 132,519,461 $ 5,209,357 $ 4,953,425 $ 142,682,243 Ending balance: individually evaluated for impairment $ 9,304,587 $ 2,557,526 $ — $ 11,862,113 Ending balance: collectively evaluated for impairment $ 123,214,874 $ 2,651,831 $ 4,953,425 $ 130,820,130 2017 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Charge-offs — (546,004 ) — (546,004 ) Recoveries 27,000 — — 27,000 Provision (Reversal) 177,487 (333,777 ) (203,722 ) (360,012 ) Ending balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Ending balance: individually evaluated for impairment $ — $ 186,708 $ — $ 186,708 Ending balance: collectively evaluated for impairment 1,069,458 $ 264,829 $ 306,811 $ 1,641,098 Ending balance $ 1,069,458 $ 451,537 $ 306,811 $ 1,827,806 Loans: Ending balance $ 127,873,281 $ 13,170,795 $ 5,127,574 $ 146,171,650 Ending balance: individually evaluated for impairment $ 1,212,851 $ 7,321,359 $ — $ 8,534,210 Ending balance: collectively evaluated for impairment $ 126,660,430 $ 5,849,436 $ 5,127,574 $ 137,637,440 2016 Commercial Residential Land Total Allowance for loan losses: Beginning balance $ 1,140,530 $ 455,587 $ 246,329 $ 1,842,446 Charge-offs (447,520 ) — — (447,520 ) Recoveries 27,000 — — 27,000 Provision 144,961 875,731 264,204 1,284,896 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Ending balance: individually evaluated for impairment $ — $ 732,712 $ — $ 732,712 Ending balance: collectively evaluated for impairment $ 864,971 $ 598,606 $ 510,533 $ 1,974,110 Ending balance $ 864,971 $ 1,331,318 $ 510,533 $ 2,706,822 Loans: Ending balance $ 102,442,111 $ 19,001,677 $ 8,238,523 $ 129,682,311 Ending balance: individually evaluated for impairment $ — $ 4,883,866 $ — $ 4,883,866 Ending balance: collectively evaluated for impairment $ 102,442,111 $ 14,117,811 $ 8,238,523 $ 124,798,445 |
Past Due Financing Receivables [Table Text Block] | December 31 , 2018 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Other Impaired/Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Commercial $ 4,388,000 $ 4,916,587 $ — $ — $ 9,304,587 $ 123,214,874 $ 132,519,461 Residential 2,358,966 — — 198,560 2,557,526 2,651,831 5,209,357 Land — — — — — 4,953,425 4,953,425 $ 6,746,966 $ 4,916,587 $ — $ 198,560 $ 11,862,113 $ 130,820,130 $ 142,682,243 December 31 , 201 7 Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Other Impaired/ Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Commercial $ — $ — $ — $ 1,212,851 $ 1,212,851 $ 126,660,430 $ 127,873,281 Residential 1,938,895 2,737,538 2,430,878 214,048 7,321,359 5,849,436 13,170,795 Land — — — — — 5,127,574 5,127,574 $ 1,938,895 $ 2,737,538 $ 2,430,878 $ 1,426,899 $ 8,534,210 $ 137,637,440 $ 146,171,650 |
Impaired Financing Receivables [Table Text Block] | As of December 31, 201 8 Year Ended December 31, 201 8 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 9,467,157 $ 9,304,587 $ — $ 1,855,535 $ 173,711 Residential 2,557,526 2,557,526 — 5,966,958 380,761 Land — — — — — $ 12,024,683 $ 11,862,113 $ — $ 7,822,493 $ 554,472 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential — — — 114,327 — Land — — — — — $ — — $ — $ 114,327 $ — Total: Commercial $ 9,467,157 $ 9,304,587 $ — $ 1,855,535 $ 173,711 Residential 2,557,526 2,557,526 — 6,081,285 380,761 Land — — — — — $ 12,024,683 $ 11,862,113 $ — $ 7,936,820 $ 554,472 As of December 31, 201 7 Year Ended December 31, 201 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,222,499 $ 1,212,851 $ — $ 101,875 $ 19,189 Residential 6,610,216 6,505,469 — 753,711 50,369 Land — — — — — $ 7,832,715 $ 7,718,320 $ — $ 855,586 $ 69,559 With an allowance recorded: Commercial $ — $ — $ — $ — $ — Residential 1,302,707 815,890 186,708 3,188,101 — Land — — — — — $ 1,302,707 815,890 $ 186,708 $ 3,188,101 $ — Total: Commercial $ 1,222,499 $ 1,212,851 $ — $ 101,875 $ 19,189 Residential 7,912,923 7,321,359 186,708 3,941,813 50,369 Land — — — — — $ 9,135,422 $ 8,534,210 $ 186,708 $ 4,043,688 $ 69,559 Year Ended December 31, 201 6 Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial $ 1,684,877 $ 38,187 Residential 236,042 20,598 Land — — $ 1,920,919 $ 58,785 With an allowance recorded: Commercial $ 865,285 $ — Residential 6,209,540 — Land — — $ 7,074,825 $ — Total: Commercial $ 2,550,162 $ 38,187 Residential 6,445,582 20,598 Land — — $ 8,995,744 $ 58,785 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Modifications During the Year Ended December 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings That Occurred During the Year Commercial 1 $ 1,173,625 $ 1,212,851 |
Note 5 - Real Estate Held for_2
Note 5 - Real Estate Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Properties Acquired Through Foreclosure [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 2.5%; margin-left: 2.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Residential</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,855,359</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,627,710</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Land</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,111</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,389,620</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Retail</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,737,181</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,632,893</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Golf course</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,999,449</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Marina</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,269,650</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,207,675</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Assisted care</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,253,125</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Office</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">872,489</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,093,790</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,110,472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B4"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 2.5%; margin-left: 2.5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Residential</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,855,359</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,627,710</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Land</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,111</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,389,620</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Retail</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,737,181</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,632,893</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Golf course</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,999,449</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Marina</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,269,650</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,207,675</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Assisted care</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,253,125</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Office</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">872,489</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,093,790</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,110,472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> |
Note 6 - Real Estate Held for_2
Note 6 - Real Estate Held for Investment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Description Encumbrances Initial Cost Capitalized Costs Sales Impairment Write-downs Accumulated Depreciation Carrying Value Date Acquired Depreciable Lives (Years) Retail Complex (TSV), South Lake Tahoe, California $12,872,556 Note Payable 6,409,617 $ 12,299,570 $ (41,667 ) — $ (2,679,823 ) $ 15,987,697 Various 5 - 39 Retail Complex and 12 Residential Condominium Units (ZRV),South Lake Tahoe, California None 5,016,443 37,299,922 (22,025,680 ) — — Note 4 20,290,685 Various N/A Residential Land (ZRV II), South Lake Tahoe, California None 2,032,963 4,528,060 — — — Note 4 6,561,023 Various N/A 73 Residential Lots, Auburn, California None 13,746,625 376,746 (96,678 ) (9,904,826 ) — Note 5 4,121,867 9/27/2007 N/A 12 Condominium & 3 Commercial Units, Tacoma, Washington None 2,154,217 84,909 — — — Note 6 2,239,126 7/8/2011 N/A Two Houses on 20 Acres San Ramon, CA None 2,062,729 — — — — 2,062,729 11/13/2018 N/A Marina & Boat Club with 179 Boat Slips, Isleton, California None 1,809,663 713,318 — (1,253,331 ) Note 7 1,269,650 1/29/2013 N/A Undeveloped, Industrial Land, San Jose, California None 3,025,992 98,681 — (1,274,331 ) — Note 8 1,850,342 12/27/2002 N/A Miscellaneous Real Estate None — 2,259,391 Various Various TOTALS $ (2,679,823 ) $ 56,642,510 |
By Property [Member] | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | December 31, 2018 December 31, 2017 Retail $ 15,987,697 $ 16,623,238 Land 6,561,023 2,018,068 Residential — 2,356,995 Office — 3,357,352 $ 22,548,720 $ 24,355,653 December 31, 2018 December 31, 2017 Land and land improvements $ 7,908,072 $ 5,112,063 Buildings and improvements 17,320,471 22,560,343 25,228,543 27,672,406 Less: Accumulated depreciation and amortization (2,679,823 ) (3,316,753 ) $ 22,548,720 $ 24,355,653 |
Note 7 - Line of Credit Payab_2
Note 7 - Line of Credit Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | December 31, 201 8 December 31, 201 7 Outstanding Balance Total Commitment Outstanding Balance Total Commitment CB&T Line of Credit $ 1,728,000 $ 47,235,245 $ 1,555,000 $ 27,259,000 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | December 31 , 201 8 Loans: Commercial $ 69,569,181 Residential — Total $ 69,569,181 |
Note 8 - Notes and Loans Paya_2
Note 8 - Notes and Loans Payable on Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2018 Interest Rate December 31, 2017 Interest Rate Payment Terms/ Frequency Maturity Date Tahoe Stateline Venture, LLC Loan Payable $ 12,872,555 4.22% $ 13,242,514 4.22% Amortizing Monthly January 2021 Zalanta Construction Loan Payable — N/A 17,176,288 6.00% Interest Monthly Principal Quarterly November 2018 Principal amount $ 12,872,555 $ 30,418,802 Less unamortized deferred financing costs (73,652 ) (226,369 ) Notes and loans payable, net $ 12,798,903 $ 30,192,433 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years ending December 31: 2019 $ 387,135 2020 403,792 2021 12,081,628 2022 — 2023 — Thereafter — $ 12,872,555 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Dividends Classified as Capital Gain Dividends Classified as Return of Capital Year Total Dividends Percent Dividends Sec 199A Dividends Per Share Percent Dividend Percent Dividends Common Stock: 2018 (1) $ 5,237,571 $ 0.601 91.21 % $ 0.548 0.548 8.79 % $ 0.053 — % $ 0.000 2017 (2) $ 3,789,108 $ 0.380 87.67 % $ 0.333 0.000 12.33 % $ 0.047 — % $ 0.000 2016 (3) $ 3,279,193 $ 0.320 15.05 % $ 0.048 0.000 84.95 % $ 0.272 — % $ 0.000 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2018 Federal State and Local Total Change in valuation allowance $ 388,408 $ 129,166 $ 517,574 Other (39,625 ) 31,893 (7,732 ) Income tax expense (benefit) $ 348,783 $ 161,059 $ 509,842 Year Ended December 31, 201 7 Federal State and Local Total Change in valuation allowance $ 2,602,441 $ 418,020 $ 3,020,461 Reduction in Federal corporate tax rate 1,358,272 — 1,358,272 Other (293,814 ) (43,264 ) (337,078 ) Income tax expense (benefit) $ 3,666,899 $ 374,756 $ 4,041,655 Year Ended December 31, 2016 Federal State and Local Total Deferred expense (benefit) $ (6,655,774 ) $ (1,387,947 ) $ (8,043,721 ) Change in valuation allowance 794,744 — 794,744 Income tax expense (benefit) $ (5,861,030 ) $ (1,387,947 ) $ (7,248,977 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31 , 201 8 Year Ended December 31 , 201 7 Tax (benefit) expense at Federal statutory rate $ (5,867 ) $ (149,766 ) State income tax expense (benefit), net of Federal effect 127,236 250,193 Other 65 (19,485 ) Change in Federal valuation allowance 388,408 2,602,441 Reduction in Federal corporate tax rate — 1,358,272 Income tax expense (benefit) $ 509,842 $ 4,041,655 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 , 201 8 December 31 , 201 7 Deferred tax assets (liabilities): Real estate basis differences $ 4,144,365 4,255,681 Net operating losses 1,499,186 1,380,138 Total deferred tax assets 5,643,551 5,635,819 Valuation allowance (2,946,071 ) (2,428,497 ) Net deferred tax assets $ 2,697,480 3,207,322 |
Note 13 - Rental Income (Tables
Note 13 - Rental Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31: 2019 $ 2,842,830 2020 2,163,672 2021 2,057,822 2022 1,837,332 2023 1,395,151 Thereafter (through 2028) 2,071,519 Total $ 12,368,326 |
Note 14 - Fair Value (Tables)
Note 14 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements Using Carrying Value Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs 201 8 Nonrecurring: Impaired loans: NONE $ $ — $ — $ Total $ $ — $ — $ Real estate properties: Commercial $ 1,269,650 $ — $ — $ 1,269,650 Land 1,850,342 — 1,850,342 — Total $ 3,119,992 $ — $ 1,850,342 $ 1,269,650 201 7 Nonrecurring Impaired loans: Residential $ 1,115,999 $ — $ — $ 1,115,999 Total $ 1,115,999 $ — $ — $ 1,115,999 Real estate properties: Commercial $ 7,460,800 $ — $ — $ 7,460,800 Land 1,914,870 1,914,870 Total $ 9,375,670 $ — $ — $ 9,375,670 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Description Fair Value Valuation Technique Significant Unobservable Inputs Input / Range Weighted Average Impaired Loans: NONE Real Estate Properties: Commercial $ 1,269,650 Appraisal Comparable Sales Adjustment (45.3)% to 2.1% N/A Description Fair Value Valuation Technique Significant Unobservable Inputs Input / Range Weighted Average Impaired Loans: Residential $ 1,115,999 Comparable Sales Comparable Sales Adjustment (4.6)% to 4.2% N/A Real Estate Properties: Commercial $ 7,460,800 Appraisal Comparable Sales Adjustment (23.7)% to (11.6)% (13.5)% Land 1,914,870 Appraisal Comparable Sales Adjustment (50.8)% to 21.9% N/A Capitalization Rate 32.5% N/A |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31 , 201 8 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash, cash equivalents and restricted cash $ 4,514,000 $ 4,514,000 $ — $ — $ 4,514,000 Loans, net 141,204,000 — — 139,532,000 139,532,000 Investment in limited liability company 2,139,000 — — 7,711,000 7,711,000 Accrued interest and advances receivable 1,023,000 — — 1,023,000 1,023,000 Financial liabilities Accrued interest payable $ 86,000 — 41,000 45,000 $ 86,000 Lines of credit payable 1,728,000 — 1,728,000 — 1,728,000 Notes payable 12,799,000 — — 12,568,000 12,568,000 Fair Value Measurements at December 31 , 201 7 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash, cash equivalents and restricted cash $ 5,671,000 $ 5,671,000 $ — $ — $ 5,671,000 Loans, net 144,344,000 — — 144,255,000 144,255,000 Investment in limited liability company 2,141,000 — — 4,819,000 4,819,000 Accrued interest and advances receivable 1,459,000 — — 1,459,000 1,459,000 Financial liabilities Accrued interest payable $ 115,000 — 77,000 38,000 $ 115,000 Lines of credit payable 1,555,000 — 1,555,000 — 1,555,000 Notes payable 30,192,000 — 17,176,000 13,233,000 30,409,000 |
Note 17 - Summary Quarterly C_2
Note 17 - Summary Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Total revenues $ 3,735,550 $ 4,723,505 $ 4,346,044 3,991,920 Total expenses 3,790,374 3,696,281 2,978,230 3,493,586 Operating (loss) income (54,824 ) 1,027,224 1,367,814 498,334 Gain on sale of real estate, net 2,126,084 1,372,925 957,239 154,577 Net income before income taxes 2,071,260 2,400,149 2,325,053 652,911 Income tax (expense) benefit (243,122 ) (150,910 ) 17,635 (183,445 ) Net income attributable to common stockholders $ 1,828,138 $ 2,249,239 $ 2,342,688 $ 469,466 Earnings per common share (basic and diluted) $ 0.22 $ 0.26 $ 0.26 $ 0.05 Weighted average number of common shares outstanding (basic and diluted) 8,482,880 8,572,614 8,922,280 9,089,270 Dividends declared per share of Common Stock $ 0.20 $ 0.20 $ 0.20 $ 0.16 Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Total revenues $ 3,850,940 $ 4,277,493 $ 3,867,290 3,537,405 Total expenses 3,964,664 3,427,969 4,164,895 3,355,582 Operating (loss) income (113,724 ) 849,524 (297,605 ) 181,823 Gain (loss) on sale of real estate, net 268,891 582,496 13,877,715 (181 ) Settlement expense (2,627,436 ) — — — Net (loss) income before income taxes (2,472,269 ) 1,432,020 13,580,110 181,642 Income tax (expense) benefit (1,951,828 ) (1,275,700 ) (824,163 ) 10,036 Net (loss) income attributable to common stockholders $ (4,424,097 ) $ 156,320 $ 12,755,947 $ 191,678 (Loss) earnings per common share (basic and diluted) $ (0.44 ) $ 0.02 $ 1.24 $ 0.02 Weighted average number of common shares outstanding (basic and diluted) 9,984,352 10,173,448 10,247,477 10,247,477 Dividends declared per share of Common Stock $ 0.10 $ 0.10 $ 0.10 $ 0.08 Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Total revenues $ 3,667,283 $ 4,493,977 $ 4,692,114 4,225,617 Total expenses 3,942,004 5,587,213 6,999,063 4,316,678 Operating loss (274,721 ) (1,093,236 ) (2,306,949 ) (91,061 ) (Loss) gain on sale of real estate, net (536,419 ) 20,195,367 — 4,838,815 Net (loss) income before income taxes (811,140 ) 19,102,131 (2,306,949 ) 4,747,754 Income tax (expense) benefit (380,706 ) 260,848 7,368,835 — Net (loss) income (1,191,846 ) 19,362,979 5,061,886 4,747,754 Less: Net loss (income) attributable to non-controlling interests 15,960 (3,630,318 ) 56,847 (13,492 ) Net (loss) income attributable to common stockholders $ (1,175,886 ) $ 15,732,661 $ 5,118,733 $ 4,734,262 (Loss) earnings per common share (basic and diluted) $ (0.11 ) $ 1.54 $ 0.50 $ 0.46 Weighted average number of common shares outstanding (basic and diluted) 10,247,477 10,247,477 10,247,477 10,247,477 Dividends declared per share of Common Stock $ 0.08 $ 0.08 $ 0.08 $ 0.08 |
Financial Statement Schedule _2
Financial Statement Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Description Encumbrances Initial Cost Capitalized Costs Sales Impairment Write-downs Accumulated Depreciation Carrying Value Date Acquired Depreciable Lives (Years) Retail Complex (TSV), South Lake Tahoe, California $12,872,556 Note Payable 6,409,617 $ 12,299,570 $ (41,667 ) — $ (2,679,823 ) $ 15,987,697 Various 5 - 39 Retail Complex and 12 Residential Condominium Units (ZRV),South Lake Tahoe, California None 5,016,443 37,299,922 (22,025,680 ) — — Note 4 20,290,685 Various N/A Residential Land (ZRV II), South Lake Tahoe, California None 2,032,963 4,528,060 — — — Note 4 6,561,023 Various N/A 73 Residential Lots, Auburn, California None 13,746,625 376,746 (96,678 ) (9,904,826 ) — Note 5 4,121,867 9/27/2007 N/A 12 Condominium & 3 Commercial Units, Tacoma, Washington None 2,154,217 84,909 — — — Note 6 2,239,126 7/8/2011 N/A Two Houses on 20 Acres San Ramon, CA None 2,062,729 — — — — 2,062,729 11/13/2018 N/A Marina & Boat Club with 179 Boat Slips, Isleton, California None 1,809,663 713,318 — (1,253,331 ) Note 7 1,269,650 1/29/2013 N/A Undeveloped, Industrial Land, San Jose, California None 3,025,992 98,681 — (1,274,331 ) — Note 8 1,850,342 12/27/2002 N/A Miscellaneous Real Estate None — 2,259,391 Various Various TOTALS $ (2,679,823 ) $ 56,642,510 |
Changes in Accumulated Depreciation [Member] | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Balance at beginning of period (1/1/16) $ 2,915,596 Additions during period: Depreciation expense 1,185,624 Subtotal 4,101,220 Deductions during period: Accumulated depreciation on real estate moved to held for sale 949,793 Balance at end of period (12/31/16) $ 3,151,427 Balance at beginning of period (1/1/17) $ 3,151,427 Additions during period: Depreciation expense 1,080,003 Subtotal 4,231,430 Deductions during period: Accumulated depreciation on real estate moved to held for sale 914,677 Balance at end of period (12/31/17) $ 3,316,753 Balance at beginning of period (1/1/18) 3,316,753 Additions during period: Depreciation expense 720,842 Subtotal 4,037,595 Deductions during period: Accumulated depreciation on real estate moved to held for sale 1,357,772 Balance at end of period (12/31/18) $ 2,679,823 |
Changes in Real Estate Held-for-Sale and Investment [Member] | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Balance at beginning of period (1/1/16) $ 153,838,412 Additions during period: Acquisitions through foreclosure 700,800 Investments in real estate properties 29,061,735 Amortization of deferred financing costs capitalized to construction project 119,471 Subtotal 183,720,418 Deductions during period: Cost of real estate properties sold 66,183,589 Impairment losses on real estate properties 3,227,807 Depreciation of properties held for investment 1,185,624 Balance at end of period (12/31/16) $ 113,123,398 Balance at beginning of period (1/1/17) $ 113,123,398 Additions during period: Acquisitions through foreclosure — Investments in real estate properties 11,274,904 Amortization of deferred financing costs capitalized to construction project 76,260 Subtotal 124,474,562 Deductions during period: Cost of real estate properties sold 41,505,148 Impairment losses on real estate properties 1,423,286 Depreciation of properties held for investment 1,080,003 Balance at end of period (12/31/17) $ 80,466,125 Balance at beginning of period (1/1/18) 80,466,125 Additions during period: Acquisitions through foreclosure 2,062,729 Investments in real estate properties 496,826 Subtotal 83,025,680 Deductions during period: Cost of real estate properties sold 24,609,167 Impairment losses on real estate properties 1,053,161 Depreciation of properties held for investment 720,842 Balance at end of period (12/31/18) $ 56,642,510 |
Financial Statement Schedule _3
Financial Statement Schedule IV - Mortgage Loans on Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Participating Mortgage Loans [Table Text Block] | Description Interest Rate Final Maturity date Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal Principal Amount of Loans Subject to Delinquent Payments TYPE OF PROPERTY Commercial 5.00 - 9.65% Current to July 2021 $ 132,519,461 $ 24,431,860 $ 9,304,587 Residential 5.00 - 8.00% Current to March 2028 5,209,357 2,358,966 2,557,526 Land 4.00 - 9.82% January 2019 to October 2020 4,953,425 — — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 AMOUNT OF LOAN $0-500,000 6.00 - 9.65% Current to March 2028 $ 2,581,001 $ 573,606 $ 760,166 $500,001-1,000,000 5.00 - 8.00% Current to October 2019 3,887,834 870,458 870,458 $1,000,001-5,000,000 4.00 - 9.82% Current to July 2021 70,448,597 16,511,762 10,231,489 Over $5,000,000 5.00 - 8.25% Current to March 2021 65,764,811 8,835,000 — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 POSITION OF LOAN First 4.00 - 9.65% Current to March 2028 $ 137,808,788 $ 26,790,826 $ 11,862,113 Second 8.00 - 9.82% July 2019 to October 2020 4,873,455 — — TOTAL $ 142,682,243 $ 26,790,826 $ 11,862,113 |
Loans Which Exceed Three Percent of the Total Loans [Member] | |
Notes Tables | |
Schedule of Participating Mortgage Loans [Table Text Block] | Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest Retail Building Irving, Texas 7.50 % 6/1/19 Interest only, balance due at maturity 0 14,822,000 14,784,945 0 Retail Building Walnut Creek, California 7.25 % 5/15/20 Interest only, balance due at maturity 0 9,000,000 8,953,623 0 Hotel Novi, Michigan 8.25 % 12/31/18 Interest only, balance due at maturity 0 8,835,000 8,835,000 8,835,000 Office Building Pleasanton, California 7.50 % 11/1/19 Interest only, balance due at maturity 0 8,250,000 8,200,150 0 Retail Building Folsom, California 7.75 % 1/15/19 Interest only, balance due at maturity 0 8,006,000 7,170,186 0 Retail Building Antioch, California 8.00 % 10/15/19 Interest only, balance due at maturity 0 7,000,000 6,979,074 0 Assisted Care Facility Bensalem, Pennsylvania 5.00 % 3/15/21 Interest only, balance due at maturity 0 5,875,000 5,519,317 0 Apartment Building Concord, California 7.50 % 7/15/20 Interest only, balance due at maturity 0 6,350,000 5,322,516 0 Office Building Chula Vista, California 8.00 % 11/1/18 Interest only, balance due at maturity 0 5,600,000 4,916,586 4,916,586 TOTALS $ 0 $ 73,738,000 $ 70,681,397 $ 13,751,586 |
Changes in Mortgage Loans on Real Estate [Member] | |
Notes Tables | |
Schedule of Participating Mortgage Loans [Table Text Block] | Balance at beginning of period (1/1/16) $ 106,743,807 Additions during period: New loans, including from sale of real property 79,867,140 Subtotal 186,610,947 Deductions during period: Collection of principal 55,849,884 Foreclosures 1,078,752 Balance at end of period (12/31/16) $ 129,682,311 Balance at beginning of period (1/1/17) $ 129,682,311 Additions during period: New loans, including from sale of real estate property 86,274,680 Subtotal 215,956,991 Deductions during period: Collection of principal 69,785,341 Foreclosures — Balance at end of period (12/31/17) $ 146,171,650 Balance at beginning of period (1/1/18) $ 146,171,650 Additions during period: New loans, including from sale of real estate property 77,471,539 Discount and loan fee amortization 227,801 Subtotal 223,870,990 Deductions during period: Collection of principal 78,742,850 Foreclosures 1,937,475 Loan fees collected 508,422 Balance at end of period (12/31/18) $ 142,682,243 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) | Nov. 07, 2018$ / shares | Dec. 31, 2018$ / sharesshares | Sep. 30, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Jan. 01, 2013shares | Aug. 09, 2012$ / sharesshares |
Common Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred Stock, Shares Authorized | shares | 5,000,000 | 5,000,000 | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Issued, Total | shares | 11,198,119 | 11,198,119 | 11,198,119 | |||
Potential Percentage Penalty Tax | 100.00% | |||||
REIT Minimum Percent Distribution of Taxable Income | 90.00% | |||||
Ready Capital [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | |||||
Ready Capital [Member] | ||||||
Business Combination, Exchange Ratio | 1.441 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 01, 2018 | Jan. 01, 2018USD ($) | |
Number of Operating Segments | 1 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 166,895 | ||||
Reversal of Deferred Gain on Adoption of ASU 2014-09 | 302,895 | ||||
Loan Discounts Established on Adoption of ASU 2014-09 | 136,000 | ||||
Restricted Cash, Total | 3,500,000 | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 364,000 | 0 | |||
Loans and Leases Receivable, Deferred Income, Total | $ 386,000 | 0 | |||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares | 0 | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 39 years | ||||
Owens Financial Group Inc. [Member] | |||||
Related Party Transaction, Percentage of Other Than Certain Administrative Fees Received | 30.00% | ||||
Related Party Transaction, Percentage of Gross Loan Extension or Modification Fee Received | 30.00% | ||||
Related Party Transaction, Management Fee | 70.00% | ||||
Retained Earnings [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 166,895 | ||||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 167,000 |
Note 3 - Loans and Allowance _3
Note 3 - Loans and Allowance for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Current | $ 130,820,130 | $ 137,637,440 | |
Financing Receivable, Recorded Investment, Past Due, Total | 11,862,113 | 8,534,210 | |
Allowance for Loan and Lease Losses, Real Estate | 1,478,188 | 1,827,806 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 11,862,113 | $ 8,534,210 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 |
Extended Maturity [Member] | |||
Allowance for Loan and Lease Losses, Real Estate | $ 0 | $ 187,000 | |
Financing Receivable, Modifications, Recorded Investment | 199,000 | 2,739,000 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 165,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 1,145,000 | ||
Loans and Leases Receivable, Impaired, Advanced Amount | 68,000 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 6,746,966 | 1,938,895 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 4,916,587 | 2,737,538 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 2,430,878 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 123,214,874 | 126,660,430 | |
Financing Receivable, Recorded Investment, Past Due, Total | 9,304,587 | $ 1,212,851 | |
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 9,304,587 | $ 1,212,851 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 4,388,000 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 4,916,587 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | |||
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 2,651,831 | 5,849,436 | |
Financing Receivable, Recorded Investment, Past Due, Total | 2,557,526 | 7,321,359 | |
Impaired Financing Receivable, Unpaid Principal Balance, Total | 2,557,526 | 7,321,359 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 2,358,966 | 1,938,895 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 2,737,538 | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 2,430,878 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | |||
Financing Receivable, Recorded Investment, Current | 7,585,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Current | 19,515,000 | 4,585,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 10,835,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 3,000,000 | 3,000,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 1,505,000 | ||
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 4,175,000 | 1,585,000 | |
Interest Payments only and In the process of being Extended, Paid Off or Refinanced [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Current | 3,000,000 | ||
Past Maturity Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | 4,917,000 | ||
Past Maturity Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due, Total | $ 2,359,000 | $ 7,107,000 |
Note 3 - Loans and Allowance _4
Note 3 - Loans and Allowance for Loan Losses - Allocation of the Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 1,827,806 | $ 2,706,822 | $ 1,842,446 |
Allowance for Loan and Lease Losses, Write-offs | (186,708) | (546,004) | (447,520) |
Recoveries | 76,234 | 27,000 | 27,000 |
Provision (Reversal) | (239,144) | (360,012) | 1,284,896 |
Ending balance | 1,478,188 | 1,827,806 | 2,706,822 |
Ending balance: individually evaluated for impairment - allowance for loan losses | 186,708 | 732,712 | |
Ending balance: collectively evaluated for impairment - allowance for loan losses | 1,478,188 | 1,641,098 | 1,974,110 |
Ending balance - loans | 142,682,243 | 146,171,650 | 129,682,311 |
Ending balance: individually evaluated for impairment - loans | 11,862,113 | 8,534,210 | 4,883,866 |
Ending balance: collectively evaluated for impairment - loans | 130,820,130 | 137,637,440 | 124,798,445 |
Commercial Portfolio Segment [Member] | |||
Beginning balance | 1,069,458 | 864,971 | 1,140,530 |
Allowance for Loan and Lease Losses, Write-offs | (447,520) | ||
Recoveries | 27,000 | 27,000 | |
Provision (Reversal) | (9,944) | 177,487 | 144,961 |
Ending balance | 1,059,514 | 1,069,458 | 864,971 |
Ending balance: individually evaluated for impairment - allowance for loan losses | |||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 1,059,514 | 1,069,458 | 864,971 |
Ending balance - loans | 132,519,461 | 127,873,281 | 102,442,111 |
Ending balance: individually evaluated for impairment - loans | 9,304,587 | 1,212,851 | |
Ending balance: collectively evaluated for impairment - loans | 123,214,874 | 126,660,430 | 102,442,111 |
Residential Portfolio Segment [Member] | |||
Beginning balance | 451,537 | 1,331,318 | 455,587 |
Allowance for Loan and Lease Losses, Write-offs | (186,708) | (546,004) | |
Recoveries | 76,234 | ||
Provision (Reversal) | (218,779) | (333,777) | 875,731 |
Ending balance | 122,284 | 451,537 | 1,331,318 |
Ending balance: individually evaluated for impairment - allowance for loan losses | 186,708 | 732,712 | |
Ending balance: collectively evaluated for impairment - allowance for loan losses | 122,284 | 264,829 | 598,606 |
Ending balance - loans | 5,209,357 | 13,170,795 | 19,001,677 |
Ending balance: individually evaluated for impairment - loans | 2,557,526 | 7,321,359 | 4,883,866 |
Ending balance: collectively evaluated for impairment - loans | 2,651,831 | 5,849,436 | 14,117,811 |
Land Portfolio Segment [Member] | |||
Beginning balance | 306,811 | 510,533 | 246,329 |
Allowance for Loan and Lease Losses, Write-offs | |||
Recoveries | |||
Provision (Reversal) | (10,421) | (203,722) | 264,204 |
Ending balance | 296,390 | 306,811 | 510,533 |
Ending balance: individually evaluated for impairment - allowance for loan losses | |||
Ending balance: collectively evaluated for impairment - allowance for loan losses | 296,390 | 306,811 | 510,533 |
Ending balance - loans | 4,953,425 | 5,127,574 | 8,238,523 |
Ending balance: individually evaluated for impairment - loans | |||
Ending balance: collectively evaluated for impairment - loans | $ 4,953,425 | $ 5,127,574 | $ 8,238,523 |
Note 3 - Loans and Allowance _5
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of the Loan Portfolio by the Time Past Due (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Past due loans | $ 11,862,113 | $ 8,534,210 | |
Current loans | 130,820,130 | 137,637,440 | |
Total Loans | 142,682,243 | 146,171,650 | $ 129,682,311 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due loans | 6,746,966 | 1,938,895 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due loans | 4,916,587 | 2,737,538 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due loans | 2,430,878 | ||
Other Non-accrual Loans [Member] | |||
Past due loans | 198,560 | 1,426,899 | |
Commercial Portfolio Segment [Member] | |||
Past due loans | 9,304,587 | 1,212,851 | |
Current loans | 123,214,874 | 126,660,430 | |
Total Loans | 132,519,461 | 127,873,281 | 102,442,111 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due loans | 4,388,000 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due loans | 4,916,587 | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due loans | |||
Commercial Portfolio Segment [Member] | Other Non-accrual Loans [Member] | |||
Past due loans | 1,212,851 | ||
Residential Portfolio Segment [Member] | |||
Past due loans | 2,557,526 | 7,321,359 | |
Current loans | 2,651,831 | 5,849,436 | |
Total Loans | 5,209,357 | 13,170,795 | 19,001,677 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due loans | 2,358,966 | 1,938,895 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due loans | 2,737,538 | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due loans | 2,430,878 | ||
Residential Portfolio Segment [Member] | Other Non-accrual Loans [Member] | |||
Past due loans | 198,560 | 214,048 | |
Land Portfolio Segment [Member] | |||
Past due loans | |||
Current loans | 4,953,425 | 5,127,574 | |
Total Loans | 4,953,425 | 5,127,574 | $ 8,238,523 |
Land Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past due loans | |||
Land Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past due loans | |||
Land Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Past due loans | |||
Land Portfolio Segment [Member] | Other Non-accrual Loans [Member] | |||
Past due loans |
Note 3 - Loans and Allowance _6
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Recorded investment, with no related allowance | $ 12,024,683 | $ 7,832,715 | |
Unpaid principal balance, with no related allowance | 11,862,113 | 7,718,320 | |
Average recorded investment, with no related allowance | 7,822,493 | 855,586 | $ 1,920,919 |
Interest income recognized, with no related allowance | 554,472 | 69,559 | 58,785 |
Recorded investment, with related allowance | 1,302,707 | ||
Unpaid principal balance, with related allowance | 815,890 | ||
Related allowance | 186,708 | ||
Average recorded investment, with related allowance | 114,327 | 3,188,101 | 7,074,825 |
Interest income recognized, with related allowance | |||
Recorded investment | 12,024,683 | 9,135,422 | |
Unpaid principal balance | 11,862,113 | 8,534,210 | |
Average recorded investment | 7,936,820 | 4,043,688 | 8,995,744 |
Interest income recognized | 554,472 | 69,559 | 58,785 |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 9,467,157 | 1,222,499 | |
Unpaid principal balance, with no related allowance | 9,304,587 | 1,212,851 | |
Average recorded investment, with no related allowance | 1,855,535 | 101,875 | 1,684,877 |
Interest income recognized, with no related allowance | 173,711 | 19,189 | 38,187 |
Recorded investment, with related allowance | |||
Unpaid principal balance, with related allowance | |||
Related allowance | |||
Average recorded investment, with related allowance | 865,285 | ||
Interest income recognized, with related allowance | |||
Recorded investment | 9,467,157 | 1,222,499 | |
Unpaid principal balance | 9,304,587 | 1,212,851 | |
Average recorded investment | 1,855,535 | 101,875 | 2,550,162 |
Interest income recognized | 173,711 | 19,189 | 38,187 |
Residential Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | 2,557,526 | 6,610,216 | |
Unpaid principal balance, with no related allowance | 2,557,526 | 6,505,469 | |
Average recorded investment, with no related allowance | 5,966,958 | 753,711 | 236,042 |
Interest income recognized, with no related allowance | 380,761 | 50,369 | 20,598 |
Recorded investment, with related allowance | 1,302,707 | ||
Unpaid principal balance, with related allowance | 815,890 | ||
Related allowance | 186,708 | ||
Average recorded investment, with related allowance | 114,327 | 3,188,101 | 6,209,540 |
Interest income recognized, with related allowance | |||
Recorded investment | 2,557,526 | 7,912,923 | |
Unpaid principal balance | 2,557,526 | 7,321,359 | |
Average recorded investment | 6,081,285 | 3,941,813 | 6,445,582 |
Interest income recognized | 380,761 | 50,369 | 20,598 |
Land Portfolio Segment [Member] | |||
Recorded investment, with no related allowance | |||
Unpaid principal balance, with no related allowance | |||
Average recorded investment, with no related allowance | |||
Interest income recognized, with no related allowance | |||
Recorded investment, with related allowance | |||
Unpaid principal balance, with related allowance | |||
Related allowance | |||
Average recorded investment, with related allowance | |||
Interest income recognized, with related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
Average recorded investment | |||
Interest income recognized |
Note 3 - Loans and Allowance _7
Note 3 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016 | |
Number of contracts | 0 | 0 | |
Commercial Portfolio Segment [Member] | |||
Number of contracts | 1 | ||
Pre-modification outstanding investment | $ 1,173,625 | ||
Post-modification outstanding investment | $ 1,212,851 |
Note 4 - Investment in Limite_2
Note 4 - Investment in Limited Liability Company (Details Textual) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2008 | |
Proceeds from Equity Method Investment, Distribution | $ 384,500 | $ 185,000 | $ 180,000 | |
Income (Loss) from Equity Method Investments, Total | 383,197 | 185,063 | 179,450 | |
1850 [Member] | ||||
Number of Real Estate Properties | 2 | |||
Number of Companies | 2 | |||
Proceeds from Equity Method Investment, Distribution | 385,000 | 185,000 | 180,000 | |
Income (Loss) from Equity Method Investments, Total | $ 383,000 | $ 185,000 | $ 179,000 |
Note 5 - Real Estate Held for_3
Note 5 - Real Estate Held for Sale (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Real Estate Properties Transferred from Held for Investment to Held for Sale | 5 | 7 | 4 | |||||||||||||
Real Estate Properties, Transfer to Held for Sale from Held for Investment | $ 6,725,000 | $ 13,423,000 | ||||||||||||||
Number of Real Estate Properties Transferred from Held for Sale to Held for Investment | 1 | |||||||||||||||
Real Estate Properties, Transfer to Held for Investment from Held for Sale | 1,915,000 | $ 10,052,000 | ||||||||||||||
Impairment of Real Estate | 1,053,161 | $ 1,423,286 | 3,227,807 | |||||||||||||
Impairment loss, Number of Real Estate Properties | 4 | |||||||||||||||
Gain (Loss) on Transfers Between Held for Sale and Held for Investment | $ 0 | $ 0 | $ 0 | |||||||||||||
Number of Real Estate Properties Sold | 23 | 15 | 7 | |||||||||||||
Gain (Loss) on Sale of Properties | $ 2,126,084 | $ 1,372,925 | $ 957,239 | $ 154,577 | $ 268,891 | $ 582,496 | $ 13,877,715 | $ (181) | $ (536,419) | $ 20,195,367 | $ 4,838,815 | $ 4,610,824 | $ 14,728,921 | $ 24,497,763 | ||
Deferred Gain on Sale of Property | 302,895 | $ 302,895 | $ 302,895 | |||||||||||||
Number of Loans Foreclosed | 0 | |||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | 0 | $ 0 | 0 | |||||||||||||
Land Property [Member] | ||||||||||||||||
Real Estate Properties, Transfer to Held for Sale from Held for Investment | $ 6,561,000 | |||||||||||||||
Number of Real Estate Properties Transferred from Held for Sale to Held for Investment | 1 | |||||||||||||||
Marina Property Located in Isleton, California [Member] | ||||||||||||||||
Impairment of Real Estate | $ 938,000 | 315,000 | ||||||||||||||
Marina Property Located in Bethel Island, California [Member] | ||||||||||||||||
Impairment of Real Estate | 54,000 | 495,000 | ||||||||||||||
Undeveloped Land Located in San Jose, California [Member] | ||||||||||||||||
Impairment of Real Estate | $ 61,000 | 146,000 | ||||||||||||||
Assisted Care Property Located in Bensalem, Pennsylvania [Member] | ||||||||||||||||
Impairment of Real Estate | $ 467,000 | |||||||||||||||
Unimproved Residential and Commercial Land Located in Gypsum Colorado [Member] | ||||||||||||||||
Impairment of Real Estate | 2,110,000 | |||||||||||||||
Medical Office Condominium Complex, Gilbert, Arizona [Member] | ||||||||||||||||
Impairment of Real Estate | 1,094,000 | |||||||||||||||
Office Property in Oakdale, California [Member] | ||||||||||||||||
Impairment of Real Estate | $ 24,000 | |||||||||||||||
Number of Loans Foreclosed | 1 | |||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 1,079,000 | |||||||||||||||
Interest and Other Receivables, Foreclosures | 70,000 | |||||||||||||||
Gain (Loss) on Foreclosure of Loan | 495,000 | |||||||||||||||
Provision for Loan and Lease Losses, Total | 47,000 | |||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net, Total | 448,000 | |||||||||||||||
Condominiums at Zalanta [Member] | ||||||||||||||||
Number of Real Estate Properties Sold | 11 | 7 | ||||||||||||||
Proceeds from Sale of Other Real Estate | $ 21,287,000 | |||||||||||||||
Mortgage Loan Related to Property Sales | 8,679,000 | |||||||||||||||
Gain (Loss) on Sale of Properties | $ 4,611,000 | |||||||||||||||
Real Estate Properties Sold during the Period [Member] | ||||||||||||||||
Proceeds from Sale of Other Real Estate | $ 55,879,000 | 89,402,000 | ||||||||||||||
Mortgage Loan Related to Property Sales | 450,000 | 1,595,000 | ||||||||||||||
Gain (Loss) on Sale of Properties | 14,729,000 | 24,498,000 | ||||||||||||||
Deferred Gain on Sale of Property | $ 93,000 | $ 93,000 | $ 93,000 | |||||||||||||
Gain (Loss) on Sale of Properties, Attributable to Parent | 20,782,000 | |||||||||||||||
Gain (Loss) on Sale of Properties, Attributable to Noncontrolling Interest | $ 3,716,000 | |||||||||||||||
Homes and Land Located in San Ramon, California [Member] | ||||||||||||||||
Number of Loans Foreclosed | 2 | |||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 1,937,000 | |||||||||||||||
Interest and Other Receivables, Foreclosures | $ 125,000 |
Note 5 - Real Estate Held for_4
Note 5 - Real Estate Held for Sale - Properties Acquired Through Foreclosure (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate held for sale | $ 34,093,790 | $ 56,110,472 |
Residential [Member] | ||
Real estate held for sale | 16,855,359 | 24,627,710 |
Improved and Unimproved Land [Member] | ||
Real estate held for sale | 7,359,111 | 14,389,620 |
Retail Site [Member] | ||
Real estate held for sale | 7,737,181 | 7,632,893 |
Golf Course [Member] | ||
Real estate held for sale | 1,999,449 | |
Marinas [Member] | ||
Real estate held for sale | 1,269,650 | 2,207,675 |
Assisted Care Facility [Member] | ||
Real estate held for sale | 5,253,125 | |
Office Building [Member] | ||
Real estate held for sale | $ 872,489 |
Note 6 - Real Estate Held for_3
Note 6 - Real Estate Held for Investment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Total | $ 721,000 | $ 1,080,000 | $ 1,186,000 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Foreclosure | $ 0 | $ 0 | $ 0 |
Note 6 - Real Estate Held for_4
Note 6 - Real Estate Held for Investment - Real Estate Held for Investment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate held for investment | $ 22,548,720 | $ 24,355,653 |
Land and land improvements | 7,908,072 | 5,112,063 |
Buildings and improvements | 17,320,471 | 22,560,343 |
Real estate held for investment, at cost | 25,228,543 | 27,672,406 |
Less: Accumulated depreciation and amortization | (2,679,823) | (3,316,753) |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | 22,548,720 | 24,355,653 |
Retail Site [Member] | ||
Real estate held for investment | 15,987,697 | 16,623,238 |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | 15,987,697 | 16,623,238 |
Improved and Unimproved Land [Member] | ||
Real estate held for investment | 6,561,023 | 2,018,068 |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | 6,561,023 | 2,018,068 |
Residential [Member] | ||
Real estate held for investment | 2,356,995 | |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | 2,356,995 | |
Office Building [Member] | ||
Real estate held for investment | 3,357,352 | |
Real estate held for investment, net of accumulated depreciation of $2,679,823 in 2018 and $3,316,753 in 2017 | $ 3,357,352 |
Note 7 - Line of Credit Payab_3
Note 7 - Line of Credit Payable (Details Textual) - USD ($) | Sep. 04, 2018 | Sep. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Line of Credit, Total | $ 1,728,000 | $ 1,555,000 | |||
Payments of Debt Issuance Costs | 439,591 | 12,500 | $ 279,599 | ||
Interest Expense, Total | 2,132,776 | 1,587,695 | 2,859,294 | ||
Non-interest Bearing Deposit Required Under Restated Credit Agreement [Member] | |||||
Restricted Cash and Cash Equivalents, Total | $ 3,500,000 | ||||
Restated Credit Agreement [Member] | |||||
Long-term Line of Credit, Total | 1,728,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 47,235,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 45,507,000 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | ||||
Interest Rate Increases Upon Default | 2.00% | ||||
Line of Credit Facility, Default,Additional Fee Percentage | 5.00% | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||
Restated Credit Agreement [Member] | CB & T Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||||
Debt Agreement, Origination Fee Obligation | 412,500 | ||||
Payments of Debt Issuance Costs | 434,000 | ||||
Interest Expense, Total | $ 919,000 | 312,000 | 881,000 | ||
Amortization of Debt Issuance Costs | 89,000 | $ 158,000 | $ 131,000 | ||
Line of Credit Facility, Commitment Fee Amount | 44,000 | ||||
Restated Credit Agreement [Member] | Swing Line Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | ||||
Restated Credit Agreement [Member] | Swing Line Facility [Member] | Prime Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Restated Credit Agreement [Member] | Swing Line Facility [Member] | Prime Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||
Restated Credit Agreement [Member] | Swing Line Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Restated Credit Agreement [Member] | Swing Line Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Restated Credit Agreement [Member] | Revolving Sublimit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||
Long-term Line of Credit, Total | $ 0 | ||||
Restated Credit Agreement [Member] | Revolving Sublimit Facility [Member] | Prime Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Restated Credit Agreement [Member] | Revolving Sublimit Facility [Member] | Prime Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Restated Credit Agreement [Member] | Revolving Sublimit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Restated Credit Agreement [Member] | Revolving Sublimit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Prior Credit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Prior Credit Facility [Member] | Revolving Sublimit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 7 - Line of Credit Payab_4
Note 7 - Line of Credit Payable - Credit Facilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Line of credit payable | $ 1,728,000 | $ 1,555,000 |
CB & T Credit Facility [Member] | ||
Line of credit payable | 1,728,000 | 1,555,000 |
Line of Credit Facility, Current Borrowing Capacity | $ 47,235,245 | $ 27,259,000 |
Note 7 - Line of Credit Payab_5
Note 7 - Line of Credit Payable - Loans Securing Credit Facility (Details) - CB & T Credit Facility [Member] | Dec. 31, 2018USD ($) |
Carrying amount of loans securing CB&T Facility | $ 69,569,181 |
Commercial Loan [Member] | |
Carrying amount of loans securing CB&T Facility | 69,569,181 |
Residential Real Estate [Member] | |
Carrying amount of loans securing CB&T Facility |
Note 8 - Notes and Loans Paya_3
Note 8 - Notes and Loans Payable on Real Estate (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Aug. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Jan. 01, 2018 | Aug. 18, 2017 | Sep. 30, 2015 | |
Interest Expense, Total | $ 2,132,776 | $ 1,587,695 | $ 2,859,294 | ||||||
Repayments of Notes Payable | 17,789,514 | 13,972,820 | 36,380,880 | ||||||
Debt Issuance Costs, Net, Total | 73,652 | 226,369 | |||||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | |||||||||
Debt Instrument, Face Amount | $ 14,500,000 | $ 14,500,000 | |||||||
Proceeds from Issuance of Debt | $ 10,445,000 | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 3,830,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.47% | 3.47% | 4.22% | ||||||
Debt Instrument, Amortization Period | 25 years | ||||||||
Debt Issuance Costs, Gross | $ 218,000 | $ 218,000 | |||||||
Interest Expense, Total | 586,000 | 502,000 | 515,000 | ||||||
Amortization of Debt Issuance Costs | 36,000 | 36,000 | 36,000 | ||||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Closing Fee [Member] | |||||||||
Debt Issuance Costs, Gross | $ 108,750 | $ 108,750 | |||||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Outstanding Principal Balance [Member] | |||||||||
Debt Instrument Default Rate Increase | 5.00% | ||||||||
TSV Credit Agreement [Member] | Tahoe Stateline Venture, LLC [Member] | Other Outstanding Obligations [Member] | |||||||||
Debt Instrument Default Rate Increase | 10.00% | ||||||||
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | |||||||||
Interest Expense, Total | 608,000 | 774,000 | |||||||
Amortization of Debt Issuance Costs | 122,000 | $ 124,000 | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 31,000,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | ||||||||
Debt Agreement, Curtailment Requirement | $ 6,000,000 | ||||||||
Debt Instrument, Collateral Amount | $ 3,000,000 | ||||||||
Repayments of Notes Payable | $ 3,000,000 | ||||||||
Debt Agreement, Origination Fee Obligation | 310,000 | ||||||||
Debt Issuance Costs, Net, Total | $ 400,000 | ||||||||
Payments of Debt Extension Fee | $ 6,000 | ||||||||
Deferred Financing Costs, Capitalized | 76,000 | 83,000 | |||||||
Interest Costs Capitalized | $ 472,000 | $ 272,000 | |||||||
Loan Agreement [Member] | ZRV and ZRV II [Member] | Western Alliance Bank [Member] | Prime Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 8 - Notes and Loans Paya_4
Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Outstanding (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt instrument, outstanding | $ 12,872,555 | $ 30,418,802 |
Less unamortized deferred financing costs | (73,652) | (226,369) |
Notes and loans payable, net | 12,798,903 | 30,192,433 |
Tahoe Stateline Venture, LLC [Member] | TSV Credit Agreement [Member] | ||
Debt instrument, outstanding | $ 12,872,555 | $ 13,242,514 |
Debt Instrument, Interest Rate, Stated Percentage | 4.22% | 4.22% |
Zalanta Resort at the Village, LLC [Member] | Loan Agreement [Member] | ||
Debt instrument, outstanding | $ 17,176,288 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Note 8 - Notes and Loans Paya_5
Note 8 - Notes and Loans Payable on Real Estate - Notes and Loans Payable Maturities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 387,135 | |
2020 | 403,792 | |
2021 | 12,081,628 | |
2022 | ||
2023 | ||
Thereafter | ||
Total | $ 12,872,555 | $ 30,418,802 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | Jan. 30, 2018 | Dec. 29, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 12, 2018 | Jun. 09, 2017 | Dec. 11, 2015 |
Tax Payment Made on Behalf of Stockholders | $ 640,267 | $ 582,698 | $ 640,267 | $ 582,698 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 10,098,071 | 18,803,061 | |||||||||||||
Payments for Repurchase of Common Stock | 12,369,554 | 16,531,578 | |||||||||||||
Share Price | $ 16.01 | ||||||||||||||
Settlement Expense | $ 2,627,436 | $ 2,627,436 | |||||||||||||
The 2015 Repurchase Plan [Member] | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 7,500,000 | ||||||||||||||
The 2016 Repurchase Plan [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired | 0 | ||||||||||||||
The 2017 Repurchase Plan [Member] | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||||||||||||||
Treasury Stock, Shares, Acquired | 4,000 | 341,086 | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 65,000 | $ 5,820,000 | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 16.18 | $ 17.06 | |||||||||||||
The 2018 Repurchase Plan [Member] | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||||||||||||||
Treasury Stock, Shares, Acquired | 608,574 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 10,033,000 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 16.49 | ||||||||||||||
Settlement Agreement [Member] | Freestone Capital Management, LLC. [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired | 810,937 | ||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 12,983,000 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 19.25 | ||||||||||||||
Payments for Repurchase of Common Stock | $ 15,600,000 | ||||||||||||||
Treasury Stock, Purchase Price Paid With 2017 Repurchase Plan | $ 4,100,000 | ||||||||||||||
Treasury Stock, Acquired, Premium Paid over Market Price | $ 3.24 | ||||||||||||||
Settlement Expense | $ 2,627,000 | ||||||||||||||
Forward Contract Liability, Treasury Stock | $ 2,731,000 | $ 2,731,000 | |||||||||||||
Settlement Agreement [Member] | Freestone Capital Management, LLC. [Member] | December 2017 [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired | 669,058 | ||||||||||||||
Settlement Agreement [Member] | Freestone Capital Management, LLC. [Member] | January 2018 [Member] | |||||||||||||||
Treasury Stock, Shares, Acquired | 141,879 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Tax Treatment for Dividends Paid by the Company (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Total Dividends Paid | $ 6,589,300 | $ 3,774,670 | $ 3,279,193 | |||
Dividends Paid Per Share (in dollars per share) | $ 0.601 | [1] | $ 0.38 | [2] | $ 0.32 | [3] |
Dividend Paid [Member] | ||||||
Total Dividends Paid | $ 5,237,571 | [1] | $ 3,789,108 | [2] | $ 3,279,193 | [3] |
Classified as Ordinary Income [Member] | ||||||
Dividends Paid Per Share (in dollars per share) | $ 0.548 | [1] | $ 0.333 | [2] | $ 0.048 | [3] |
Dividends Classified as Ordinary Income Percent | 91.21% | [1] | 87.67% | [2] | 15.05% | [3] |
Sec 199A Dividends [Member] | ||||||
Dividends Paid Per Share (in dollars per share) | $ 0.548 | [1] | $ 0 | [2] | $ 0 | [3] |
Capital Gain Distribution [Member] | ||||||
Dividends Paid Per Share (in dollars per share) | $ 0.053 | [1] | $ 0.047 | [2] | $ 0.272 | [3] |
Dividends Classified as Ordinary Income Percent | 8.79% | [1] | 12.33% | [2] | 84.95% | [3] |
Dividends Classified as Return of Capital [Member] | ||||||
Dividends Paid Per Share (in dollars per share) | $ 0 | [1] | $ 0 | [2] | $ 0 | [3] |
Dividends Classified as Ordinary Income Percent | [1] | [2] | [3] | |||
[1] | Cash distributions made on January 14, 2019 with a record date of December 31, 2018 are treated as received by shareholders on December 31, 2018, to the extent of the Company&#8217;s tax earnings and profits for 2018. Therefore, $0.041 per share of the January 14, 2019 cash distribution is included in the 2018 Form 1099 while the remainder in the amount of $0.159 per share will be treated as a 2019 distribution for U.S. federal income tax purposes and is not included on the 2018 Form 1099. | |||||
[2] | Dividends declared and paid in 2017 per above do not include $640,267 which represented capital gains tax on 2017 undistributed capital gains paid on behalf of shareholders to the U.S. Treasury in January 2018 (and recorded as dividends paid and payable in the consolidated financial statements). | |||||
[3] | Dividends declared and paid in 2016 per above do not include $582,698 which represented capital gains tax on 2016 undistributed capital gains paid on behalf of shareholders to the U.S. Treasury in January 2017 (and recorded as dividends paid and payable in the consolidated financial statements). |
Note 10 - Contingency Reserves
Note 10 - Contingency Reserves (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Contingency Reserves as a Percent of Capital | 1.50% | |
Contingency Reserves [Member] | ||
Restricted Cash and Cash Equivalents, Total | $ 3,253,000 | $ 3,464,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Undistributed Net Realized Gain (Loss) on Sale of Properties | $ 458,000 | $ 2,297,000 | $ 4,451,000 | $ 458,000 | $ 2,297,000 | $ 4,451,000 | |||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | 35.00% | ||||||||||||||
Gain (Loss) on Sale of Properties, Applicable Income Taxes | $ 640,000 | $ 583,000 | |||||||||||||||
Income Tax Expense (Benefit), Total | 243,122 | $ 150,910 | $ (17,635) | $ 183,445 | 1,951,828 | $ 1,275,700 | $ 824,163 | $ (10,036) | 380,706 | $ (260,848) | $ (7,368,835) | $ 559,842 | $ 4,041,655 | $ (7,248,977) | |||
Number of Real Estate Properties Sold | 23 | 15 | 7 | ||||||||||||||
Deferred Tax Assets, Net, Total | 7,249,000 | $ 7,249,000 | |||||||||||||||
Deferred Tax Assets, Real Estate, Difference Between Book Value and Tax Basis | $ 15,450,000 | $ 15,450,000 | |||||||||||||||
Deferred Tax Assets, Valuation Allowance, Total | 2,946,071 | 2,428,497 | $ 2,946,071 | $ 2,428,497 | |||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 1,499,186 | 1,380,138 | 1,499,186 | 1,380,138 | |||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 50,000 | 0 | 50,000 | 0 | |||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | 0 | 0 | 0 | |||||||||||||
Federal and State NOLs in ZRV [Member] | |||||||||||||||||
Deferred Tax Assets, Valuation Allowance, Total | 2,946,000 | $ 2,428,000 | 2,946,000 | 2,428,000 | |||||||||||||
Zalanta [Member] | |||||||||||||||||
Income Tax Expense (Benefit), Total | $ 4,041,655 | ||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 509,842 | ||||||||||||||||
Number of Real Estate Properties Sold | 2 | ||||||||||||||||
Lone Star Golf, Inc., Zalanta Resort and East G, LLC [Member] | State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | 1,189,000 | 1,189,000 | |||||||||||||||
Baldwin Ranch Subdivision, LLC [Member] | |||||||||||||||||
Number of Real Estate Properties | 75 | 75 | |||||||||||||||
Zalanta Resort at the Village, LLC [Member] | State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | 1,404,000 | 1,404,000 | |||||||||||||||
Zalanta Resort at the Village, LLC [Member] | State and Local Jurisdiction [Member] | Arizona Department of Revenue [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | 3,511,000 | 3,511,000 | |||||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 0 | 0 | |||||||||||||||
Zalanta Resort at the Village, LLC [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | 6,671,000 | 6,671,000 | |||||||||||||||
Tax Year 2012 [Member] | |||||||||||||||||
Income Tax Examination, Penalties Expense | 50,000 | ||||||||||||||||
Tax Year 2012 [Member] | Minimum [Member] | |||||||||||||||||
Income Tax Examination, Estimate of Possible Loss | 3,000,000 | ||||||||||||||||
Tax Year 2012 [Member] | Maximum [Member] | |||||||||||||||||
Income Tax Examination, Estimate of Possible Loss | 9,000,000 | ||||||||||||||||
Tax Year 2018 [Member] | Lone Star Golf, Inc., Zalanta Resort and East G, LLC [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | 405,000 | 405,000 | |||||||||||||||
Tax Year 2018 [Member] | Zalanta Resort at the Village, LLC [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||||||||
Operating Loss Carryforwards, Total | $ 425,000 | $ 425,000 | |||||||||||||||
To Maintain REIT Status for Federal Income Tax Purposes [Member] | |||||||||||||||||
Minimum Percentage of Taxable Income to be Distributed to Stockholders | 90.00% | ||||||||||||||||
Threshold to not be Subject to Federal Corporate Income Tax [Member] | |||||||||||||||||
Minimum Percentage of Taxable Income to be Distributed to Stockholders | 100.00% | 100.00% | 100.00% |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in valuation allowance, federal | $ 794,744 | ||||||||||||||
Change in valuation allowance, state and local | |||||||||||||||
Change in valuation allowance | 794,744 | ||||||||||||||
Income tax expense (benefit), federal | (5,861,030) | ||||||||||||||
Income tax expense (benefit), state and local | (1,387,947) | ||||||||||||||
Income Tax Expense (Benefit), Total | $ 243,122 | $ 150,910 | $ (17,635) | $ 183,445 | $ 1,951,828 | $ 1,275,700 | $ 824,163 | $ (10,036) | $ 380,706 | $ (260,848) | $ (7,368,835) | $ 559,842 | $ 4,041,655 | (7,248,977) | |
Deferred expense (benefit), federal | (6,655,774) | ||||||||||||||
Deferred expense (benefit), state and local | (1,387,947) | ||||||||||||||
Deferred expense (benefit) | $ (8,043,721) | ||||||||||||||
Taxable REIT Subsidiaries (TRS) [Member] | |||||||||||||||
Change in valuation allowance, federal | 388,408 | 2,602,441 | |||||||||||||
Change in valuation allowance, state and local | 129,166 | 418,020 | |||||||||||||
Change in valuation allowance | 517,574 | 3,020,461 | |||||||||||||
Other, federal | (39,625) | (293,814) | |||||||||||||
Other, state and local | 31,893 | (43,264) | |||||||||||||
Other | (7,732) | (337,078) | |||||||||||||
Income tax expense (benefit), federal | 348,783 | 3,666,899 | |||||||||||||
Income tax expense (benefit), state and local | 161,059 | 374,756 | |||||||||||||
Income Tax Expense (Benefit), Total | $ 509,842 | 4,041,655 | |||||||||||||
Reduction in Federal corporate tax rate | 1,358,272 | ||||||||||||||
Reduction in Federal corporate tax rate | $ 1,358,272 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax (Benefit) Provision (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense (benefit) | $ 243,122 | $ 150,910 | $ (17,635) | $ 183,445 | $ 1,951,828 | $ 1,275,700 | $ 824,163 | $ (10,036) | $ 380,706 | $ (260,848) | $ (7,368,835) | $ 559,842 | $ 4,041,655 | $ (7,248,977) | |
Taxable REIT Subsidiaries (TRS) [Member] | |||||||||||||||
Tax (benefit) expense at Federal statutory rate | (5,867) | (149,766) | |||||||||||||
State income tax expense (benefit), net of Federal effect | 127,236 | 250,193 | |||||||||||||
Other | 65 | (19,485) | |||||||||||||
Change in Federal valuation allowance | 388,408 | 2,602,441 | |||||||||||||
Reduction in Federal corporate tax rate | 1,358,272 | ||||||||||||||
Income tax expense (benefit) | $ 509,842 | $ 4,041,655 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate basis differences | $ 4,144,365 | $ 4,255,681 |
Net operating losses | 1,499,186 | 1,380,138 |
Total deferred tax assets | 5,643,551 | 5,635,819 |
Valuation allowance | (2,946,071) | (2,428,497) |
Net deferred tax assets | $ 2,697,480 | $ 3,207,322 |
Note 12 - Transactions With A_2
Note 12 - Transactions With Affiliates (Details Textual) - USD ($) | Apr. 01, 2018 | Jul. 01, 2017 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Interim Management Fee, Input, Percentage of Opening Stockholders' Equity Balance | 1.50% | |||||
Management Fee Expense | $ 2,906,333 | $ 3,546,085 | $ 3,286,470 | |||
Professional and Contract Services Expense, Total | 95,143 | 362,411 | 298,770 | |||
Due to Related Parties, Total | 242,170 | 277,671 | ||||
Late Fee Income Generated by Servicing Financial Assets, Amount | 57,000 | |||||
Proceeds from Loan Origination and Extension Fees | 508,000 | |||||
Amortization of Deferred Loan Origination Fees, Net | 123,000 | |||||
Loan Fees Earned by OFG | 1,972,000 | 2,492,000 | 2,514,000 | |||
Owens Financial Group Inc. [Member] | ||||||
Due to Related Parties, Total | 0 | 32,000 | ||||
Late Fee Income Generated by Servicing Financial Assets, Amount | 139,000 | 83,000 | 83,000 | |||
Ancillary Fee Income Generated by Servicing Financial Assets, Amount | 19,000 | 23,000 | 20,000 | |||
Loans Originated or Extended | 139,725,000 | 122,240,000 | 101,594,000 | |||
Related Party Transaction, Amounts of Transaction | 105,000 | 381,000 | 440,000 | |||
Interim Management Fee, Input, Percentage Stockholders' Equity Balance, First $300,000,000 | 1.50% | |||||
Interim Management Fee, Input, Percentage Stockholders' Equity Balance, After $300,000,000 | 1.25% | |||||
Related Party Transaction, Percentage of Gross Loan Fees Received | 30.00% | |||||
Related Party Transaction, Percentage of Gross Loan Extension or Modification Fee Received | 30.00% | |||||
Related Party Transaction, Management Fee | 70.00% | |||||
Related Party Transaction, Late Payment Fee Received | 30.00% | |||||
Related Party Transaction, Late Payment Fee | 70.00% | |||||
OFG Officers [Member] | ||||||
Related Party Transaction, Amounts of Transaction | 3,000 | 2,000 | 0 | |||
Investors Yield Inc. [Member] | ||||||
Related Party Transaction, Amounts of Transaction | 1,000 | 1,000 | $ 9,000 | |||
Management Fee [Member] | ||||||
Related Party Transaction, Rate | 2.75% | |||||
Servicing Fee [Member] | ||||||
Related Party Transaction, Rate | 0.25% | |||||
Management and Service Fees [Member] | Owens Financial Group Inc. [Member] | ||||||
Due to Related Parties, Total | $ 242,000 | $ 245,000 |
Note 13 - Rental Income (Detail
Note 13 - Rental Income (Details Textual) | Dec. 31, 2018 |
Minimum [Member] | |
Lessor, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessor, Operating Lease, Term of Contract | 10 years |
Note 13 - Rental Income - Futur
Note 13 - Rental Income - Future Minimum Rental Income (Details) | Dec. 31, 2018USD ($) |
2019 | $ 2,842,830 |
2020 | 2,163,672 |
2021 | 2,057,822 |
2022 | 1,837,332 |
2023 | 1,395,151 |
Thereafter (through 2028) | 2,071,519 |
Total | $ 12,368,326 |
Note 14 - Fair Value (Details T
Note 14 - Fair Value (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses, Write-offs | $ (186,708) | $ (546,004) | $ (447,520) |
Impairment of Real Estate | 1,053,161 | 1,423,286 | 3,227,807 |
Property Transferred into Level 2 Fair Value Measurements [Member] | |||
Impairment of Real Estate | 115,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 4,253,000 | ||
Land Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses, Write-offs | |||
Impairment of Real Estate | 115,000 | 145,000 | |
Commercial Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses, Write-offs | $ (447,520) | ||
Impairment of Real Estate | 938,000 | 1,278,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 14 - Fair Value - Assets a
Note 14 - Fair Value - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired loans, fair value | $ 1,115,999 | |
Real estate, fair value | 3,119,992 | 9,375,670 |
Commercial Portfolio Segment [Member] | ||
Real estate, fair value | 1,269,650 | 7,460,800 |
Land Portfolio Segment [Member] | ||
Real estate, fair value | 1,850,342 | 1,914,870 |
Residential Portfolio Segment [Member] | ||
Impaired loans, fair value | 1,115,999 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, fair value | ||
Real estate, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Commercial Portfolio Segment [Member] | ||
Real estate, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Land Portfolio Segment [Member] | ||
Real estate, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Residential Portfolio Segment [Member] | ||
Impaired loans, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, fair value | ||
Real estate, fair value | 1,850,342 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | ||
Real estate, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Land Portfolio Segment [Member] | ||
Real estate, fair value | 1,850,342 | |
Fair Value, Inputs, Level 2 [Member] | Residential Portfolio Segment [Member] | ||
Impaired loans, fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value | 1,115,999 | |
Real estate, fair value | 1,269,650 | 9,375,670 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Real estate, fair value | 1,269,650 | 7,460,800 |
Fair Value, Inputs, Level 3 [Member] | Land Portfolio Segment [Member] | ||
Real estate, fair value | 1,914,870 | |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | ||
Impaired loans, fair value | $ 1,115,999 |
Note 14 - Fair Value - Level 3
Note 14 - Fair Value - Level 3 Fair Value Measurements for Financial Instruments (Details) - Fair Value, Measurements, Nonrecurring [Member] | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Real estate, fair value | $ 3,119,992 | $ 9,375,670 |
Impaired loans, fair value | 1,115,999 | |
Residential Portfolio Segment [Member] | ||
Impaired loans, fair value | 1,115,999 | |
Residential Portfolio Segment [Member] | Valuation, Market Approach [Member] | ||
Impaired loans, fair value | $ 1,115,999 | |
Residential Portfolio Segment [Member] | Valuation, Market Approach [Member] | Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Impaired loans, measurement input | (0.046) | |
Residential Portfolio Segment [Member] | Valuation, Market Approach [Member] | Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Impaired loans, measurement input | 0.042 | |
Commercial Portfolio Segment [Member] | ||
Real estate, fair value | 1,269,650 | $ 7,460,800 |
Commercial Portfolio Segment [Member] | Valuation, Cost Approach [Member] | ||
Real estate, fair value | $ 1,269,650 | $ 7,460,800 |
Commercial Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Real estate, measurement input | (0.453) | (0.237) |
Commercial Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Real estate, measurement input | 0.021 | (0.116) |
Commercial Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Weighted Average [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Real estate, measurement input | (0.135) | |
Land Portfolio Segment [Member] | ||
Real estate, fair value | $ 1,850,342 | $ 1,914,870 |
Land Portfolio Segment [Member] | Valuation, Cost Approach [Member] | ||
Real estate, fair value | $ 1,914,870 | |
Land Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Measurement Input, Estimate of Future Improvements [Member] | ||
Real estate, measurement input | 0.325 | |
Land Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Minimum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Real estate, measurement input | (0.508) | |
Land Portfolio Segment [Member] | Valuation, Cost Approach [Member] | Maximum [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Real estate, measurement input | 0.219 |
Note 14 - Fair Value - Carrying
Note 14 - Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash, cash equivalents and restricted cash | $ 4,514,000 | $ 5,671,000 |
Loans, net | ||
Investment in limited liability company | ||
Accrued interest and advances receivable | ||
Accrued interest payable | ||
Lines of credit payable | ||
Notes payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash, cash equivalents and restricted cash | ||
Loans, net | ||
Investment in limited liability company | ||
Accrued interest and advances receivable | ||
Accrued interest payable | 41,000 | 77,000 |
Lines of credit payable | 1,728,000 | 1,555,000 |
Notes payable | 17,176,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Cash, cash equivalents and restricted cash | ||
Loans, net | 139,532,000 | 144,255,000 |
Investment in limited liability company | 7,711,000 | 4,819,000 |
Accrued interest and advances receivable | 1,023,000 | 1,459,000 |
Accrued interest payable | 45,000 | 38,000 |
Lines of credit payable | ||
Notes payable | 12,568,000 | 13,233,000 |
Reported Value Measurement [Member] | ||
Cash, cash equivalents and restricted cash | 4,514,000 | 5,671,000 |
Loans, net | 141,204,000 | 144,344,000 |
Investment in limited liability company | 2,139,000 | 2,141,000 |
Accrued interest and advances receivable | 1,023,000 | 1,459,000 |
Accrued interest payable | 86,000 | 115,000 |
Lines of credit payable | 1,728,000 | 1,555,000 |
Notes payable | 12,799,000 | 30,192,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash, cash equivalents and restricted cash | 4,514,000 | 5,671,000 |
Loans, net | 139,532,000 | 144,255,000 |
Investment in limited liability company | 7,711,000 | 4,819,000 |
Accrued interest and advances receivable | 1,023,000 | 1,459,000 |
Accrued interest payable | 86,000 | 115,000 |
Lines of credit payable | 1,728,000 | 1,555,000 |
Notes payable | $ 12,568,000 | $ 30,409,000 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) | Dec. 31, 2018USD ($) |
Contractual Obligation, Total | $ 29,301,000 |
Interest Reserves [Member] | |
Contractual Obligation, Total | $ 2,348,000 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | Feb. 22, 2019 | Nov. 07, 2018 | Jan. 30, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of Real Estate Properties Sold | 23 | 15 | 7 | ||||||||||||||||
Gain (Loss) on Sale of Properties | $ 2,126,084 | $ 1,372,925 | $ 957,239 | $ 154,577 | $ 268,891 | $ 582,496 | $ 13,877,715 | $ (181) | $ (536,419) | $ 20,195,367 | $ 4,838,815 | $ 4,610,824 | $ 14,728,921 | $ 24,497,763 | |||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||||||||||||||||
Ready Capital [Member] | |||||||||||||||||||
Business Combination, Exchange Ratio | 1.441 | ||||||||||||||||||
Extended Maturity [Member] | |||||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 1 | ||||||||||||||||||
Financing Receivable, Modifications, Recorded Investment | $ 199,000 | $ 2,739,000 | $ 199,000 | $ 2,739,000 | |||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Number of Real Estate Properties Sold | 2 | ||||||||||||||||||
Proceeds from Sale of Other Real Estate | $ 2,706,000 | ||||||||||||||||||
Gain (Loss) on Sale of Properties | $ 466,000 | ||||||||||||||||||
Subsequent Event [Member] | Ready Capital [Member] | |||||||||||||||||||
Business Combination, Exchange Ratio | 1.441 | ||||||||||||||||||
Subsequent Event [Member] | Extended Maturity [Member] | |||||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 5 | ||||||||||||||||||
Financing Receivable, Modifications, Recorded Investment | $ 15,010,000 |
Note 17 - Summary Quarterly C_3
Note 17 - Summary Quarterly Consolidated Financial Information (Unaudited) - Quarterly Consolidated Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenues | $ 3,735,550 | $ 4,723,505 | $ 4,346,044 | $ 3,991,920 | $ 3,850,940 | $ 4,277,493 | $ 3,867,290 | $ 3,537,405 | $ 3,667,283 | $ 4,493,977 | $ 4,692,114 | $ 4,225,617 | $ 16,797,021 | $ 15,533,128 | $ 17,078,991 |
Total expenses | 3,790,374 | 3,696,281 | 2,978,230 | 3,493,586 | 3,964,664 | 3,427,969 | 4,164,895 | 3,355,582 | 3,942,004 | 5,587,213 | 6,999,063 | 4,316,678 | 13,958,472 | 14,913,110 | 20,844,958 |
Operating (loss) income | (54,824) | 1,027,224 | 1,367,814 | 498,334 | (113,724) | 849,524 | (297,605) | 181,823 | (274,721) | (1,093,236) | (2,306,949) | (91,061) | 2,838,549 | 620,018 | (3,765,967) |
Gain (Loss) on Sale of Properties | 2,126,084 | 1,372,925 | 957,239 | 154,577 | 268,891 | 582,496 | 13,877,715 | (181) | (536,419) | 20,195,367 | 4,838,815 | 4,610,824 | 14,728,921 | 24,497,763 | |
Net income before income taxes | 2,071,260 | 2,400,149 | 2,325,053 | 652,911 | (2,472,269) | 1,432,020 | 13,580,110 | 181,642 | (811,140) | 19,102,131 | (2,306,949) | 4,747,754 | |||
Income tax (expense) benefit | (243,122) | (150,910) | 17,635 | (183,445) | (1,951,828) | (1,275,700) | (824,163) | 10,036 | (380,706) | 260,848 | 7,368,835 | (559,842) | (4,041,655) | 7,248,977 | |
Net income attributable to common stockholders | $ 1,828,138 | $ 2,249,239 | $ 2,342,688 | $ 469,466 | $ (4,424,097) | $ 156,320 | $ 12,755,947 | $ 191,678 | $ (1,191,846) | $ 19,362,979 | $ 5,061,886 | $ 4,747,754 | $ 6,889,531 | $ 8,679,848 | $ 27,980,773 |
Earnings per common share (basic and diluted) (in dollars per share) | $ 0.22 | $ 0.26 | $ 0.26 | $ 0.05 | $ (0.44) | $ 0.02 | $ 1.24 | $ 0.02 | $ (0.11) | $ 1.54 | $ 0.50 | $ 0.46 | $ 0.79 | $ 0.85 | $ 2.38 |
Weighted average number of common shares outstanding (basic and diluted) (in shares) | 8,482,880 | 8,572,614 | 8,922,280 | 9,089,270 | 9,984,352 | 10,173,448 | 10,247,477 | 10,247,477 | 10,247,477 | 10,247,477 | 10,247,477 | 10,247,477 | 8,764,568 | 10,162,496 | 10,247,477 |
Dividends declared per share of Common Stock (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.16 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.76 | $ 0.38 | $ 0.32 |
Settlement expense | $ (2,627,436) | $ (2,627,436) | |||||||||||||
Less: Net loss (income) attributable to non-controlling interests | $ 15,960 | $ (3,630,318) | $ 56,847 | $ (13,492) | (3,571,003) | ||||||||||
Net (loss) income attributable to common stockholders | $ (1,175,886) | $ 15,732,661 | $ 5,118,733 | $ 4,734,262 | $ 6,889,531 | $ 8,679,848 | $ 24,409,770 |
Financial Statement Schedule _4
Financial Statement Schedule III - Real Estate and Accumulated Depreciation (Details Textual) - USD ($) | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 3,316,753 | $ 2,679,823 | $ 3,151,427 | $ 2,915,596 | ||
Transfer of Land from ZRV to ZRV II [Member] | ||||||
Real Estate and Accumulated Depreciation, Book Value Transferred | 518,960 | |||||
Transfer of Construction and Related Costs from ZRV to ZRV II [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost Transferred | 2,571,536 | |||||
75 Residential Lost, Auburn, California [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | $ 9,904,826 | |||||
12 Condominium & 3 Commercial Units, Tacoma, Washington [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | 332,183 | |||||
Marina & Boat Club with 179 Boat Slips, Isleton, California [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 1,253,331 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 192,862 | |||||
Undeveloped, Industrial Land, San Jose, California [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | $ 1,274,331 | |||||
Real Estate Properties [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | $ 78,429,000 |
Financial Statement Schedule _5
Financial Statement Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales | $ (24,609,167) | $ (41,505,148) | $ (66,183,589) | |
Accumulated depreciation | (2,679,823) | $ (3,316,753) | $ (3,151,427) | $ (2,915,596) |
Carrying value | $ 56,642,510 | |||
Depreciable lives (Year) | ||||
Minimum [Member] | ||||
Depreciable lives (Year) | ||||
Maximum [Member] | ||||
Depreciable lives (Year) | ||||
Retail Complex South Lake Tahoe, California [Member] | ||||
Encumbrances | $ 12,872,556 | |||
Initial cost | 6,409,617 | |||
Capitalized costs | 12,299,570 | |||
Sales | (41,667) | |||
Impairment writedowns | ||||
Accumulated depreciation | (2,679,823) | |||
Carrying value | $ 15,987,697 | |||
Retail Complex South Lake Tahoe, California [Member] | Minimum [Member] | ||||
Depreciable lives (Year) | 5 years | |||
Retail Complex South Lake Tahoe, California [Member] | Maximum [Member] | ||||
Depreciable lives (Year) | 39 years | |||
Retail Complex and 23 Residential Condominium Units (ZRV), South Lake Tahoe, California [Member] | ||||
Encumbrances | ||||
Initial cost | 5,016,443 | |||
Capitalized costs | 37,299,922 | |||
Sales | (22,025,680) | |||
Impairment writedowns | ||||
Accumulated depreciation | ||||
Carrying value | 20,290,685 | |||
Residential Land (ZRV II), South Lake Tahoe, California [Member] | ||||
Encumbrances | ||||
Initial cost | 2,032,963 | |||
Capitalized costs | 4,528,060 | |||
Sales | ||||
Impairment writedowns | ||||
Accumulated depreciation | ||||
Carrying value | 6,561,023 | |||
73 Residential Lots, Auburn, California [Member] | ||||
Encumbrances | ||||
Initial cost | 13,746,625 | |||
Capitalized costs | 376,746 | |||
Sales | (96,678) | |||
Impairment writedowns | (9,904,826) | |||
Accumulated depreciation | ||||
Carrying value | 4,121,867 | |||
12 Condominium & 3 Commercial Units, Tacoma, Washington [Member] | ||||
Encumbrances | ||||
Initial cost | 2,154,217 | |||
Capitalized costs | 84,909 | |||
Sales | ||||
Impairment writedowns | ||||
Accumulated depreciation | ||||
Carrying value | 2,239,126 | |||
Two Houses on 20 Acres San Ramon, CA [Member] | ||||
Encumbrances | ||||
Initial cost | 2,062,729 | |||
Capitalized costs | ||||
Sales | ||||
Impairment writedowns | ||||
Accumulated depreciation | ||||
Carrying value | 2,062,729 | |||
Marina & Boat Club with 179 Boat Slips, Isleton, California [Member] | ||||
Encumbrances | ||||
Initial cost | 1,809,663 | |||
Capitalized costs | 713,318 | |||
Sales | ||||
Impairment writedowns | (1,253,331) | |||
Accumulated depreciation | ||||
Carrying value | 1,269,650 | |||
Undeveloped, Industrial Land, San Jose, California [Member] | ||||
Encumbrances | ||||
Initial cost | 3,025,992 | |||
Capitalized costs | 98,681 | |||
Sales | ||||
Impairment writedowns | (1,274,331) | |||
Accumulated depreciation | ||||
Carrying value | 1,850,342 | |||
Miscellaneous Real Estate [Member] | ||||
Encumbrances | ||||
Accumulated depreciation | ||||
Carrying value | $ 2,259,391 |
Financial Statement Schedule _6
Financial Statement Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Held for Sale and Investment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 80,466,125 | $ 113,123,398 | $ 153,838,412 |
Acquisitions through foreclosure | 2,062,729 | 700,800 | |
Investments in real estate properties | 496,826 | 11,274,904 | 29,061,735 |
Amortization of deferred financing costs capitalized to construction project | 76,260 | 119,471 | |
Subtotal | 83,025,680 | 124,474,562 | 183,720,418 |
Cost of real estate properties sold | 24,609,167 | 41,505,148 | 66,183,589 |
Impairment of Real Estate | 1,053,161 | 1,423,286 | 3,227,807 |
Depreciation of properties held for investment | 720,842 | 1,080,003 | 1,185,624 |
Balance at end of period | $ 56,642,510 | $ 80,466,125 | $ 113,123,398 |
Financial Statement Schedule _7
Financial Statement Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 3,316,753 | $ 3,151,427 | $ 2,915,596 |
Depreciation of properties held for investment | 720,842 | 1,080,003 | 1,185,624 |
Subtotal | 4,037,595 | 4,231,430 | 4,101,220 |
Accumulated depreciation on real estate moved to held for sale | 1,357,772 | 914,677 | 949,793 |
Balance at end of period | $ 2,679,823 | $ 3,316,753 | $ 3,151,427 |
Financial Statement Schedule _8
Financial Statement Schedule IV - Mortgage Loans on Real Estate (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Percent of Total Loans | 3.00% |
Changes in Mortgage Loans on Real Estate [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Federal Income Tax Basis | $ 143,046,000 |
Financial Statement Schedule _9
Financial Statement Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Carrying Amount of Mortgages | $ 142,682,243 | $ 146,171,650 | $ 129,682,311 | $ 106,743,807 |
Principal Amount of Loans Subject to Delinquent Principal | 26,790,826 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 11,862,113 | |||
First Mortgage [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 137,808,788 | |||
Principal Amount of Loans Subject to Delinquent Principal | 26,790,826 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 11,862,113 | |||
Second Mortgage [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 4,873,455 | |||
Principal Amount of Loans Subject to Delinquent Principal | ||||
Principal Amount of Loans Subject to Delinquent Payments | ||||
Minimum [Member] | First Mortgage [Member] | ||||
Interest Rate | 4.00% | |||
Minimum [Member] | Second Mortgage [Member] | ||||
Interest Rate | 8.00% | |||
Maximum [Member] | First Mortgage [Member] | ||||
Interest Rate | 9.65% | |||
Maximum [Member] | Second Mortgage [Member] | ||||
Interest Rate | 9.82% | |||
Commercial [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 132,519,461 | |||
Principal Amount of Loans Subject to Delinquent Principal | 24,431,860 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 9,304,587 | |||
Commercial [Member] | Minimum [Member] | ||||
Interest Rate | 5.00% | |||
Commercial [Member] | Maximum [Member] | ||||
Interest Rate | 9.65% | |||
Residential [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 5,209,357 | |||
Principal Amount of Loans Subject to Delinquent Principal | 2,358,966 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 2,557,526 | |||
Residential [Member] | Minimum [Member] | ||||
Interest Rate | 5.00% | |||
Residential [Member] | Maximum [Member] | ||||
Interest Rate | 8.00% | |||
Land Property [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 4,953,425 | |||
Principal Amount of Loans Subject to Delinquent Principal | ||||
Principal Amount of Loans Subject to Delinquent Payments | ||||
Land Property [Member] | Minimum [Member] | ||||
Interest Rate | 4.00% | |||
Land Property [Member] | Maximum [Member] | ||||
Interest Rate | 9.82% | |||
Mortgage Loans Between $0 and $500,000 [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 2,581,001 | |||
Principal Amount of Loans Subject to Delinquent Principal | 573,606 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 760,166 | |||
Mortgage Loans Between $0 and $500,000 [Member] | Minimum [Member] | ||||
Interest Rate | 6.00% | |||
Mortgage Loans Between $0 and $500,000 [Member] | Maximum [Member] | ||||
Interest Rate | 9.65% | |||
Mortgage Loans Between $500,001 and $1,000,000 [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 3,887,834 | |||
Principal Amount of Loans Subject to Delinquent Principal | 870,458 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 870,458 | |||
Mortgage Loans Between $500,001 and $1,000,000 [Member] | Minimum [Member] | ||||
Interest Rate | 5.00% | |||
Mortgage Loans Between $500,001 and $1,000,000 [Member] | Maximum [Member] | ||||
Interest Rate | 8.00% | |||
Mortgage Loans Between $1,000,001 to $5,000,000 [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 70,448,597 | |||
Principal Amount of Loans Subject to Delinquent Principal | 16,511,762 | |||
Principal Amount of Loans Subject to Delinquent Payments | $ 10,231,489 | |||
Mortgage Loans Between $1,000,001 to $5,000,000 [Member] | Minimum [Member] | ||||
Interest Rate | 4.00% | |||
Mortgage Loans Between $1,000,001 to $5,000,000 [Member] | Maximum [Member] | ||||
Interest Rate | 9.82% | |||
Mortgage Loans Over $5,000,000 [Member] | ||||
Interest Rate | ||||
Carrying Amount of Mortgages | $ 65,764,811 | |||
Principal Amount of Loans Subject to Delinquent Principal | 8,835,000 | |||
Principal Amount of Loans Subject to Delinquent Payments | ||||
Mortgage Loans Over $5,000,000 [Member] | Minimum [Member] | ||||
Interest Rate | 5.00% | |||
Mortgage Loans Over $5,000,000 [Member] | Maximum [Member] | ||||
Interest Rate | 8.25% |
Financial Statement Schedule_10
Financial Statement Schedule IV - Mortgage Loans on Real Estate - Changes in Mortgage Loans on Real Estate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of period | $ 146,171,650 | $ 129,682,311 | $ 106,743,807 |
New loans, including from sale of real property | 77,471,539 | 86,274,680 | 79,867,140 |
Subtotal | 223,870,990 | 215,956,991 | 186,610,947 |
Collection of principal | 78,742,850 | 69,785,341 | 55,849,884 |
Foreclosures | 1,937,475 | 1,078,752 | |
Discount and loan fee amortization | 227,801 | ||
Loan fees collected | 508,422 | ||
Balance at end of period | $ 142,682,243 | $ 146,171,650 | $ 129,682,311 |
Financial Statement Schedule_11
Financial Statement Schedule IV - Mortgage Loans on Real Estate - Loans Which Exceed Three Percent of the Total Loans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Carrying Amount of Mortgages | $ 142,682,243 | $ 146,171,650 | $ 129,682,311 | $ 106,743,807 |
Principal Amount of Loans Subject to Delinquent Principal | $ 26,790,826 | |||
Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 73,738,000 | |||
Carrying Amount of Mortgages | 70,681,397 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 13,751,586 | |||
Retail Building Irving, Texas [Member] | Maturity Date, June 1, 2019 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 14,822,000 | |||
Carrying Amount of Mortgages | 14,784,945 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Retail Building Walnut Creek, California [Member] | Maturity Date, May 15, 2020 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 7.25% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 9,000,000 | |||
Carrying Amount of Mortgages | 8,953,623 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Hotel, Novi, Michigan [Member] | Maturity Date, December 31, 2018 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 8.25% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 8,835,000 | |||
Carrying Amount of Mortgages | 8,835,000 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 8,835,000 | |||
Office Building, Pleasanton, California [Member] | Maturity Date, November 1, 2019 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 8,250,000 | |||
Carrying Amount of Mortgages | 8,200,150 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Retail Building, Folsom, California [Member] | Maturity Date, January 15, 2019[Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 7.75% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 8,006,000 | |||
Carrying Amount of Mortgages | 7,170,186 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Retail Building, Antioch, California [Member] | Maturity Date, October 15, 2018 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 8.00% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 7,000,000 | |||
Carrying Amount of Mortgages | 6,979,074 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Assisted Care Facility Bensalem, Pennsylvania [Member] | Maturity Date, March 15, 2021 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 5,875,000 | |||
Carrying Amount of Mortgages | 5,519,317 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Apartment Building Concord, California [Member] | Maturity Date, July 15, 2020 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 6,350,000 | |||
Carrying Amount of Mortgages | 5,322,516 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 0 | |||
Ofiice Building, Chula Vista, California [Member] | Maturity Date, November 1, 2018 [Member] | Loans Which Exceed Three Percent of the Total Loans [Member] | ||||
Interest Rate | 8.00% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 5,600,000 | |||
Carrying Amount of Mortgages | 4,916,586 | |||
Principal Amount of Loans Subject to Delinquent Principal | $ 4,916,586 |