Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 26, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Gyrodyne, LLC | ||
Entity Central Index Key | 0001589061 | ||
Trading Symbol | gyro | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-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 Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,482,680 | ||
Entity Public Float | $ 13,394,333 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Statements of Net
Consolidated Statements of Net Assets (Liquidation Basis) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS: | |||
Real Estate Held-for-sale | $ 48,270,000 | $ 36,201,270 | |
Cash and cash equivalents | 2,200,000 | ||
LIABILITIES: | |||
Accrued liabilities | 178,479 | 173,086 | |
Net assets in liquidation | 31,369,637 | ||
Basis of Accounting, Liquidation [Member] | |||
ASSETS: | |||
Real Estate Held-for-sale | 48,270,000 | 36,201,270 | |
Cash and cash equivalents | 2,213,205 | 3,049,587 | |
Rent receivable | 63,132 | 57,270 | |
Other receivables | 41,460 | 68,743 | |
Total Assets | 50,587,797 | 39,376,870 | |
LIABILITIES: | |||
Accounts payable | 621,538 | 769,346 | |
Accrued liabilities | 178,479 | 173,086 | |
Deferred rent liability | 24,316 | 24,825 | |
Tenant security deposits payable | 265,078 | 268,633 | |
Mortgage loan payable | 3,780,068 | 1,100,000 | |
Estimated liquidation and operating costs net of receipts | 14,348,681 | 10,194,310 | [1] |
Total Liabilities | 19,218,160 | 12,530,200 | |
Net assets in liquidation | $ 31,369,637 | $ 26,846,670 | |
[1] | These estimates were based on the liquidation being completed by the end of 2019. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Liquidation Basis) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Basis of Accounting, Liquidation [Member] | |||
Net assets in liquidation, beginning of period | $ 26,846,670 | $ 26,637,350 | |
Change in liquidation value of real estate | 12,068,730 | 3,984,605 | |
Liability for estimated costs in excess of estimated receipts during liquidation** | (7,545,763) | (3,775,285) | [1] |
Net increase in liquidation value | 4,522,967 | 209,320 | |
Net assets in liquidation, end of period | 31,369,637 | $ 26,846,670 | |
Net assets in liquidation, end of period | $ 31,369,637 | ||
[1] | These estimates were based on the liquidation being completed by the end of 2019. |
Note 1 - The Company
Note 1 - The Company | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The Company Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of a portfolio of medical office and industrial properties and the pursuit of entitlement on such properties, which are located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), New York. Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses. Gyrodyne’s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Board believes the aforementioned strategy will improve the chances of increasing the values for such properties. The value of the real estate reported in the consolidated statement of net assets as of December 31, 2019 ( not may no Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may not first no 14 may $1,000,000. The Company’s remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of: ● the Cortlandt Manor Medical Center comprising approximately 34,000 13.8 ● the Flowerfield Industrial Park comprising approximately 127,000 ten 68 62 68 5 68 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first September 1, 2015 205 30, may $1 205 30. Principles of C onsolidation - Basis of Presentation - Liquidation Basis of Accounting – no 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 (predicated on current values). 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 statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no not may may December 31, 2021. not December 31, 2021 not may no 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, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2021. Management Estimates – Cash equivalents - Allowance for doubtful accounts – Estimated Distributions per Share New A ccounting P ronouncements - not December 31, 2019, not |
Note 3 - Statements of Net Asse
Note 3 - Statements of Net Assets in Liquidation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Liquidation Basis of Accounting [Text Block] | 3. Statements of Net Assets in Liquidation Net assets in liquidation at December 31, 2019 $21.16 $3.05 December 31, 2018 $18.11 The increase in net assets in liquidation results from an increase in the real estate value of $12.1 $8.14 5 $7.5 $5.09 18 The cash balance at the end of the liquidation period (currently estimated to be December 31, 2021, may December 31, 2019 $2.2 December 31, 2021: 1. The estimated cash receipts from the operation of the Company’s properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds. 2. Net proceeds from the sale of all the Company’s real estate holdings. 3. The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability inclusive of post liquidation tail policy coverage, and financial and legal fees to complete the liquidation. 4. Costs for the pursuit of entitlement of the Flowerfield and Cortlandt Manor properties, to maximize value. 5. Retention bonus amounts based on the net realizable value of the real estate under the Retention Bonus Plan (See Note 12 6. Proceeds from the draw downs on the Company’s credit facilities to fund tenant improvements and working capital and costs to repay such outstanding debt. The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may 3 No. 820, may The Company is pursuing various avenues to maximize total value during the liquidation process so that we can maximize distributions to our shareholders. The Company estimates that it will incur approximately $1.8 4 January 2020 December 31, 2021, December 31, 2019, $1.4 $1.8 $556,000 first January 2020 not may may December 31, 2019 ( not may no The net assets in liquidation at December 31, 2019 ( $31,369,637 2018 $26,846,670 $21.16 $18.11, 1,482,680 not may may not December 31, 2019 may |
Note 4 - Estimated Liquidation
Note 4 - Estimated Liquidation and Operating Costs Net of Estimated Receipts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block] | 4. Estimated Liquidation and Operating Costs Net of Estimated Receipts 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 liquidation and operating costs net 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 entitlement 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 improvement costs, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and not The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2019 December 31, 2019 January 1, 2019 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2019 Assets: Estimated net inflows from investment of real estate $ 3,418,285 $ (2,600,047 ) $ 3,491,090 $ 4,309,328 Liabilities: Property operating costs (2,084,955 ) 1,536,010 (2,046,009 ) (2,594,954 ) Tenant improvements (465,844 ) 497,207 (31,363 ) - Common area capital expenditures (665,000 ) 119,023 71,844 (474,133 ) Land entitlement costs (1,468,474 ) 1,422,192 (1,800,845 ) (1,847,127 ) Corporate expenditures (4,904,367 ) 2,167,814 (3,459,998 ) (6,196,551 ) Selling costs on real estate assets* (2,437,076 ) - (1,060,124 ) (3,497,200 ) Retention bonus payments to directors, officers and employees* (1,984,733 ) 14,573 (2,710,358 ) (4,680,518 ) Less prepaid expenses and other assets 397,854 234,620 - 632,474 Liability for estimated costs in excess of estimated receipts during liquidation** $ (10,194,310 ) $ 3,391,392 $ (7,545,763 ) $ (14, 348,681 ) *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. ** These estimates are based on the liquidation being completed by December 31, 2021. The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2018 December 31, 2018 January 1, 2018 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2018 Assets: Estimated net inflows from investment of real estate $ 4,044,202 $ (2,386,428 ) $ 1,760,511 $ 3,418,285 Liabilities: Property operating costs (2,403,872 ) 1,495,664 (1,176,747 ) (2,084,955 ) Tenant improvements (1,304,109 ) 1,316,567 (478,302 ) (465,844 ) Common area capital expenditures (500,000 ) 71,075 (236,075 ) (665,000 ) Land entitlement costs (2,516,394 ) 1,261,048 (213,128 ) (1,468,474 ) Corporate expenditures (5,650,775 ) 2,213,047 (1,466,639 ) (4,904,367 ) Selling costs on real estate assets* (1,981,000 ) 79,438 (535,514 ) (2,437,076 ) Retention bonus payments to directors, officers and employees* (642,259 ) 86,917 (1,429,391 ) (1,984,733 ) Less prepaid expenses and other assets 304,294 93,560 - 397,854 Liability for estimated costs in excess of estimated receipts during liquidation** $ (10,649,913 ) $ 4,230,888 $ (3,775,285 ) $ (10,194,310 ) *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. **These estimates were based on the liquidation being completed by June 30, 2020. |
Note 5 - Disposition Activities
Note 5 - Disposition Activities | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Accounting, Liquidation [Member] | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Disposition Activities Flowerfield - August 27, 2019, 9.0 $16,800,000 Under the BSL Agreement: (i) BSL will have the right to terminate the BSL Agreement, during an investigation period, by written notice to GSD if BSL is not not 30th The BSL Agreement is also contingent on the receipt of Subdivision Approval (as defined in the BSL Agreement and as described below). The Subdivision Approval condition requires that GSD obtain a subdivision of the Gyrodyne/Flowerfield complex into separate parcels to create the Property (as generally depicted in the BSL Agreement) within a specified time (the “Subdivision Approval Period”) following the last day of the investigation period. If the Subdivision Approval is not not not The Site Plan Approval is specifically delineated in the BSL Agreement. If BSL fails to obtain the Site Plan Approval prior to the end of the site plan approval period, BSL may may second The BSL Agreement also contains additional customary covenants, conditions, representations and warranties. Cortlandt Manor - December 7, 2019 ( 4.5 $5,720,000. The Town of Cortlandt (the “Town”) is processing a proposed zoning initiative to create a Medical Oriented District (“MOD”) that would include the entire Cortlandt property (owned by the Cortlandt Subsidiaries) within its boundaries. Included in the Town’s initiative is the Company’s site plan to subdivide the entire property into three not The Agreement requires: (i) an inspection period that will expire after a set period, during which time SC LLC will have the right to terminate the Agreement by written notice to GSD if SC LLC will not not 60th The Final Project Approvals are also contingent on the receipt of Subdivision Approval and Site Plan Approval (each as defined in the Agreement and as described below). The Subdivision Approval condition requires that the Cortlandt Subsidiaries obtain approval as and to the extent necessary to allow for the conveyance of the medical office building parcel to SC LLC and the conveyance of the recreation parcel to the owner’s association within a specified time following the last day of the inspection period. If such Subdivision Approval is not not not The Site Plan Approval is specifically delineated in the Agreement. If SC LLC fails to obtain the Site Plan Approval prior to the closing date (expected to be May 4, 2021), may The Agreement also contains additional customary covenants, conditions, representations and warranties. Port Jefferson Professional Park – August 2018, 11 $800,000. |
Note 6 - Loan Payable
Note 6 - Loan Payable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Loan Payable The Company secured a non-revolving credit line for up to $3,000,000 March 21, 2018. first eight January 24, 2019, January 20, 2020 $3,000,000 January 20, 2027 84 April 30, 2020 $3,000,000 April 30, 2027 84 100 1% 1/8 no 6.5% 7 200 2% 1/8 20 3.25%. The first $1.1 $1.1 March 29, 2019 December 31, 2018. To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second $3,000,000, January 24, 2019. first twenty-four January 20, 2028 ( 84 100 1% 1/8 no 6.5% 7 200 2% 1/8 20 3.25%. $1,000,000 $500,000 September 30 December 31, 2019, $1,419,932, $80,068, Both lines are secured by approximately 31.8 December 31, 2019, The loan payable matures upon the earlier of the sale of the Flowerfield Industrial Park or as follows: Years Ending December 31, 2020 $ 66,000 2021 138,630 2022 143,204 2023 147,928 2024 152,807 Thereafter 3,131,499 Total $ 3,780,068 To secure access to additional working capital through the final sale date of the Cortlandt Property lots (“Lots”), the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) signed a commitment letter for a third $2,500,000, second 2020. 24 12 100 1% 1/8 no four three 4.75% one The line is secured by the Cortlandt property (approximately 14 31.8 Effective February 27, 2020, one 1% |
Note 7 - Real Estate
Note 7 - Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 7. Real Estate The Company reports its financial statements under the liquidation basis of accounting which reflects real estate value at net realizable value (predicated on current asset values). During 2019 2018, $12,068,730 $3,984,605, 2019 5 2018 December 31, 2019 $48,270,000. 2019 2018 Net Realizable Value at beginning of period $ 36,201,270 $ 33,016,665 Increases in Net Realizable Value Cortlandt Manor 2,010,000 1,040,000 Flowerfield 10,058,730 2,944,605 Less Property Sales Port Jefferson Professional Park - (800,000 ) Net Realizable Value at December 31, $ 48,270,000 $ 36,201,270 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 8. Accrued Liabilities Accrued liabilities at December 31, 2019 2018 December 31, 2019 2018 Payroll and related taxes $ 40,011 $ 34,737 Professional fees 101,468 103,349 Other 37,000 35,000 Total $ 178,479 $ 173,086 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes As a limited liability company, Gyrodyne is not 1065, 1 The Bipartisan Budget Act of 2015 “2015 December 31, 2017. 2015 December 31, 2017 may January 1, 2018 |
Note 10 - Credit Quality of Ren
Note 10 - Credit Quality of Rents Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 10. Credit Quality of Rents Receivable The Company’s standard lease terms include rent due on the first ten no 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, 2019 2018, Allowance for Doubtful Accounts December 31, 2019 December 31, 2018 Beginning balance $ 13,000 $ 34,000 Accounts receivable (written off) (13,000 ) (21,000 ) Ending Balance $ - $ 13,000 |
Note 11 - Concentration of Cred
Note 11 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Credit Concentration Risk [Member] | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 11. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one not not not December 31, 2019 2018. For the year ended December 31, 2019 three 23%, 20% 7% three December 31, 2019 December 31, 2018 93%, The current economic challenges facing state and local budgets impacted most of the Company’s largest tenants. In addition, the current economic challenges stemming from the coronavirus are disproportionately impacting small businesses which comprise 39% 2020 no |
Note 12 - Commitments
Note 12 - Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 12. Commitments As of December 31, 2019 2018, 2019 2018 Management Employment agreements with bonus* and severance commitment contingencies $ 350,000 $ 350,000 Other employee severance commitment contingencies 81,716 81,716 Total $ 431,716 $ 431,716 *Excludes Retention Bonus Payments Employment agreements - $125,000 6 The Company also has an employment agreement with its Chief Operating Officer (“COO”) executed on May 8, 2014 6 January 25, 2018, Under Company policy the aggregate severance commitment contingency to other employees is approximately $81,716. Retention Bonus Plan- May 2014, three no The Plan provides for a bonus pool funded with an amount equal to 5% 2013 2013 2013 10% first 10% 15% 10% 20% 20%. 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: Board Members/Employees Bonus Pool Percentage Board Members(a) 65.000 % Chief Executive Officer 15.474 % Chief Operations Officer 13.926 % Officer Discretionary Amount (b) 1.750 % Other Employees 3.850 % Total 100.000 % (a) 15% 50% 10% five (b) The officer discretionary amount of 1.75% not Such shares of the bonus pool are earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its Adjusted Appraised Value and is paid to the named beneficiaries of the Plan or their designees within 60 60 The Plan provides that no No. 3 2013 The Plan provides for vesting of benefits upon the sale of each individual post-subdivision lot at Flowerfield and Cortlandt Manor. It also provides for entitlement to a future benefit in the event of death, voluntary termination following substantial reduction in compensation or board fees, mutually agreed separation to right-size the board or involuntary termination without cause, except that a participant will only be eligible to receive a benefit to the extent that a property is sold within three four December 31 The payments made during the twelve December 31, 2019 2018 one RETENTION BONUS PLAN PARTICPANTS 2019 2018 Board of Directors $ 9,471 $ 56,497 President and Chief Executive Officer 2,390 14,250 Chief Operating Officer 2,151 12,824 Other Employees 561 3,346 Total $ 14,573 $ 86,917 Deferred Compensation Plan - December 6, 2019, January 1, 2020. may 5%. December 15, 2026, 100% 2020. |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. Fair Value of Financial Instruments Assets and Liabilities Measured at Fair-Value – 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 1 2 No. 820, 3 Fair Value Measurements - 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 |
Note 14 - Contingencies
Note 14 - Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 14. Contingencies Putative Class Action Lawsuit - July 3, 2014, No. 065134/2014 On August 14, 2015, August 17, 2015 December 2014. April 8, 2016, $650,000 April 2016. As of December 31, 2019 2018, 2014 General - not |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. Related Party Transactions The Company has entered into various leasing arrangements with a not no Term Square Feet Annual Rent Total Commitment ( excluding renewal options) Additional Commitment (assumes two-year renewal option is exercised) Jan 2019 - Dec 2020 2,284 $ 19,414 $ 38,828 $ 38,828 Jan 2019 - Dec 2020 1,817 -(a) -(a) -(a) Jan 2019 - Dec 2020 1,905 $ 16,193 $ 32,385 $ 32,385 (a) In February 2019, not August 2016. $10 2,130 $18,170 $36,340, $3,500 not may not December 31, 2019 $18,170 two $72,680. During the twelve December 31, 2019 2018, $34,720 $47,146, The independent members of the Board of the Company approved all of the leasing transaction described above. The Chairman is also a partner of the firm Lamb & Barnosky, LLP that provided pro bono legal representation to the aforementioned not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events COVID- 19. December 2019, first 2020, 2, 19, February March 2020, may March 21 , 2020, March 22, 2020 April 19, 2020. 90 Beginning March 16, 2020, Small businesses and not 39% $834,000 2020, 19. 19 may 19 The COVID- 19 may 19 may Furthermore, the real estate market is also expected to be adversely affected which could further negatively impact the timing of sales and the resulting value of our real estate. The extent of the impact of COVID- 19 four 19. Credit Facility April 30, 2020 $3,000,000 April 30, 2027 84 third $2,500,000, second 2020. 24 12 100 1% 1/8 no four three 4.75% one The line is secured by the Cortlandt property (approximately 14 31.8 Effective February 27, 2020, one 1% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of C onsolidation - |
Liquidation Basis of Accounting [Policy Text Block] | Basis of Presentation - Liquidation Basis of Accounting – no 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 (predicated on current values). 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 statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no not may may December 31, 2021. not December 31, 2021 not may no 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, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Management Estimates – |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents - |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for doubtful accounts – |
Earnings Per Share, Policy [Policy Text Block] | Estimated Distributions per Share |
New Accounting Pronouncements, Policy [Policy Text Block] | New A ccounting P ronouncements - not December 31, 2019, not |
Note 4 - Estimated Liquidatio_2
Note 4 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block] | January 1, 2019 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2019 Assets: Estimated net inflows from investment of real estate $ 3,418,285 $ (2,600,047 ) $ 3,491,090 $ 4,309,328 Liabilities: Property operating costs (2,084,955 ) 1,536,010 (2,046,009 ) (2,594,954 ) Tenant improvements (465,844 ) 497,207 (31,363 ) - Common area capital expenditures (665,000 ) 119,023 71,844 (474,133 ) Land entitlement costs (1,468,474 ) 1,422,192 (1,800,845 ) (1,847,127 ) Corporate expenditures (4,904,367 ) 2,167,814 (3,459,998 ) (6,196,551 ) Selling costs on real estate assets* (2,437,076 ) - (1,060,124 ) (3,497,200 ) Retention bonus payments to directors, officers and employees* (1,984,733 ) 14,573 (2,710,358 ) (4,680,518 ) Less prepaid expenses and other assets 397,854 234,620 - 632,474 Liability for estimated costs in excess of estimated receipts during liquidation** $ (10,194,310 ) $ 3,391,392 $ (7,545,763 ) $ (14, 348,681 ) January 1, 2018 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities December 31, 2018 Assets: Estimated net inflows from investment of real estate $ 4,044,202 $ (2,386,428 ) $ 1,760,511 $ 3,418,285 Liabilities: Property operating costs (2,403,872 ) 1,495,664 (1,176,747 ) (2,084,955 ) Tenant improvements (1,304,109 ) 1,316,567 (478,302 ) (465,844 ) Common area capital expenditures (500,000 ) 71,075 (236,075 ) (665,000 ) Land entitlement costs (2,516,394 ) 1,261,048 (213,128 ) (1,468,474 ) Corporate expenditures (5,650,775 ) 2,213,047 (1,466,639 ) (4,904,367 ) Selling costs on real estate assets* (1,981,000 ) 79,438 (535,514 ) (2,437,076 ) Retention bonus payments to directors, officers and employees* (642,259 ) 86,917 (1,429,391 ) (1,984,733 ) Less prepaid expenses and other assets 304,294 93,560 - 397,854 Liability for estimated costs in excess of estimated receipts during liquidation** $ (10,649,913 ) $ 4,230,888 $ (3,775,285 ) $ (10,194,310 ) |
Note 6 - Loan Payable (Tables)
Note 6 - Loan Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years Ending December 31, 2020 $ 66,000 2021 138,630 2022 143,204 2023 147,928 2024 152,807 Thereafter 3,131,499 Total $ 3,780,068 |
Note 7 - Real Estate (Tables)
Note 7 - Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | 2019 2018 Net Realizable Value at beginning of period $ 36,201,270 $ 33,016,665 Increases in Net Realizable Value Cortlandt Manor 2,010,000 1,040,000 Flowerfield 10,058,730 2,944,605 Less Property Sales Port Jefferson Professional Park - (800,000 ) Net Realizable Value at December 31, $ 48,270,000 $ 36,201,270 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Payroll and related taxes $ 40,011 $ 34,737 Professional fees 101,468 103,349 Other 37,000 35,000 Total $ 178,479 $ 173,086 |
Note 10 - Credit Quality of R_2
Note 10 - Credit Quality of Rents Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Allowance for Doubtful Accounts December 31, 2019 December 31, 2018 Beginning balance $ 13,000 $ 34,000 Accounts receivable (written off) (13,000 ) (21,000 ) Ending Balance $ - $ 13,000 |
Note 12 - Commitments (Tables)
Note 12 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Other Commitments [Table Text Block] | 2019 2018 Management Employment agreements with bonus* and severance commitment contingencies $ 350,000 $ 350,000 Other employee severance commitment contingencies 81,716 81,716 Total $ 431,716 $ 431,716 |
Schedule of Allocation of Bonus Pool Percentage [Table Text Block] | Board Members/Employees Bonus Pool Percentage Board Members(a) 65.000 % Chief Executive Officer 15.474 % Chief Operations Officer 13.926 % Officer Discretionary Amount (b) 1.750 % Other Employees 3.850 % Total 100.000 % |
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 2019 2018 Board of Directors $ 9,471 $ 56,497 President and Chief Executive Officer 2,390 14,250 Chief Operating Officer 2,151 12,824 Other Employees 561 3,346 Total $ 14,573 $ 86,917 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Term Square Feet Annual Rent Total Commitment ( excluding renewal options) Additional Commitment (assumes two-year renewal option is exercised) Jan 2019 - Dec 2020 2,284 $ 19,414 $ 38,828 $ 38,828 Jan 2019 - Dec 2020 1,817 -(a) -(a) -(a) Jan 2019 - Dec 2020 1,905 $ 16,193 $ 32,385 $ 32,385 |
Note 1 - The Company (Details T
Note 1 - The Company (Details Textual) | Sep. 01, 2015USD ($) | Dec. 31, 2019USD ($)ft²a |
Flowerfield Industrial Park [Member] | ||
Area of Real Estate Property | ft² | 127,000 | |
Multi-Tenant Industrial Park [Member] | ||
Area of Real Estate Property | 10 | |
St. James, New York [Member] | Controlled by Parent Company [Member] | ||
Area of Real Estate Property | 68 | |
Flowerfield Complex in Smithtown, New York [Member] | ||
Area of Real Estate Property | 62 | |
Cortlandt Manor Medical Center [Member] | ||
Area of Real Estate Property | ft² | 34,000 | |
Area of Land | 13.8 | |
The Corporation [Member] | ||
Maximum Value of Asset to Effect Dissolution | $ | $ 1,000,000 | $ 1,000,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 01, 2015 | Dec. 31, 2019 |
The Corporation [Member] | ||
Maximum Value of Asset to Effect Dissolution | $ 1,000,000 | $ 1,000,000 |
Note 3 - Statements of Net As_2
Note 3 - Statements of Net Assets in Liquidation (Details Textual) - USD ($) | 12 Months Ended | 27 Months Ended | 36 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liquidation Basis of Accounting, Common Stock Per Share | $ 21.16 | ||||
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value Per Share | $ 3.05 | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,200,000 | ||||
Liquidation Basis of Accounting, Land Entitlement Costs Incurred | 1,400,000 | ||||
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred | 556,000 | ||||
Net Assets, Ending Balance | 31,369,637 | ||||
Basis of Accounting, Liquidation [Member] | |||||
Liquidation Basis of Accounting, Common Stock Per Share | $ 18.11 | ||||
Increase in Real Estate Value | $ 12,100,000 | ||||
Increase in Real Estate Value, Per Share | $ 8.14 | ||||
Increase in Expense Reserve | $ 7,500,000 | ||||
Increase in Expense Reserve, Per Share | $ 5.09 | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,213,205 | $ 3,049,587 | |||
Net Assets, Ending Balance | $ 31,369,637 | $ 26,846,670 | $ 26,637,350 | ||
Common Stock, Shares, Outstanding, Ending Balance | 1,482,680 | ||||
Forecast [Member] | |||||
Liquidation Basis of Accounting, Land Entitlement Costs | $ 1,800,000 | ||||
Liquidation Basis of Accounting, Land Entitlement Costs Incurred | $ 1,800,000 |
Note 4 - Estimated Liquidatio_3
Note 4 - Estimated Liquidation and Operating Costs Net of Estimated Receipts - Changes in Liability for Estimated Costs in Excess of Estimated Receipts (Details) - Basis of Accounting, Liquidation [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Estimated net inflows from investment of real estate | $ 3,418,285 | $ 4,044,202 | ||
Estimated net inflows from investment of real estate | (2,600,047) | (2,386,428) | ||
Estimated net inflows from investment of real estate | 3,491,090 | (1,760,511) | ||
Property operating costs | (2,084,955) | (2,403,872) | ||
Property operating costs | 1,536,010 | 1,495,664 | ||
Property operating costs | (2,046,009) | (1,176,747) | ||
Tenant improvements | (465,844) | (1,304,109) | ||
Tenant improvements | 497,207 | 1,316,567 | ||
Tenant improvements | (31,363) | (478,302) | ||
Common area capital expenditures | (665,000) | (500,000) | ||
Common area capital expenditures | 119,023 | 71,075 | ||
Common area capital expenditures | 71,844 | (236,075) | ||
Land entitlement costs | (1,468,474) | (2,516,394) | ||
Land entitlement costs | 1,422,192 | 1,261,048 | ||
Land entitlement costs | (1,800,845) | (213,128) | ||
Corporate expenditures | (4,904,367) | (5,650,775) | ||
Corporate expenditures | 2,167,814 | 2,213,047 | ||
Corporate expenditures | (3,459,998) | (1,466,639) | ||
Selling costs on real estate assets* | (2,437,076) | (1,981,000) | ||
Selling costs on real estate assets* | 79,438 | |||
Selling costs on real estate assets* | (1,060,124) | (535,514) | ||
Retention bonus payments to directors, officers and employees* | [1] | (1,984,733) | (642,259) | |
Retention bonus payments to directors, officers and employees* | 14,573 | 86,917 | [1] | |
Retention bonus payments to directors, officers and employees* | (2,710,358) | (1,429,391) | [1] | |
Less prepaid expenses and other assets | 397,854 | 304,294 | ||
Less prepaid expenses and other assets | 234,620 | 93,560 | ||
Liability for estimated costs in excess of estimated receipts during liquidation** | [2] | (10,194,310) | (10,649,913) | |
Liability for estimated costs in excess of estimated receipts during liquidation** | 3,391,392 | 4,230,888 | [2] | |
Liability for estimated costs in excess of estimated receipts during liquidation** | (7,545,763) | (3,775,285) | [2] | |
Estimated net inflows from investment of real estate | (3,491,090) | 1,760,511 | ||
Estimated net inflows from investment of real estate | 4,309,328 | 3,418,285 | ||
Property operating costs | (2,594,954) | (2,084,955) | ||
Tenant improvements | (465,844) | |||
Common area capital expenditures | (474,133) | (665,000) | ||
Land entitlement costs | (1,847,127) | (1,468,474) | ||
Corporate expenditures | (6,196,551) | (4,904,367) | ||
Selling costs on real estate assets* | (3,497,200) | (2,437,076) | ||
Retention bonus payments to directors, officers and employees* | (2,710,358) | (1,429,391) | [1] | |
Retention bonus payments to directors, officers and employees* | (4,680,518) | (1,984,733) | [1] | |
Less prepaid expenses and other assets | 632,474 | 397,854 | ||
Liability for estimated costs in excess of estimated receipts during liquidation** | (7,545,763) | (3,775,285) | [2] | |
Liability for estimated costs in excess of estimated receipts during liquidation** | $ (14,348,681) | $ (10,194,310) | [2] | |
[1] | 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. | |||
[2] | These estimates were based on the liquidation being completed by the end of 2019. |
Note 5 - Disposition Activiti_2
Note 5 - Disposition Activities (Details Textual) | Dec. 07, 2019USD ($)a | Aug. 27, 2019USD ($)a | Aug. 30, 2018USD ($) |
Flowerfield Complex in Smithtown, New York [Member] | |||
Area of Land | a | 9 | ||
Flowerfield Complex in Smithtown, New York [Member] | BSL St. James LLC [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 16,800,000 | ||
Cortlandt Manor Property In New York [Member] | |||
Area of Land | a | 4.5 | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 5,720,000 | ||
Port Jefferson Professional Park [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 800,000 |
Note 6 - Loan Payable (Details
Note 6 - Loan Payable (Details Textual) | Mar. 26, 2020USD ($)a | Feb. 27, 2020 | Feb. 21, 2020USD ($) | Dec. 31, 2019USD ($)ft²a | Sep. 30, 2019USD ($) | Mar. 29, 2019USD ($) | Feb. 21, 2019USD ($) | Jan. 24, 2019USD ($) | Mar. 21, 2018USD ($) |
Subsequent Event [Member] | National Mortgage Banking Firm [Member] | |||||||||
Debt Instrument, Origination Fee, Percentage | 1.00% | ||||||||
Cortlandt Manor Medical Center [Member] | |||||||||
Area of Real Estate Property | ft² | 34,000 | ||||||||
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member] | |||||||||
Area of Real Estate Property | a | 31.8 | ||||||||
Real Estate Securing Mortgage Loan [Member] | Cortlandt Manor Medical Center [Member] | Subsequent Event [Member] | |||||||||
Area of Real Estate Property | a | 14 | ||||||||
Non-revolving Credit Line [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||||||
Debt Instrument, Interest Only Phase, Term | 240 days | ||||||||
Debt Instrument, Interest and Principal Phase, Term | 7 years | 7 years | |||||||
Proceeds from Lines of Credit, Total | $ 1,100,000 | $ 1,100,000 | |||||||
Non-revolving Credit Line [Member] | Interest Only Period of Payments [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||||||||
Non-revolving Credit Line [Member] | After Interest Only Payment Period [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | ||||||||
Debt Instrument, Amortization Period | 20 years | ||||||||
Non-revolving Credit Line [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Non-revolving Credit Line 2 [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | ||||||||
Debt Instrument, Interest Only Phase, Term | 2 years | ||||||||
Debt Instrument, Interest and Principal Phase, Term | 7 years | ||||||||
Proceeds from Lines of Credit, Total | $ 500,000 | $ 1,000,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,419,932 | ||||||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 80,068 | ||||||||
Non-revolving Credit Line 2 [Member] | Interest Only Period of Payments [Member] | Minimum [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||||||||
Non-revolving Credit Line 2 [Member] | After Interest Only Payment Period [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | ||||||||
Debt Instrument, Amortization Period | 20 years | ||||||||
Non-revolving Credit Line 2 [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Non-revolving Credit Line 2 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Non-revolving Credit Line 3 [Member] | Subsequent Event [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | $ 3,000,000 | |||||||
Debt Instrument, Interest Only Phase, Term | 2 years | ||||||||
Debt Instrument, Interest and Principal Phase, Term | 7 years | ||||||||
Non-revolving Credit Line 3 [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | ||||||||
Non-revolving Credit Line 3 [Member] | After Interest Only Payment Period [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.0475% | ||||||||
Non-revolving Credit Line 3 [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Non-revolving Credit Line 3 [Member] | Prime Rate [Member] | After Interest Only Payment Period [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Non-revolving Credit Line 3 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.0475% |
Note 6 - Loan Payable - Loan Ma
Note 6 - Loan Payable - Loan Maturity (Details) | Dec. 31, 2019USD ($) |
2020 | $ 66,000 |
2021 | 138,630 |
2022 | 143,204 |
2023 | 147,928 |
2024 | 152,807 |
Thereafter | 3,131,499 |
Total | $ 3,780,068 |
Note 7 - Real Estate (Details T
Note 7 - Real Estate (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Held-for-sale, Period Increase (Decrease) | $ 12,068,730 | $ 3,984,605 | |
Real Estate Held-for-sale | 48,270,000 | 36,201,270 | $ 33,016,665 |
Port Jefferson Professional Park [Member] | |||
Real Estate Held-for-sale, Period Increase (Decrease) | $ (800,000) | ||
Real Estate Held-for-sale | $ 48,270,000 |
Note 7 - Real Estate - Real Est
Note 7 - Real Estate - Real Estate Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Realizable Value at beginning of period | $ 36,201,270 | $ 33,016,665 |
Increase (decrease) in net realizable value | 12,068,730 | 3,984,605 |
Net Realizable Value at December 31, | 48,270,000 | 36,201,270 |
Cortlandt Manor Medical Center [Member] | ||
Increase (decrease) in net realizable value | 2,010,000 | 1,040,000 |
Flowerfield Properties, Inc. [Member] | ||
Increase (decrease) in net realizable value | 10,058,730 | 2,944,605 |
Port Jefferson Professional Park [Member] | ||
Increase (decrease) in net realizable value | $ (800,000) | |
Net Realizable Value at December 31, | $ 48,270,000 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payroll and related taxes | $ 40,011 | $ 34,737 |
Professional fees | 101,468 | 103,349 |
Other | 37,000 | 35,000 |
Total | $ 178,479 | $ 173,086 |
Note 10 - Credit Quality of R_3
Note 10 - Credit Quality of Rents Receivable - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 13,000 | $ 34,000 |
Accounts receivable (written off) | (13,000) | (21,000) |
Ending Balance | $ 13,000 |
Note 11 - Concentration of Cr_2
Note 11 - Concentration of Credit Risk (Details Textual) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
State Agency [Member] | ||
Increase in Space Leased, Percentage | 93.00% | |
Rental Income [Member] | ||
Number of Major Customers | 3 | |
Customer Concentration Risk [Member] | Rental Income [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 23.00% | |
Customer Concentration Risk [Member] | Rental Income [Member] | Customer 2 [Member] | ||
Concentration Risk, Percentage | 20.00% | |
Customer Concentration Risk [Member] | Rental Income [Member] | Customer 3 [Member] | ||
Concentration Risk, Percentage | 7.00% | |
Customer Concentration Risk [Member] | Rental Income [Member] | Small Business [Member] | Forecast [Member] | ||
Concentration Risk, Percentage | 39.00% |
Note 12 - Commitments (Details
Note 12 - Commitments (Details Textual) - USD ($) | Dec. 06, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | May 31, 2014 |
Other Commitment, Total | $ 431,716 | $ 431,716 | ||||
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties | 5.00% | |||||
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% | |||||
Director Fees, Deferred, Percentage | 100.00% | |||||
Subsequent Event [Member] | ||||||
Deferred Compensation Arrangement Fixed Interest Rate | $ 5 | |||||
Chief Executive Officer [Member] | Bonus Payable [Member] | ||||||
Other Commitment, Total | $ 125,000 | |||||
Other Employees [Member] | ||||||
Supplemental Unemployment Benefits, Severance Benefits | $ 81,716 | |||||
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 | 1.75% |
Note 12 - Commitments - Other C
Note 12 - Commitments - Other Commitments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Contractual obligation | $ 431,716 | $ 431,716 |
Management Employment Agreements with Bonus and Severance Commitment Contingencies [Member] | ||
Contractual obligation | 350,000 | 350,000 |
Other Employee Severance Commitment Contingencies [Member] | ||
Contractual obligation | $ 81,716 | $ 81,716 |
Note 12 - Commitments - Allocat
Note 12 - Commitments - Allocation of Retention Bonus (Details) | Dec. 31, 2019 | |
Bonus pool percentage | 100.00% | |
Board Members [Member] | ||
Bonus pool percentage | 65.00% | [1] |
Chief Executive Officer [Member] | ||
Bonus pool percentage | 15.474% | |
Chief Operating Officer [Member] | ||
Bonus pool percentage | 13.926% | |
Officer [Member] | ||
Bonus pool percentage | 1.75% | [2] |
Other Employees [Member] | ||
Bonus pool percentage | 3.85% | |
[1] | 15% for the Chairman and 50% for the directors other than the Chairman (10% for each of the other five directors). | |
[2] | The officer discretionary amount of 1.75% is vested but not allocated and will be allocated to the officers within the discretion of the Board. |
Note 12 - Commitments - Payment
Note 12 - Commitments - Payments Under Retention Bonus Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions paid | $ 14,573 | $ 86,917 |
Board Members [Member] | ||
Distributions paid | 9,471 | 56,497 |
Chief Executive Officer [Member] | ||
Distributions paid | 2,390 | 14,250 |
Chief Operating Officer [Member] | ||
Distributions paid | 2,151 | 12,824 |
Other Employees [Member] | ||
Distributions paid | $ 561 | $ 3,346 |
Note 14 - Contingencies (Detail
Note 14 - Contingencies (Details Textual) | 1 Months Ended |
Apr. 30, 2016USD ($) | |
Putative Class Action Lawsuit [Member] | |
Litigation Settlement, Amount Awarded to Other Party | $ 650,000 |
Note 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member] | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2016ft² | |
Operating Leases, Income Statement, Lease Revenue, Total | $ 34,720 | $ 47,146 | ||
Lease Term August 2016 Through December 2018 [Member] | ||||
Rent Amount Per Square Foot Per Month, Maximum | 10 | |||
Area of Real Estate Property | ft² | 2,130 | |||
Annual Rent | $ 18,170 | |||
Operating Leases, Maximum Total Lease Commitment | 36,340 | |||
Payments for Tenant Improvements | $ 3,500 | |||
Commitments, Fair Value Disclosure | $ 18,170 | |||
Lessor, Operating Lease, Renewal Term | 2 years | |||
Operating Leases, Additional Commitment | $ 72,680 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Summary of Leasing Arrangements (Details) - Not-for-profit Corporation [Member] | 12 Months Ended | |
Dec. 31, 2019USD ($)a | ||
Lease Term Jan 2019 Through December 2020 [Member] | ||
Square Feet (Acre) | a | 2,284 | |
Annual Rent | $ 19,414 | |
Total Commitment | $ 38,828 | |
Lease Term Jan 2019 Through December 2020 1 [Member] | ||
Square Feet (Acre) | a | 1,817 | |
Annual Rent | [1] | |
Total Commitment | [1] | |
Lease Term Jan 2019 Through December 2020 2 [Member] | ||
Square Feet (Acre) | a | 1,905 | |
Annual Rent | $ 16,193 | |
Total Commitment | $ 32,385 | |
[1] | In February 2019, the Company amended the square footage under the master lease with the not-for-profit originally entered into in August 2016. The Company understood that the tenant's main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The lease originally was for 2,130 square feet. The amended maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Approximately $3,500 in improvements were provided. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the term ending December 31, 2019 of $18,170 and total commitments including two-year renewal option of up to $72,680. |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | Mar. 26, 2020USD ($)a | Feb. 27, 2020 | Feb. 21, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019ft²a |
Cortlandt Manor Medical Center [Member] | |||||
Area of Real Estate Property | ft² | 34,000 | ||||
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member] | |||||
Area of Real Estate Property | a | 31.8 | ||||
Subsequent Event [Member] | National Mortgage Banking Firm [Member] | |||||
Debt Instrument, Origination Fee, Percentage | 1.00% | ||||
Subsequent Event [Member] | Real Estate Securing Mortgage Loan [Member] | Cortlandt Manor Medical Center [Member] | |||||
Area of Real Estate Property | a | 14 | ||||
Non-revolving Credit Line 3 [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 2,500,000 | $ 3,000,000 | |||
Debt Instrument, Interest and Principal Phase, Term | 7 years | ||||
Debt Instrument, Interest Only Phase, Term | 2 years | ||||
Non-revolving Credit Line 3 [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | ||||
Non-revolving Credit Line 3 [Member] | Subsequent Event [Member] | After Interest Only Payment Period [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.0475% | ||||
Non-revolving Credit Line 3 [Member] | Subsequent Event [Member] | Prime Rate [Member] | After Interest Only Payment Period [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Forecast [Member] | Small Businesses and Not-for-Profit Corporations [Member] | |||||
Operating Lease, Lease Income, Total | $ | $ 834,000 | ||||
Forecast [Member] | Customer Concentration Risk [Member] | Rental Income [Member] | Small Businesses and Not-for-Profit Corporations [Member] | |||||
Concentration Risk, Percentage | 39.00% |