Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 30, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Gyrodyne, LLC | ||
Entity Central Index Key | 1,589,061 | ||
Trading Symbol | gyro | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,482,680 | ||
Entity Public Float | $ 15,609,374 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Net
Consolidated Statements of Net Assets (Liquidation Basis) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
ASSETS: | ||||
Real Estate Held-for-sale | $ 31,025,000 | $ 46,950,000 | ||
Investment in marketable securities | 4,087,231 | [1] | 5,001,722 | |
LIABILITIES: | ||||
Accrued liabilities | 224,617 | 408,898 | ||
Income taxes payable | 11,162 | |||
Liquidation Basis of Accounting [Member] | ||||
ASSETS: | ||||
Real Estate Held-for-sale | 31,025,000 | 46,950,000 | ||
Cash and cash equivalents | 3,770,895 | 5,875,596 | ||
Investment in marketable securities | 4,087,231 | 5,001,722 | ||
Rent receivable | 23,096 | 45,276 | ||
Other receivable | 81,693 | 19,117 | ||
Total Assets | 38,987,915 | 57,891,711 | ||
LIABILITIES: | ||||
Accounts payable | 416,226 | 499,669 | ||
Accrued liabilities | 224,617 | 408,898 | ||
Deferred rent liability | 27,487 | 12,509 | ||
Tenant security deposits payable | 322,862 | 483,556 | ||
Income taxes payable | 11,162 | |||
Estimated liquidation and operating costs net of receipts | [2] | 9,885,111 | 13,020,340 | |
Total Liabilities | 10,876,303 | 14,436,134 | ||
Net Assets | $ 28,111,612 | $ 43,455,577 | ||
[1] | During 2016, the Company received $881,066 in principal repayments. | |||
[2] | These estimates are based on the liquidation being completed by the end of 2018. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Liquidation Basis) - Liquidation Basis of Accounting [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Net assets in liquidation, beginning of period | $ 43,455,577 | $ 46,319,848 | |
Change in liquidation value of real estate | 2,336,000 | 2,260,000 | |
Change in value of marketable securities | (33,424) | (33,218) | |
Change in pension deficit | (104,774) | ||
Remeasurement of assets and liabilities | (1,707,731) | [1] | (4,986,279) |
Net increase (decrease) in liquidation value | 594,845 | (2,864,271) | |
Liquidating distributions to shareholders | (15,938,810) | ||
Changes in net assets in liquidation | (15,343,965) | (2,864,271) | |
Net assets in liquidation, end of period | $ 28,111,612 | $ 43,455,577 | |
[1] | These estimates are based on the liquidation being completed by the end of 2018. |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Gyrodyne, LLC (“Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business has been the management of a geographically diverse portfolio of medical office and industrial properties and development of industrial and residential properties located in the Northeast region of the United States. Substantially all of our developed properties are subject to leases in which the tenant The Company manages its business as one September 2015 two December 31, 2016 may Gyrodyne is the surviving entity in the merger of Gyrodyne Company of America, Inc. (the “Corporation”) and Gyrodyne Special Distribution, LLC (“GSD”) with and into Gyrodyne (the “Merger”), effective August 31, 2015. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may first The actual nature, amount and timing of all distributions will be determined by Gyrodyne’s Board in its sole discretion, and will depend in part upon the ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note 20 may $1,000,000. GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant After giving effect to the Company’s dispositions of real property through December 31, 2016 6), one four fourteen second 48,000 130,000 ten 68 four |
Note 2 - Strategic Plan to Enha
Note 2 - Strategic Plan to Enhance Property Values, Liquidate, and Dissolve | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Strategic Process Disclosure [Text Block] | 2. Our corporate strategy since September 2015 two first ● managing the real estate portfolio to improve operating cash flow while simultaneously increasing the market values of the underlying properties; ● managing the opportunistic sale of real estate assets; ● pursuing the re-zoning/entitlement efforts of the Flowerfield and Cortlandt Manor properties, to maximize value; ● focusing use of capital by the Company to preserve or improve the market value of the real estate portfolio; ● balancing working capital and funds available for the development process with making distributions during the liquidation process. Gyrodyne’s strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing possible entitlement and/or zoning opportunities, which the Gyrodyne Board believes will improve the chances of obtaining better values for such properties. The value of the real estate reported in the Statement of Net Assets as of December 31, 2016, may may first Sales of properties by Gyrodyne could take the form of individual sales of assets, as has been our recent experience in Port Jefferson, sales of groups of assets, a single sale of all or substantially all of the assets or some other form of sale. The assets may one one A sale of substantially all of the assets of the Company would require shareholder approval under New York law. However, in the event of the sale of individual properties, it is not required or anticipated that any shareholder votes will be solicited. The prices at which the various assets may GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant We cannot give any assurance on the timing of the ultimate sale of all of the Company’s properties. Assuming the liquidation process continues through the end of 2018, $28.1 $18.96 1,482,680 $3.36 $1 The statements of net assets are based on certain estimates. Uncertainties as to the precise value of our non-cash assets, which exclude any estimated additional value achievable from the costs incurred to pursue the maximum value on Flowerfield and Cortlandt Manor through certain land development efforts (mainly restricted to researching highest and best use and the pursuit of certain related entitlements, special permits and or zone changes) and the ultimate amount of our liabilities make it impracticable to predict the aggregate net value ultimately distributable to shareholders in a liquidation. Land development costs, claims, liabilities and expenses from operations, including operating costs, salaries, income taxes, payroll and local taxes, legal, accounting and consulting fees and miscellaneous office expenses, will continue to be incurred during our liquidation process, which includes certain enhancement efforts. Excluding the value that may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Policies Gyrodyne is pursuing the opportunistic disposition of certain properties and the enhancement of the value of the Flowerfield and Cortlandt Manor properties, by pursuing various development or zoning/entitlement opportunities, which the Gyrodyne Board believes will improve the chances of obtaining better values for such properties. Gyrodyne expects that it will dissolve after it has completed the disposition of all its real property assets, has applied the proceeds of such dispositions first September 1, 2015 205 30, 205 30. Principles of consolidation - GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value. All liabilities of the Company, including those estimated costs associated with implementing the Plan of Liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statement of net assets in liquidation. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the Plan of Liquidation. The actual values and costs associated with carrying out the Plan of Liquidation may may 2018. may The Company is pursuing value associated with the highest and best use for the Flowerfield Property and the Cortlandt Medical Center. The actual costs of achieving such values may The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, land development costs, general and administrative fees, litigation settlement, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by the end of 2018. Management Estimates The most significant estimates are the estimates on the net realizable value from the sale of our real estate, the estimated costs/time to pursue entitlements/change of zone and the related timeline to complete the liquidation. Allowance for doubtful accounts – GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant Cash equivalents - three Income taxes - Accounting for Uncertainty in Income Taxes two one) two) 2013, 2014, 2015. Fair Value Measurements – Fair Value Measurements and Disclosures three 1 2 3 New accounting pronouncements Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of December 31, 2016, |
Note 4 - Statements of Net Asse
Note 4 - Statements of Net Assets in Liquidation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Liquidation Basis of Accounting [Text Block] | 4. Net assets in liquidation at December 31, 2016 $18.96 $0.40 December 31, 2015 $18.56 $10.75 2016. The cash balance at the end of the liquidation period (currently estimated to be December 31, 2018, December 31, 2016 $7.9 December 31, 2018: 1. Adjustments for the estimated cash receipts from the operation of the properties net of rental property related expenditures as well as costs expected to be incurred to maintain the net realizable value of the property at its estimated gross sales proceeds. 2. Proceeds from the sale of all the Company’s real estate holdings. 3. The net cash used to settle the working capital accounts. 4. The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company have been included, including severance, director and officer liability inclusive of post liquidation tail policy coverage, and financial and legal fees to complete the liquidation. 5. In addition, the Company is incurring land development costs to determine the highest and best use for the Flowerfield and Cortlandt Manor properties. 6. Based on the terms of the Retention Bonus Plan (See Note 16), GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may 3 may tenant tenant (tenant The Company is pursuing various avenues to maximize total distributions to our shareholders during the liquidation process. The Company estimates that it will incur approximately $3.36 5) 2017 2018, December 31, 2016, $897,000 $210,000. $3.36 January 2017 may may The value of the real estate reported in the Statement of Net Assets as of December 31, 2016 may $3.36 The net assets in liquidation at December 31, 2016 ($28,111,612) $18.96 (1,482,680 may $3.36 may December 31, 2016. |
Note 5 - Liability for Estimate
Note 5 - Liability for Estimated Costs in Excess of Receipts During Liquidation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block] | 5. The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur costs in excess of estimated receipts during the liquidation period, excluding the net proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land development costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant Upon transition to the liquidation basis of accounting on September 1, 2015, Amount Rents and reimbursements $ 6,545,535 Property operating expenses (3,426,601 ) Capital expenditures excluding land development costs and land purchases (921,603 ) Land development costs and land purchases (574,833 ) Corporate expenditures (1) (5,766,593 ) Estimated real estate selling costs (2,727,000 ) Retention bonus payments to directors (1,802,125 ) Retention bonus payments to executives and other employees (970,375 ) Less prepaid expenses and other assets 456,127 Liability for estimated costs in excess of estimated receipts during liquidation $ (9,187,468 ) (1) The change in the liability for estimated costs in excess of estimated receipts during liquidation from September 1, 2015 December 31, 2015 September 1, 2015 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2015 Assets: Estimated net inflows from investment of real estate $ 6,545,535 $ (1,620,279 ) $ 1,515,069 $ 6,440,325 Liabilities: Property operating costs (3,426,601 ) 860,771 (1,030,874 ) (3,596,704 ) Capital expenditures excluding land development costs and land purchases (921,603 ) 274,194 34,705 (612,704 ) Land development costs and land purchases (574,833 ) 380,979 (2,960,636 ) (3,154,490 ) Corporate expenditures (5,766,593 ) 1,127,501 (3,139,583 ) (7,778,675 ) Selling costs on real estate assets* (2,727,000 ) 61,860 (151,860 ) (2,817,000 ) Retention bonus payments to directors* (1,802,125 ) 52,910 485,485 (1,263,730 ) Retention bonus payments to executives and other employees* (970,375 ) 28,490 261,415 (680,470 ) Less Prepaid expenses and other assets 456,127 (13,019 ) - 443,108 Liability for estimated costs in excess of estimated receipts during liquidation** $ (9,187,468 ) $ 1,153,407 $ (4,986,279 ) $ (13,020,340 ) * ** 2018. GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant As of December 31, 2015, 2018: Amount Rents and reimbursements $ 6,440,325 Property operating expenses (3,596,704 ) Capital expenditures excluding land development costs and land purchases (612,704 ) Land development costs (3,154,490 ) Corporate expenditures (1) (7,778,675 ) Estimated real estate selling costs (2,817,000 ) Retention bonus payments to directors (1,263,730 ) Retention bonus payments to executives and other employees (680,470 ) Less prepaid expenses and other assets 443,108 Liability for estimated costs in excess of estimated receipts during liquidation $ (13,020,340 ) (1) The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2016 December 31, 2016 January 1, 2016 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2016 Assets: Estimated rents and reimbursements $ 6,440,325 $ (3,576,121 ) $ 1,723,402 $ 4,587,606 Liabilities: Property operating costs (3,596,704 ) 1,900,973 (476,132 ) (2,171,863 ) Capital expenditures excluding land development costs and land purchases (612,704 ) 426,658 (653,954 ) (840,000 ) Land development costs (3,154,490 ) 897,074 (1,100,784 ) (3,358,200 ) Corporate expenditures (7,778,675 ) 3,139,420 (1,586,439 ) (6,225,694 ) Selling costs on real estate assets* (2,817,000 ) 979,704 (24,204 ) (1,861,500 ) Retention bonus payments to directors (a)* (1,263,730 ) 762,351 266,747 (234,632 ) Retention bonus payments to executives and other employees (a)* (680,470 ) 410,497 143,633 (126,340 ) Less prepaid expenses and other assets 443,108 (97,596 ) - 345,512 Liability for estimated costs in excess of estimated receipts during liquidation** $ (13,020,340 ) $ 4,842,960 $ (1,707,731 ) $ (9,885,111 ) * **These estimates are based on the liquidation being completed by the end of 2018. (a) December 31, 2016, may 2013 |
Note 6 - Disposition Activities
Note 6 - Disposition Activities | 12 Months Ended |
Dec. 31, 2016 | |
Liquidation Basis of Accounting [Member] | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Disposition Activities Port Jefferson Professional Park December 31, 2016 2015, five one 4,000 Port Jefferson Medical Park Location Closing Date Gross Sales Proceeds 2016 2015 5 Medical Drive December 2015 $ 760,000 6 Medical Drive January 2016 850,000 8 Medical Drive June 2016 820,000 4 Medical Drive July 2016 900,000 3 Medical Drive August 2016 876,000 2 Medical Drive September 2016 800,000 Total $ 4,246,000 $ 760,000 The Company has four 15,000 23 Fairfax Medical Center May 4th, 2016, $14,015,000. 3,852 $155,000 two one third tenants. $50,593 August 2016 $16,878). The Comparison of the Gross sales proceeds to the net realizable value reported prior to entering the Purchase and Sale Agreement: Sale Price Net Realizable Value reported prior to entering the Purchase and Sale Agreement Net Realizable Value reported in excess of Proceeds excluding the Master Lease Obligation $14,015,000 $ 14,000,000 $ 15,000 |
Note 7 - Real Estate
Note 7 - Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 7. eal Estate Upon the adoption of the liquidation basis of accounting, on September 1, 2015, $45,450,000. The valuation of the real estate at December 31, 2015 $46,950,000. September 1, 2015 December 31, 2015, $2,260,000 December 31, 2015, $760,000 December 2015 5 2016, $2,336,000 five December 31, 2016, $31,025,000. 2016 2015 Net Realizable Value at beginning of period $ 46,950,000 $ 45,450,000 Increases in Net Realizable Value Port Jefferson Professional Park 846,000 2,260,000 Cortlandt Manor 475,000 700,000 Virginia Health Care Center 15,000 1,700,000 Flowerfield 1,000,000 (2,400,000 ) Less Property Sales Port Jefferson Professional Park (4,246,000 ) (760,000 ) Virginia Health Care Center (14,015,000 ) - Net Realizable Value at December 31, $ 31,025,000 $ 46,950,000 |
Note 8 - Investment in Marketab
Note 8 - Investment in Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Investment in Marketable Securities Under the liquidation basis of accounting, the statements of net assets record all assets at net realizable value and any changes in such values during a period are reported in the consolidated statements of changes in net assets. The estimated net realizable value of investments in marketable securities available as of December 31, 2016 2015 Mortgage-backed securities 2016 2015 Net Realizable Value* $ 4,087,231 $ 5,001,722 *The Company received $881,066 $281,606 December 31, 2016 four December 31, 2015, The Company’s investment is in conforming agency fixed rate mortgage pass through securities (“mortgage-backed securities)”, each of which contained either AA or AAA ratings, the principal of which is fully guaranteed by agencies of the U.S. Government. At December 31, 2016 2015, 2%, 30 four 2 17 February, 2017, 100% |
Note 9 - Investment in Grove Pa
Note 9 - Investment in Grove Partnership | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. The Company has a 10.12% 3,700 September 19, 2013, 2016, $1,968,750. $2.7 may $1,968,750. |
Note 10 - Accrued Liabilities
Note 10 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 10. Accrued liabilities at December 31, 2016 2015 December 31, 2016 2015 Payroll and related taxes $ 29,930 $ 24,314 Professional fees 153,992 245,637 Directors fees under the Retention Bonus Plan - 52,910 Employee payments under the Retention Bonus Plan - 28,490 Other 40,695 57,547 Total $ 224,617 $ 408,898 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. Gyrodyne LLC is not subject to an entity level income tax but rather is treated as a pass-through entity with the taxable income or loss reported annually on a Form K- 1 The Company files federal and state income tax returns that include all 100% Under current law, when the IRS audits a partnership tax return, the IRS generally determines tax adjustments at the partnership level, but is required to collect any additional taxes, interest and penalties from each of the partners. GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant The Bipartisan Budget Act of 2015 “2015 December 31, 2017. 2015 December 31, 2017 may January 1, 2018 . The year ended December 31, 2016 $19,749 $85,000 39%. At December 31, 2015, $11,162 There are no deferred tax liabilities as of December 31, 2016 2015. |
Note 12 - Retirement Plans
Note 12 - Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. Prior to the merger, the Company sponsored a noncontributory defined benefit pension plan (the “Plan”) covering substantially all of its employees. On November 25, 2013, 2015. During the four December 31, 2015, $1,272,392 December 2015, February 2016 |
Note 13 - Incentive Compensatio
Note 13 - Incentive Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. The Corporation had an Incentive Compensation Plan (the “ICP”), the remaining benefits of which were vested and not contingent on any future performance. Payment of the limited remaining benefit under the ICP was triggered upon the December 30, 2013 $20.70 $233,200. 1,482,680 $14,827 $233,200. June 15 th 2016, $9.25 June 6, 2016. $233,200 GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant Neither Frederick C. Braun III (the Company’s Chief Executive Officer), who joined the Company in February 2013, 2009, The final remaining ICP benefits were paid in June, 2016 2016 5). INCENTIVE PLAN PARTICPANTS COMPENSATION DIRECTOR FEES Total Board of Directors 1 $ - $ 131,758 $ 131,758 Chief Operating Officer 31,482 - 31,482 Former Chief Executive Officer 43,142 - 43,142 Chief Executive Officer - - - Chief Financial Officer - - - Other Employees 2 26,818 - 26,818 Total $ 101,442 $ 131,758 $ 233,200 1 $17,490 $131,758 September 2013. 2 $25,652 $26,818 |
Note 14 - Credit Quality of Ren
Note 14 - Credit Quality of Rents Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 14. The Company’s standard lease terms include rent due on the first ten tenant one The Company manages its billing and collection process internally to enable timely identification of collection issues. The controls and related processes enable the Company to timely identify and establish payment plans to minimize material losses from defaults. As of December 31, 2016 2015, Allowance for Doubtful Accounts December 31, 2016 December 31, 2015 Beginning balance $ 49,000 $ 50,000 Accounts receivable (written off) (5,000 ) (1,000 ) Ending Balance $ 44,000 $ 49,000 |
Note 15 - Concentration of Cred
Note 15 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Credit Concentration Risk [Member] | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 15. Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and securities issued with the guarantee of U.S. Government Agencies. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one December 31, 2016 2015. tenants |
Note 16 - Commitments
Note 16 - Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 1 6 . Commitments As of December 31, 2016 2015, Management Employment agreements with bonus and severance commitment contingencies 600,000 Other employee severance commitment contingencies 77,100 Total $ 677,100 Employment agreements - June 30, 2013. $125,000 6 ( 23 The Company also has an employment agreement with its Chief Operating Officer executed on May 8, 2014 6 Under Company policy the aggregate severance commitment contingency to other employees is approximately $77,100. Retention Bonus Plan - May 2014, The Retention Bonus Plan provides for a bonus pool funded with an amount equal to 5% 100% 2013 2013 December 30, 2013. 10% first 10% 15% 10% 20% 20%. 2% The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company: 15% 50% (10% five 35% 60 60 GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant On May 24, 2016, 2013 2013 ten may ten one ten ten one The value of the real estate reported in the Statement of Net Assets as of December 31, 2016, may Payments made during the twelve December 31, 2016 6 RETENTION BONUS PLAN PARTICPANTS Total Board of Directors $ 815,262 Chief Operating Officer 133,786 Chief Executive Officer 133,786 Chief Financial Officer 133,786 Other Employees 37,628 Total $ 1,254,248 |
Note 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 7 . Fair Value of Financial Instruments A ssets and Liabilities Measured at Fair-Value The Company believes the concepts for determining net realizable value are consistent with the guidance for measuring fair value. As a result, the Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements. The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, the Company adopted the liquidation basis of accounting, and therefore reports all assets and liabilities at net realizable value. The guidance emphasizes that fair-value is a market-based measurement, not an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 2 3 GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant The following table represents the carrying value at net realizable value of the Company’s financial assets and liabilities as of December 31, 2016 2015. December 31, 2016 December 31, 2015 Description Carrying Value Net Realizable Value (Level 2) Carrying Value Net Realizable Value (Level 2) Investment in Marketable Securities $ 4,087,231* $ 4,087,231* $ 5,001,722 $ 5,001,722 *During 2016, $881,066 The Company’s investments in marketable securities are limited to mortgage backed securities which have either AA or AAA ratings fully guaranteed by US government agencies (the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation). The net realizable values of mortgage backed securities originated by US government agencies are based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. A discount rate is applied to the cash flows in the model to arrive at the net realizable value. Market quotes, current yields, and their spreads to benchmark indices are obtained for each type of security. With this data, a yield curve is derived for each category of mortgage backed securities. Each security is priced by discounting the cash flow stream by the appropriate yield found on the yield curve. As the significant inputs used to derive the value of the mortgage-backed securities are observable market inputs, the net realizable value of these securities is included in the Level 2 February, 2017, 100% Fair Value Measurements: The Company adopted the liquidation basis of accounting effective September 1, 2015; The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may 3 may tenant tenant (tenant The Grove investment is a distressed asset operating in a distressed environment where an orderly transaction is not available. The facts and circumstances of the Grove make it unreasonable to present a fair value utilizing a Level 3 zero. December 31, 2016 2015, $0. |
Note 18 - Equity
Note 18 - Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 18. Dividends On May 26, 2016, $9.25 June 15, 2016 June 6, 2016. two June 16, 2016. On August 29, 2016, $1.50 September 15, 2016 September 9, 2016. three |
Note 19 - Significant Tenants
Note 19 - Significant Tenants | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Customer Concentration Risk Disclosure [Text Block] | 19. For the year ended December 31, 2016, three tenants 14%, 10% 9% For the years ended December 31, 2015, three tenants 14%, 10% 7% |
Note 20 - Contingencies
Note 20 - Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 20. Putative Class Action Lawsuit On July 3, 2014, Cashstream Fund v. Paul L. Lamb, et al. 065134/2014 On August 14, 2015, August 17, 2015 December 2014. April 8, 2016, $650,000 April 2016. The 2014 $100,000 2013 December 31, 2016, $550,000 2014 GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant General In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will not be material to the Company’s financial statements. |
Note 21 - Related Party Transac
Note 21 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 21. Paul Lamb, the Chairman of the Board of Gyrodyne LLC was previously the Chairman of the Board of Directors of a not-for-profit corporation under New York law in which he did not earn any compensation or receive any other financial benefit. In late 2015, 1,905 $20,955 $62,865, tenant April 2016, March 31, 2016 Mr. Lamb is also a partner in Lamb & Barnosky, LLP which provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease. During the three March 31, 2016, $5,715. In April 2016, May 2016, 30 1,971 $21,078 $51,816, $4,700 The independent members of the Board of the Company approved the transaction. |
Note 22 - Reclassisfications
Note 22 - Reclassisfications | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 22. Certain amounts in the prior period have been reclassified to conform to the classification used in the current period. Prepaid expenses and other assets have been netted against estimated liquidation and operating costs net of receipts on the statement of net assets. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 23. Acquisition In March 2017, 0.3 one $319,512 202 Sale of Real Estate: The Company also entered into a Purchase and Sale Agreement dated March 30 th 2017, two 9 5380 $2,000,000 thirty ten $100,000 five GYRODYNE, LLC AND SUBSIDIARIES Notes to Consolidated Financial Statements Year Ended December 31, 2016 September 1, 2015 December 31, 2015 Amounts related to number of buildings, square footage, occupancy and tenant Employment: The Company and our Chief Executive Officer, Frederick C. Braun III, have agreed in principle that Mr. Braun will separate from the Company, expected to be effective April 30, 2017. one 8 May 1, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation - |
Liquidation Basis of Accounting [Policy Text Block] | Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value. All liabilities of the Company, including those estimated costs associated with implementing the Plan of Liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statement of net assets in liquidation. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the Plan of Liquidation. The actual values and costs associated with carrying out the Plan of Liquidation may may 2018. may The Company is pursuing value associated with the highest and best use for the Flowerfield Property and the Cortlandt Medical Center. The actual costs of achieving such values may The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, land development costs, general and administrative fees, litigation settlement, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by the end of 2018. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates The most significant estimates are the estimates on the net realizable value from the sale of our real estate, the estimated costs/time to pursue entitlements/change of zone and the related timeline to complete the liquidation. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for doubtful accounts – |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents - three |
Income Tax, Policy [Policy Text Block] | Income taxes - Accounting for Uncertainty in Income Taxes two one) two) no 2013, 2014, 2015. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements – Fair Value Measurements and Disclosures three 1 2 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of December 31, 2016, |
Note 5 - Liability for Estima28
Note 5 - Liability for Estimated Costs in Excess of Receipts During Liquidation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Liquidation Basis of Accounting, Revenues and Expenses to be Earned or Incurred [Table Text Block] | Amount Rents and reimbursements $ 6,545,535 Property operating expenses (3,426,601 ) Capital expenditures excluding land development costs and land purchases (921,603 ) Land development costs and land purchases (574,833 ) Corporate expenditures (1) (5,766,593 ) Estimated real estate selling costs (2,727,000 ) Retention bonus payments to directors (1,802,125 ) Retention bonus payments to executives and other employees (970,375 ) Less prepaid expenses and other assets 456,127 Liability for estimated costs in excess of estimated receipts during liquidation $ (9,187,468 ) Amount Rents and reimbursements $ 6,440,325 Property operating expenses (3,596,704 ) Capital expenditures excluding land development costs and land purchases (612,704 ) Land development costs (3,154,490 ) Corporate expenditures (1) (7,778,675 ) Estimated real estate selling costs (2,817,000 ) Retention bonus payments to directors (1,263,730 ) Retention bonus payments to executives and other employees (680,470 ) Less prepaid expenses and other assets 443,108 Liability for estimated costs in excess of estimated receipts during liquidation $ (13,020,340 ) |
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block] | September 1, 2015 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2015 Assets: Estimated net inflows from investment of real estate $ 6,545,535 $ (1,620,279 ) $ 1,515,069 $ 6,440,325 Liabilities: Property operating costs (3,426,601 ) 860,771 (1,030,874 ) (3,596,704 ) Capital expenditures excluding land development costs and land purchases (921,603 ) 274,194 34,705 (612,704 ) Land development costs and land purchases (574,833 ) 380,979 (2,960,636 ) (3,154,490 ) Corporate expenditures (5,766,593 ) 1,127,501 (3,139,583 ) (7,778,675 ) Selling costs on real estate assets* (2,727,000 ) 61,860 (151,860 ) (2,817,000 ) Retention bonus payments to directors* (1,802,125 ) 52,910 485,485 (1,263,730 ) Retention bonus payments to executives and other employees* (970,375 ) 28,490 261,415 (680,470 ) Less Prepaid expenses and other assets 456,127 (13,019 ) - 443,108 Liability for estimated costs in excess of estimated receipts during liquidation** $ (9,187,468 ) $ 1,153,407 $ (4,986,279 ) $ (13,020,340 ) January 1, 2016 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2016 Assets: Estimated rents and reimbursements $ 6,440,325 $ (3,576,121 ) $ 1,723,402 $ 4,587,606 Liabilities: Property operating costs (3,596,704 ) 1,900,973 (476,132 ) (2,171,863 ) Capital expenditures excluding land development costs and land purchases (612,704 ) 426,658 (653,954 ) (840,000 ) Land development costs (3,154,490 ) 897,074 (1,100,784 ) (3,358,200 ) Corporate expenditures (7,778,675 ) 3,139,420 (1,586,439 ) (6,225,694 ) Selling costs on real estate assets* (2,817,000 ) 979,704 (24,204 ) (1,861,500 ) Retention bonus payments to directors (a)* (1,263,730 ) 762,351 266,747 (234,632 ) Retention bonus payments to executives and other employees (a)* (680,470 ) 410,497 143,633 (126,340 ) Less prepaid expenses and other assets 443,108 (97,596 ) - 345,512 Liability for estimated costs in excess of estimated receipts during liquidation** $ (13,020,340 ) $ 4,842,960 $ (1,707,731 ) $ (9,885,111 ) |
Note 6 - Disposition Activiti29
Note 6 - Disposition Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Sale Price Net Realizable Value reported prior to entering the Purchase and Sale Agreement Net Realizable Value reported in excess of Proceeds excluding the Master Lease Obligation $14,015,000 $ 14,000,000 $ 15,000 |
Port Jefferson Professional Park [Member] | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Port Jefferson Medical Park Location Closing Date Gross Sales Proceeds 2016 2015 5 Medical Drive December 2015 $ 760,000 6 Medical Drive January 2016 850,000 8 Medical Drive June 2016 820,000 4 Medical Drive July 2016 900,000 3 Medical Drive August 2016 876,000 2 Medical Drive September 2016 800,000 Total $ 4,246,000 $ 760,000 |
Note 7 - Real Estate (Tables)
Note 7 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 2016 2015 Net Realizable Value at beginning of period $ 46,950,000 $ 45,450,000 Increases in Net Realizable Value Port Jefferson Professional Park 846,000 2,260,000 Cortlandt Manor 475,000 700,000 Virginia Health Care Center 15,000 1,700,000 Flowerfield 1,000,000 (2,400,000 ) Less Property Sales Port Jefferson Professional Park (4,246,000 ) (760,000 ) Virginia Health Care Center (14,015,000 ) - Net Realizable Value at December 31, $ 31,025,000 $ 46,950,000 |
Note 8 - Investment in Market31
Note 8 - Investment in Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Mortgage-backed securities 2016 2015 Net Realizable Value* $ 4,087,231 $ 5,001,722 |
Note 10 - Accrued Liabilities (
Note 10 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2016 2015 Payroll and related taxes $ 29,930 $ 24,314 Professional fees 153,992 245,637 Directors fees under the Retention Bonus Plan - 52,910 Employee payments under the Retention Bonus Plan - 28,490 Other 40,695 57,547 Total $ 224,617 $ 408,898 |
Note 13 - Incentive Compensat33
Note 13 - Incentive Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Activity [Table Text Block] | INCENTIVE PLAN PARTICPANTS COMPENSATION DIRECTOR FEES Total Board of Directors 1 $ - $ 131,758 $ 131,758 Chief Operating Officer 31,482 - 31,482 Former Chief Executive Officer 43,142 - 43,142 Chief Executive Officer - - - Chief Financial Officer - - - Other Employees 2 26,818 - 26,818 Total $ 101,442 $ 131,758 $ 233,200 |
Note 14 - Credit Quality of R34
Note 14 - Credit Quality of Rents Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Allowance for Doubtful Accounts December 31, 2016 December 31, 2015 Beginning balance $ 49,000 $ 50,000 Accounts receivable (written off) (5,000 ) (1,000 ) Ending Balance $ 44,000 $ 49,000 |
Note 16 - Commitments (Tables)
Note 16 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Other Commitments [Table Text Block] | Management Employment agreements with bonus and severance commitment contingencies 600,000 Other employee severance commitment contingencies 77,100 Total $ 677,100 |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block] | RETENTION BONUS PLAN PARTICPANTS Total Board of Directors $ 815,262 Chief Operating Officer 133,786 Chief Executive Officer 133,786 Chief Financial Officer 133,786 Other Employees 37,628 Total $ 1,254,248 |
Note 17 - Fair Value of Finan36
Note 17 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2016 December 31, 2015 Description Carrying Value Net Realizable Value (Level 2) Carrying Value Net Realizable Value (Level 2) Investment in Marketable Securities $ 4,087,231* $ 4,087,231* $ 5,001,722 $ 5,001,722 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) | Sep. 01, 2015USD ($) | Dec. 31, 2016ft²a |
Number of Operating Segments | 1 | |
Remaining Medical Park [Member] | Controlled by Parent Company [Member] | ||
Number of Real Estate Properties | 1 | |
Second Medical Park [Member] | ||
Number of Real Estate Properties | 14 | |
Second Medical Park [Member] | Controlled by Parent Company [Member] | ||
Number of Real Estate Properties | 4 | |
Second Medical Park and Remaining Medical Park [Member] | Controlled by Parent Company [Member] | ||
Area of Real Estate Property | a | 48,000 | |
Multi-Tenant Industrial Park [Member] | Controlled by Parent Company [Member] | ||
Area of Real Estate Property | 130,000 | |
St. James, New York [Member] | Controlled by Parent Company [Member] | ||
Area of Real Estate Property | 68 | |
Medical Office Park [Member] | Controlled by Parent Company [Member] | ||
Number of Real Estate Properties | 4 | |
The Corporation [Member] | ||
Maximum Value of Asset to Effect Dissolution | $ | $ 1,000,000 |
Note 2 - Strategic Plan to En38
Note 2 - Strategic Plan to Enhance Property Values, Liquidate, and Dissolve (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Shares, Outstanding | 1,482,680 | ||
Liquidation Basis of Accounting [Member] | |||
Net Assets | $ 28,111,612 | $ 43,455,577 | $ 46,319,848 |
Liquidation Basis of Accounting, Common Stock Per Share | $ 18.96 | ||
Common Stock, Shares, Outstanding | 1,482,680 | ||
Liquidation Basis of Accounting, Land Development Costs | $ 3,360,000 | ||
Liquidation Basis of Accounting [Member] | Developmental Costs that Could Be Used for Environmental Impact and Other Infrastructure Studies [Member] | |||
Liquidation Basis of Accounting, Land Development Costs | $ 1,000,000 |
Note 3 - Summary of Significa39
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Expense (Benefit) | $ 0 |
Deferred Tax Assets, Net | 0 |
Unrecognized Tax Benefits | $ 0 |
Tax Year 2013 [Member] | |
Open Tax Year | 2,013 |
Tax Year 2014 [Member] | |
Open Tax Year | 2,014 |
Tax Year 2015 [Member] | |
Open Tax Year | 2,015 |
Note 4 - Statements of Net As40
Note 4 - Statements of Net Assets in Liquidation (Details Textual) - USD ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Shares, Outstanding | 1,482,680 | |||
Liquidation Basis of Accounting [Member] | ||||
Liquidation Basis of Accounting, Common Stock Per Share | $ 18.96 | |||
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value Per Share | 0.40 | |||
Liquidation Basis of Accounting, Increase (Decrease) in Common Stock Per Share | (18.56) | |||
Liquidation Basis of Accounting, Liquidating Distributions Paid, Per Share | $ 10.75 | |||
Cash and Marketable Securities | $ 7.90 | |||
Liquidation Basis of Accounting, Land Development Costs | 3,360,000 | |||
Liquidation Basis of Accounting, Land Development Costs Incurred | 897,000 | |||
Land Purchase Amount Including Closing Costs | 210,000 | |||
Net Assets | $ 28,111,612 | $ 43,455,577 | $ 46,319,848 | |
Common Stock, Shares, Outstanding | 1,482,680 | |||
Scenario, Forecast [Member] | ||||
Liquidation Basis of Accounting, Land Development Costs | $ 3.36 |
Note 5 - Liability for Estima41
Note 5 - Liability for Estimated Costs in Excess of Receipts During Liquidation - Accrued Revenues and Expenses Expected to be Earned During Liquidation (Details) - Liquidation Basis of Accounting [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 01, 2015 | Aug. 31, 2015 | ||||
Rents and reimbursements | $ 4,587,606 | $ 6,440,325 | $ 6,545,535 | $ 6,545,535 | ||||
Property operating expenses | (2,171,863) | (3,596,704) | (3,426,601) | (3,426,601) | ||||
Capital expenditures excluding land development costs and land purchases | (840,000) | (612,704) | (921,603) | (921,603) | ||||
Land development costs and land purchases | (3,358,200) | (3,154,490) | (574,833) | (574,833) | ||||
Corporate expenditures(1) | (6,225,694) | (7,778,675) | [1] | (5,766,593) | [1] | (5,766,593) | ||
Estimated real estate selling costs | (1,861,500) | [2] | (2,817,000) | [2] | (2,727,000) | (2,727,000) | [2] | |
Retention bonus payments to directors | (234,632) | [2],[3] | (1,263,730) | [2],[3] | (1,802,125) | (1,802,125) | [2] | |
Retention bonus payments to executives and other employees | (126,340) | [2],[3] | (680,470) | [2],[3] | (970,375) | (970,375) | [2] | |
Less prepaid expenses and other assets | 345,512 | 443,108 | 456,127 | 456,127 | ||||
Liability for estimated costs in excess of estimated receipts during liquidation | $ (9,885,111) | [4] | $ (13,020,340) | [4] | $ (9,187,468) | $ (9,187,468) | [4] | |
[1] | Includes all general and administrative fees, litigation settlement, director and officer liability and reimbursement post liquidation insurance tail coverage policy and final liquidation costs. | |||||||
[2] | The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. | |||||||
[3] | The value of the real estate reported in the Statement of Net Assets as of December 31, 2016, does not include the appreciation that may result from the estimated land development costs. As a result, net realizable value as reported does not exceed the adjusted appraised value under the Retention Bonus Plan (the appraisal of the real estate in late 2013 plus the estimated development costs) for certain properties and accordingly the Company has not included any retention bonuses on the sale of such properties. | |||||||
[4] | These estimates are based on the liquidation being completed by the end of 2018. |
Note 5 - Liability for Estima42
Note 5 - Liability for Estimated Costs in Excess of Receipts During Liquidation - Changes in Liability for Estimated Costs in Excess of Estimated Receipts (Details) - Liquidation Basis of Accounting [Member] - USD ($) | 4 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Estimated net inflows from investment of real estate | $ 6,545,535 | $ 6,440,325 | |||||
Estimated net inflows from investment of real estate | (1,620,279) | (3,576,121) | |||||
Estimated net inflows from investment of real estate | 1,515,069 | 1,723,402 | |||||
Estimated net inflows from investment of real estate | 6,440,325 | 4,587,606 | $ 6,440,325 | ||||
Property operating costs | (3,426,601) | (3,596,704) | |||||
Property operating costs | 860,771 | 1,900,973 | |||||
Property operating costs | (1,030,874) | (476,132) | |||||
Property operating costs | (3,596,704) | (2,171,863) | (3,596,704) | ||||
Capital expenditures excluding land development costs and land purchases | (921,603) | (612,704) | |||||
Capital expenditures excluding land development costs and land purchases | 274,194 | 426,658 | |||||
Capital expenditures excluding land development costs and land purchases | 34,705 | (653,954) | |||||
Capital expenditures excluding land development costs and land purchases | (612,704) | (840,000) | (612,704) | ||||
Land development costs and land purchases | (574,833) | (3,154,490) | |||||
Land development costs and land purchases | 380,979 | 897,074 | |||||
Land development costs and land purchases | (2,960,636) | (1,100,784) | |||||
Land development costs and land purchases | (3,154,490) | (3,358,200) | (3,154,490) | ||||
Corporate expenditures | (5,766,593) | (7,778,675) | [1] | ||||
Corporate expenditures | 1,127,501 | 3,139,420 | |||||
Corporate expenditures | (3,139,583) | (1,586,439) | |||||
Corporate expenditures | (7,778,675) | [1] | (6,225,694) | (7,778,675) | [1] | ||
Selling costs on real estate assets* | [2] | (2,727,000) | (2,817,000) | ||||
Selling costs on real estate assets* | [2] | 61,860 | 979,704 | ||||
Selling costs on real estate assets* | [2] | (151,860) | (24,204) | ||||
Selling costs on real estate assets* | [2] | (2,817,000) | (1,861,500) | (2,817,000) | |||
Retention bonus payments to directors* | [2] | (1,802,125) | (1,263,730) | [3] | |||
Retention bonus payments to directors* | [2] | 52,910 | 762,351 | [3] | |||
Retention bonus payments to directors* | [2] | 485,485 | 266,747 | [3] | |||
Retention bonus payments to directors* | [2],[3] | (1,263,730) | (234,632) | (1,263,730) | |||
Retention bonus payments to executives and other employees* | [2] | (970,375) | (680,470) | [3] | |||
Retention bonus payments to executives and other employees* | [2] | 28,490 | 410,497 | [3] | |||
Retention bonus payments to executives and other employees* | [2] | 261,415 | 143,633 | [3] | |||
Retention bonus payments to executives and other employees* | [2],[3] | (680,470) | (126,340) | (680,470) | |||
Less Prepaid expenses and other assets | 456,127 | 443,108 | |||||
Less Prepaid expenses and other assets | (13,019) | (97,596) | |||||
Less Prepaid expenses and other assets | 443,108 | 345,512 | 443,108 | ||||
Liability for estimated costs in excess of estimated receipts during liquidation** | [4] | (9,187,468) | (13,020,340) | ||||
Liability for estimated costs in excess of estimated receipts during liquidation** | [4] | 1,153,407 | 4,842,960 | ||||
Liability for estimated costs in excess of estimated receipts during liquidation** | (4,986,279) | [4] | (1,707,731) | [4] | (4,986,279) | ||
Liability for estimated costs in excess of estimated receipts during liquidation** | [4] | $ (13,020,340) | $ (9,885,111) | $ (13,020,340) | |||
[1] | Includes all general and administrative fees, litigation settlement, director and officer liability and reimbursement post liquidation insurance tail coverage policy and final liquidation costs. | ||||||
[2] | The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. | ||||||
[3] | The value of the real estate reported in the Statement of Net Assets as of December 31, 2016, does not include the appreciation that may result from the estimated land development costs. As a result, net realizable value as reported does not exceed the adjusted appraised value under the Retention Bonus Plan (the appraisal of the real estate in late 2013 plus the estimated development costs) for certain properties and accordingly the Company has not included any retention bonuses on the sale of such properties. | ||||||
[4] | These estimates are based on the liquidation being completed by the end of 2018. |
Note 6 - Disposition Activiti43
Note 6 - Disposition Activities (Details Textual) | May 04, 2016USD ($)ft² | Aug. 31, 2016USD ($) | Mar. 31, 2017 | Dec. 31, 2016USD ($)ft² | Feb. 04, 2016USD ($) | Dec. 31, 2015a |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 14,000,000 | |||||
Fairfax Medical Center [Member] | JAG [Member] | ||||||
Lease and Rental Expense Contingent on Vacancies | $ 50,593 | |||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 2 years | |||||
Payments for Lease and Rental Contingency on Vacancies | $ 16,878 | |||||
Fairfax Medical Center [Member] | JAG [Member] | Amended Purchase and Sale Agreement [Member] | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 14,015,000 | |||||
Area of Real Estate Property | ft² | 3,852 | |||||
Lease and Rental Expense Contingent on Vacancies | $ 155,000 | |||||
Port Jefferson Professional Park [Member] | ||||||
Number of Units in Real Estate Property | 5 | 1 | ||||
Area of Land | 4,000 | 4,000 | ||||
Port Jefferson Professional Park [Member] | Subsequent Event [Member] | Property at 9 Medical Drive [Member] | ||||||
Number of Units in Real Estate Property | 15,000 |
Note 6 - Disposition Activiti44
Note 6 - Disposition Activities - Real Estate Purchase and Sale Agreements (Details) - Port Jefferson Professional Park [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from property sold | $ 4,246,000 | $ 760,000 |
Property at 5 Medical Drive [Member] | ||
Proceeds from property sold | 760,000 | |
Property at 6 Medical Drive [Member] | ||
Proceeds from property sold | 850,000 | |
Property at 8 Medical Drive [Member] | ||
Proceeds from property sold | 820,000 | |
Property at 4 Medical Drive [Member] | ||
Proceeds from property sold | 900,000 | |
Property at 3 Medical Drive [Member] | ||
Proceeds from property sold | 876,000 | |
Property at 2 Medical Drive [Member] | ||
Proceeds from property sold | $ 800,000 |
Note 6 - Disposition Activiti45
Note 6 - Disposition Activities - Comparison of Gross Sales Proceeds to Proceeds Prior to Purchase and Sales Agreement (Details) | Dec. 31, 2016USD ($) |
Fair value prior to the Purchase and Sale Agreement | $ 14,000,000 |
Fair value prior to the Purchase and Sale Agreement | $ 15,000 |
Note 7 - Real Estate (Details T
Note 7 - Real Estate (Details Textual) | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 01, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Held-for-sale | $ 46,950,000 | $ 31,025,000 | $ 46,950,000 | $ 45,450,000 | $ 45,450,000 |
Real Estate Held-for-sale, Period Increase (Decrease) | $ 2,260,000 | 2,336,000 | |||
Port Jefferson Professional Park [Member] | |||||
Real Estate Held-for-sale | 31,025,000 | ||||
Real Estate Held-for-sale, Period Increase (Decrease) | $ 846,000 | $ 2,260,000 | |||
Number of Units in Real Estate Property | 1 | 5 | 1 | ||
Port Jefferson Professional Park [Member] | Property at 5 Medical Drive [Member] | |||||
Real Estate Held-for-sale, Period Increase (Decrease) | $ 760,000 |
Note 7 - Real Estate - Real Est
Note 7 - Real Estate - Real Estate Disclosure (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Realizable Value at beginning of period | $ 46,950,000 | $ 45,450,000 | |
Increase (decrease) in net realizable value | $ 2,260,000 | 2,336,000 | |
Net Realizable Value at December 31, | $ 46,950,000 | 31,025,000 | 46,950,000 |
Port Jefferson Professional Park [Member] | |||
Increase (decrease) in net realizable value | 846,000 | 2,260,000 | |
Property sales | (4,246,000) | (760,000) | |
Net Realizable Value at December 31, | 31,025,000 | ||
Cortlandt Manor Medical Center [Member] | |||
Increase (decrease) in net realizable value | 475,000 | 700,000 | |
Virginia Health Care Center [Member] | |||
Increase (decrease) in net realizable value | 15,000 | 1,700,000 | |
Property sales | (14,015,000) | ||
Flowerfield Properties, Inc. [Member] | |||
Increase (decrease) in net realizable value | $ 1,000,000 | $ (2,400,000) |
Note 8 - Investment in Market48
Note 8 - Investment in Marketable Securities (Details Textual) - USD ($) | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | $ 281,606 | $ 881,066 | |
Marketable Securities Estimated Yield | 2.00% | 2.00% | |
Marketable Securities, Contractual Maturities | 30 years | 30 years | |
Marketable Securities Adjusted Duration | 4 years | 4 years | |
Percentage of Mortgage Backed Securities Sold | 100.00% |
Note 8 - Investment in Market49
Note 8 - Investment in Marketable Securities - Historical Cost and Estimated Fair Value of Available for Sale Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Realizable Value* | [1] | $ 5,001,722 | $ 4,087,231 |
[1] | The Company received $881,066 and $281,606 in principal repayments during the year ended December 31, 2016 and the four months ended December 31, 2015, respectively. |
Note 9 - Investment in Grove 50
Note 9 - Investment in Grove Partnership (Details Textual) | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | |
Minto Florida Developments, LLC [Member] | The Grove, Florida [Member] | |||
Payments to Acquire Land Held-for-use | $ 1,968,750 | ||
The Grove, Florida [Member] | |||
Proceeds from Sale of Property Held-for-sale | 2,700,000 | ||
The Grove, Florida [Member] | |||
Equity Method Investment, Ownership Percentage | 10.12% | ||
Area of Real Estate Property | a | 3,700 | ||
Equity Method Investments | $ 0 | $ 0 | $ 0 |
Note 10 - Accrued Liabilities -
Note 10 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Payroll and related taxes | $ 29,930 | $ 24,314 |
Professional fees | 153,992 | 245,637 |
Directors fees under the Retention Bonus Plan | 52,910 | |
Employee payments under the Retention Bonus Plan | 28,490 | |
Other | 40,695 | 57,547 |
Total | $ 224,617 | $ 408,898 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Percentage of Owned Subsidiaries, Nontaxable | 100.00% | |
Income Tax Expense (Benefit) | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 39.00% | |
Accrued Income Taxes | $ 11,162 | |
Deferred Tax Liabilities, Net | $ 0 | $ 0 |
Domestic Tax Authority [Member] | ||
Income Taxes Receivable, Current | 19,749 | |
Income Tax Expense (Benefit) | $ (85,000) |
Note 12 - Retirement Plans (Det
Note 12 - Retirement Plans (Details Textual) | 4 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan, Contributions by Employer | $ 1,272,392 |
Note 13 - Incentive Compensat54
Note 13 - Incentive Compensation Plan (Details Textual) - USD ($) | Aug. 19, 2016 | Jun. 15, 2016 | May 26, 2016 | Dec. 30, 2013 | Jun. 30, 2016 | Dec. 31, 2016 | |
Common Stock, Shares, Outstanding | 1,482,680 | ||||||
Noninterest Expense Directors Fees | $ 131,758 | ||||||
Allocated Share-based Compensation Expense | 101,442 | ||||||
Other Employees [Member] | |||||||
Noninterest Expense Directors Fees | [1] | ||||||
Allocated Share-based Compensation Expense | [1] | 26,818 | |||||
Incentive Compensation Plan [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1.50 | $ 9.25 | $ 9.25 | $ 20.70 | |||
Remaining Liability Under Incentive Plan Aggregative Maximum | $ 233,200 | ||||||
Minimum Benefit Payments Per Share Dividend Declared and Paid | $ 14,827 | ||||||
Noninterest Expense Directors Fees | 131,758 | ||||||
Incentive Compensation Plan [Member] | Former Director [Member] | |||||||
Noninterest Expense Directors Fees | 17,490 | ||||||
Incentive Compensation Plan [Member] | Other Employees [Member] | |||||||
Allocated Share-based Compensation Expense | $ 25,652 | ||||||
[1] | Approximately $25,652 of the $26,818 relate to former employees. |
Note 13 - Incentive Compensat55
Note 13 - Incentive Compensation Plan - Summary of Allocation to Plan Participants (Details) | 1 Months Ended | |
Jun. 30, 2016USD ($) | ||
Compensation | $ 101,442 | |
Director fees | 131,758 | |
Total compensation and director fees | 233,200 | |
Director [Member] | ||
Compensation | [1] | |
Director fees | 131,758 | [1] |
Total compensation and director fees | 131,758 | [1] |
Chief Operating Officer [Member] | ||
Compensation | 31,482 | |
Director fees | ||
Total compensation and director fees | 31,482 | |
Former Chief Executive Officer [Member] | ||
Compensation | 43,142 | |
Director fees | ||
Total compensation and director fees | 43,142 | |
Chief Executive Officer [Member] | ||
Compensation | ||
Director fees | ||
Total compensation and director fees | ||
Chief Financial Officer [Member] | ||
Compensation | ||
Director fees | ||
Total compensation and director fees | ||
Other Employees [Member] | ||
Compensation | 26,818 | [2] |
Director fees | [2] | |
Total compensation and director fees | $ 26,818 | [2] |
[1] | $17,490 of the $131,758 relate to a former Director who resigned in September 2013. | |
[2] | Approximately $25,652 of the $26,818 relate to former employees. |
Note 14 - Credit Quality of R56
Note 14 - Credit Quality of Rents Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 49,000 | $ 50,000 |
Accounts receivable (written off) | (5,000) | (1,000) |
Ending Balance | $ 44,000 | $ 49,000 |
Note 15 - Concentration of Cr57
Note 15 - Concentration of Credit Risk (Details Textual) xbrli-pure in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Credit Concentration Risk [Member] | Cash, Cash Equivalents, and Government Securities [Member] | ||
Concentration Risk, Percentage | 0.00% | 0.00% |
Note 16 - Commitments (Details
Note 16 - Commitments (Details Textual) - USD ($) | Dec. 31, 2016 | May 31, 2014 |
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties | 5.00% | |
Retention Bonus Plan, Gross Selling Price Requirement, Percentage | 100.00% | |
Additional Bonus Pool Funding, Percentage of Gross Sales Price on First Ten Percent Of Property Appreciation | 10.00% | |
Additional Bonus Pool, Funding Percentage of Gross Sales Price on Second Ten Percent of Property Appreciation | 15.00% | |
Additional Bonus Pool Funding, Percentage of Gross Sales Price on Property Appreciation Greater than Twenty Percent | 20.00% | |
Additional Bonus Pool Funding, Additional Percentage of Gross Sales Price on Property Appreciation | 2.00% | |
CEO and President Each [Member] | ||
Other Commitment | $ 125,000 | |
Other Employees [Member] | ||
Supplemental Unemployment Benefits, Severance Benefits | $ 77,100 | |
Board of Directors Chairman [Member] | ||
Bonus Pool Distribution Proportions | 15.00% | |
Directors Other Than Chairman [Member] | ||
Bonus Pool Distribution Proportions | 50.00% | |
Other 5 Directors [Member] | ||
Bonus Pool Distribution Proportions | 10.00% | |
Executives and Employees [Member] | ||
Bonus Pool Distribution Proportions | 35.00% |
Note 16 - Commitments - Other C
Note 16 - Commitments - Other Commitments (Details) | Dec. 31, 2016USD ($) |
Contractual obligation | $ 677,100 |
Employment Agreement with Severance Contingencies [Member] | |
Contractual obligation | 600,000 |
Other Employee Severance Commitment Contingencies [Member] | |
Contractual obligation | $ 77,100 |
Note 16 - Commitments - Allocat
Note 16 - Commitments - Allocation of Retention Bonus Plan (Details) | Dec. 31, 2016USD ($) |
Distributions paid | $ 1,254,248 |
Board of Directors Chairman [Member] | |
Distributions paid | 815,262 |
Chief Operating Officer [Member] | |
Distributions paid | 133,786 |
Chief Executive Officer [Member] | |
Distributions paid | 133,786 |
Chief Financial Officer [Member] | |
Distributions paid | 133,786 |
Other Employees [Member] | |
Distributions paid | $ 37,628 |
Note 17 - Fair Value of Finan61
Note 17 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2013 | |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | $ 281,606 | $ 881,066 | |
Percentage of Mortgage Backed Securities Sold | 100.00% | ||
The Grove, Florida [Member] | |||
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | $ 881,066 | ||
Equity Method Investments | $ 0 | 0 | $ 0 |
The Grove, Florida [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Equity Method Investments, Fair Value Disclosure | $ 0 |
Note 17 - Fair Value of Finan62
Note 17 - Fair Value of Financial Instruments - Carrying Value and Fair Value of Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | ||
Carrying value | $ 4,087,231 | [1] | $ 5,001,722 | |
Fair value | [2] | 5,001,722 | 4,087,231 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value | $ 4,087,231 | [1] | $ 5,001,722 | |
[1] | During 2016, the Company received $881,066 in principal repayments. | |||
[2] | The Company received $881,066 and $281,606 in principal repayments during the year ended December 31, 2016 and the four months ended December 31, 2015, respectively. |
Note 18 - Equity (Details Textu
Note 18 - Equity (Details Textual) - $ / shares | Aug. 19, 2016 | Jun. 15, 2016 | May 26, 2016 | Dec. 30, 2013 |
Incentive Compensation Plan [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.50 | $ 9.25 | $ 9.25 | $ 20.70 |
Note 19 - Significant Tenants (
Note 19 - Significant Tenants (Details Textual) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Major Customers | 3 | 3 |
Rental Income [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 14.00% | 14.00% |
Rental Income [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Rental Income [Member] | Customer Concentration Risk [Member] | Customer 3 [Member] | ||
Concentration Risk, Percentage | 9.00% | 7.00% |
Note 20 - Contingencies (Detail
Note 20 - Contingencies (Details Textual) - Putative Class Action Lawsuit [Member] - USD ($) | 1 Months Ended | ||
Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | |
Litigation Settlement, Amount | $ (650,000) | ||
Litigation Settlement, Appraised Value Value of Properties, Difference Amount | $ 100,000 | ||
Litigation Settlement, Appraised Value Value of Unsold Properties, Difference Amount | $ (550,000) |
Note 21 - Related Party Trans66
Note 21 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member] | May 30, 2016USD ($)ft² | May 30, 2016USD ($)ft² | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)ft² |
Area of Land | ft² | 1,971 | 1,971 | 1,905 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 21,078 | $ 21,078 | $ 20,955 | |
Operating Leases, Future Minimum Payments Due | $ 51,816 | 51,816 | $ 62,865 | |
Rent Revenue | $ 5,715 | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 2 years 180 days | |||
Payments for Tenant Improvements | $ 4,700 |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details Textual) | 1 Months Ended | |
Mar. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 14,000,000 | |
Subsequent Event [Member] | ||
Payments to Acquire Real Estate | $ 319,512 | |
Subsequent Event [Member] | Property at Port Jefferson Station, New York [Member] | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 2,000,000 | |
Subsequent Event [Member] | Single Family Residential Building [Member] | ||
Area of Land | a | 0.3 |