Gyrodyne (GYRO) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
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 Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		1,482,680
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Shares of Limited Liability Company Interests

Consolidated Statements of Net

Consolidated Statements of Net Assets (Liquidation Basis) (Current Period Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
LIABILITIES:
Accounts payable	$ 679,420	$ 592,743
Accrued liabilities	396,906	178,479
Basis of Accounting, Liquidation [Member]
ASSETS:
Real estate held for sale	48,270,000	48,270,000
Cash and cash equivalents	1,699,206	2,213,205
Rent receivable	79,696	63,132
Other receivables	37,618	41,460
Total Assets	50,086,520	50,587,797
LIABILITIES:
Accounts payable	679,420	592,743
Accrued liabilities	396,906	178,479
Deferred rent liability	15,970	24,316
Tenant security deposits payable	260,815	265,078
Loan payable	4,362,168	3,780,068
Estimated liquidation and operating costs net of estimated receipts	12,991,560	14,377,476
Total Liabilities	18,706,839	19,218,160
Net assets in liquidation	$ 31,379,681	$ 31,369,637

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited) - Basis of Accounting, Liquidation [Member]	6 Months Ended
	Jun. 30, 2020USD ($)
Net assets in liquidation, as of December 31, 2019	$ 31,369,637
Remeasurement of assets and liabilities	10,044
Net increase in liquidation value	10,044
Net assets in liquidation, as of June 30, 2020	$ 31,379,681

Note 1 - The Company

Note 1 - The Company	6 Months Ended
	Jun. 30, 2020
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, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), in New York State. 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 potential of increasing the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of June 30, 2020 December 31, 2019 ( not may no Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may not first no 13 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: ● Cortlandt Manor: 13.8 34,000 ● Flowerfield: 68 10 127,000 62 68 5 68

Note 2 - Basis of Quarterly Pre

Note 2 - Basis of Quarterly Presentations	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Quarterly Presentations The accompanying interim quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the six June 30, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented not This report should be read in conjunction with the audited consolidated financial statements and footnotes therein included in the Annual Report on Form 10 December 31, 2019.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. 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 – 19 Estimated Distributions per Share New A ccounting P ronouncements - not June 30, 2020, not

Note 4 - Statements of Net Asse

Note 4 - Statements of Net Assets in Liquidation	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Liquidation Basis of Accounting [Text Block]	4. Statements of Net Assets in Liquidation Net assets in liquidation at June 30, 2020 December 31, 2019 $21.16 The cash balance at the end of the liquidation period (currently estimated to be December 31, 2021, may 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 insurance inclusive of post liquidation tail policy coverage, and financial and legal fees to complete the liquidation. 4. Costs for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties. 5. Retention bonus amounts (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 shareholders. The Company estimates that it will incur approximately $1.25 5 July 2020 December 31, 2021, six June 30, 2020, $613,000 $1.25 $349,000 $1.25 first July 2020 not may may June 30, 2020 ( not may no The net assets in liquidation at June 30, 2020 ( $31,379,681 December 31, 2019 ( $31,369,637 $21.16, 1,482,680 not may may not June 30, 2020 may

Note 5 - Estimated Liquidation

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block]	5. 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 operating costs in excess of estimated receipts during liquidation from January 1, 2020 June 30, 2020 January 1, 2020 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities June 30, 2020 Assets: Estimated rents and reimbursements $ 4,309,328 $ (1,197,672 ) $ 322,294 $ 3,433,950 Liabilities: Property operating costs (2,594,954 ) 741,839 (250,471 ) (2,103,586 ) Common area capital expenditures (474,133 ) 6,990 - (467,143 ) Land entitlement costs (1,847,127 ) 613,089 (13,357 ) (1,247,395 )* Corporate expenditures (6,196,551 ) 1,025,924 (48,422 ) (5,219,049 ) Selling costs on real estate assets (3,497,200 ) - - (3,497,200 ) Retention bonus payments to Directors, executives and employees** (4,680,518 ) - - (4,680,518 ) Less prepaid expenses and other assets 603,679 185,702 - 789,381 Liability for estimated liquidation and operating costs net of estimated receipts $ (14,377,476 ) $ 1,375,872 $ 10,044 $ (12,991,560 ) * The Company reached agreements with certain vendors to defer payment of approximately $349K $1.25 first **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.

Note 6 - Disposition Activities

Note 6 - Disposition Activities	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	6. Disposition Activities On May 11, 2020, 5.0 not $500,000. $25,000 $475,000 Under the Buyer Agreement: (i) Buyer will have the right during an investigation period to conduct a phase 1 not 20th The Buyer Agreement is also contingent on the receipt of a Certificate of Correction/Subdivision Plan (“Correction Plan”) signed and approved by the Town of Smithtown and the Suffolk County Department of Health Services (“SCDHS”) for the Non-Contiguous Property and the recharge basins and building Permits Approval (as defined in the Buyer Agreement and as described below). The Approval condition requires that the Buyer obtain the Correction Plan to create the two The Correction Plan is specifically delineated in the Buyer Agreement. If Buyer fails to obtain the Correction Plan Approval prior to the end of the Approval Period, Buyer may

Note 7 - Loan Payable

Note 7 - Loan Payable	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	7. 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, 2021 $3,000,000 April 30, 2028 84 150 1.5% 1/8 not 4.75%. 7 200 2% 1/8 20 not 4.75%. 4.75%. 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 loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $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 3.125%. $1,000,000, $500,000 $500,000 September 30, 2019, December 31, 2019 May 27, 2020, $919,932, $80,068, Both lines are secured by 31.8 June 30, 2020, The loan payable matures upon the earlier of the sale of the Flowerfield Industrial Park or as follows: Years Ending June 30, 2021 $ 42,451 2022 145,173 2023 150,923 2024 156,911 2025 163,146 Thereafter 3,621,464 Total $4,280,068 (a) (a) Excludes repayment of the Paycheck Protection Program Loan as we believe we have met the requirements for forgiveness. To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 July 16, 2020. 24 12 100 1% 1/8 no four three 4.75% one The line is secured by the Cortlandt property ( 13.8 31.8 The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), an economic stimulus package designed to aid in offsetting the economic damage caused by the ongoing COVID- 19 March 27, 2020. April 20, 2020, $82,100 April 19, 2022, 1.00% may 60% twenty-four

Note 8 - Accounts Payable and A

Note 8 - Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accounts payable and Accrued Liabil it ies Accounts Payable Accrued Liabilities June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Current accounts payable $ 172,577 $ 338,383 Accrued liabilities $ 215,063 $ 178,479 Other accounts payable (a) 506,843 254,360 Deferred Compensation to Directors (b) 181,843 - Total $ 679,420 $ 592,743 Total $ 396,906 $ 178,479 (a) The Company reached agreements with certain vendors to defer payment until the closing of the first (b) The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% 2020.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2020
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	6 Months Ended
	Jun. 30, 2020
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 not 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. In accordance with generally accepted accounting principles, the Company identifies high risk collectibles, records them on a cash basis and does not

Note 11 - Concentration of Cred

Note 11 - Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 December 31, 2019. For the six June 30, 2020 three 23%, 21% 8% three June 30, 2020

Note 12 - Commitments

Note 12 - Commitments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Commitments Disclosure [Text Block]	12. Commitments As of June 30, 2020, Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 81,716 Total $ 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% 10% five (b) The officer discretionary amount of 1.75% 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 There were no six June 30, 2020 Deferred Compensation Plan - December 6, 2019, January 1, 2020. may 5%. December 15, 2026, 100% 2020.

Note 13 - Contingencies

Note 13 - Contingencies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Contingencies Disclosure [Text Block]	13. 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 June 30, 2020 December 31, 2019, 2014 General - not

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	14. 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 Compsany estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may 3 may

Note 15 - COVID-19

Note 15 - COVID-19	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Effect of Covid-19 Pandemic [Text Block]	15. COVID- 19 In December 2019, first 2020, 2, 19, February March 2020, may March 21 , 2020, March 22, 2020 April 19, 2020. 90 April 16, 2020, May 15, 2020. ● The infection rate is sufficiently low; ● The health care system has the capacity to absorb a potential resurgence in new cases; ● Diagnostic testing capacity is sufficiently high to detect and isolate new cases; and ● Robust contact-tracing capacity is in place to help prevent the spread of the virus. Beginning March 16, 2020, Small businesses are expected to be adversely affected disproportionately by the economic ramifications of COVID- 19. not 38% $807,000 2020. 19 may 19 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.

Note 16 - Related Party Transac

Note 16 - Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	16. Related Party Transactions The Company has entered into various leasing arrangements with a not no Term Square Feet Annual Rent Total Commitment (net of abatement, excluding renewal options) Additional Commitment (assumes two-year renewal options are 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 six June 30, 2020 $9,085 two $72,680. The tenant has yet to exercise the second December 1, 2020 December 31, 2022. six June 30, 2020, $17,804 The independent members of the Board of the Company approved all of the leasing transactions 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 17 - Reclassifications

Note 17 - Reclassifications	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Reclassifications [Text Block]	17. Reclassifications Certain amounts in the prior period have been reclassified to conform to the classification used in the current period due to the agreements with certain vendors to defer payment until the closing of the first

Note 18 - Subsequent Events

Note 18 - Subsequent Events	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	18. Subsequent Events To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 July 16, 2020. 24 12 100 1% 1/8 no four three 4.75% one The line is secured by the Cortlandt property ( 13.8 31.8

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 – 19
Earnings Per Share, Policy [Policy Text Block]	Estimated Distributions per Share
New Accounting Pronouncements, Policy [Policy Text Block]	New A ccounting P ronouncements - not June 30, 2020, not

Note 5 - Estimated Liquidatio_2

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block]	January 1, 2020 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities June 30, 2020 Assets: Estimated rents and reimbursements $ 4,309,328 $ (1,197,672 ) $ 322,294 $ 3,433,950 Liabilities: Property operating costs (2,594,954 ) 741,839 (250,471 ) (2,103,586 ) Common area capital expenditures (474,133 ) 6,990 - (467,143 ) Land entitlement costs (1,847,127 ) 613,089 (13,357 ) (1,247,395 )* Corporate expenditures (6,196,551 ) 1,025,924 (48,422 ) (5,219,049 ) Selling costs on real estate assets (3,497,200 ) - - (3,497,200 ) Retention bonus payments to Directors, executives and employees** (4,680,518 ) - - (4,680,518 ) Less prepaid expenses and other assets 603,679 185,702 - 789,381 Liability for estimated liquidation and operating costs net of estimated receipts $ (14,377,476 ) $ 1,375,872 $ 10,044 $ (12,991,560 )

Note 7 - Loan Payable (Tables)

Note 7 - Loan Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	Years Ending June 30, 2021 $ 42,451 2022 145,173 2023 150,923 2024 156,911 2025 163,146 Thereafter 3,621,464 Total $4,280,068 (a)

Note 8 - Accounts Payable and_2

Note 8 - Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts Payable Accrued Liabilities June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Current accounts payable $ 172,577 $ 338,383 Accrued liabilities $ 215,063 $ 178,479 Other accounts payable (a) 506,843 254,360 Deferred Compensation to Directors (b) 181,843 - Total $ 679,420 $ 592,743 Total $ 396,906 $ 178,479

Note 12 - Commitments (Tables)

Note 12 - Commitments (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Other Commitments [Table Text Block]	Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 81,716 Total $ 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%

Note 16 - Related Party Trans_2

Note 16 - Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Term Square Feet Annual Rent Total Commitment (net of abatement, excluding renewal options) Additional Commitment (assumes two-year renewal options are 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 ($)	Jun. 30, 2020USD ($)ft²a
St. James, New York [Member] | Controlled by Parent Company [Member]
Area of Land (Acre)		68
Multi-Tenant Industrial Park [Member]
Area of Real Estate Property (Square Foot)		10
Flowerfield Industrial Park [Member]
Area of Real Estate Property (Square Foot) | ft²		127,000
Flowerfield Complex in Smithtown, New York [Member]
Area of Land (Acre)		62
Zoned Residential, and Non-contiguous to the Flowerfield Property [Member]
Area of Land (Acre)		5
Cortlandt Manor Medical Center [Member]
Area of Land (Acre)		13.8
Area of Real Estate Property (Square Foot) | ft²		34,000
The Corporation [Member]
Maximum Value of Asset to Effect Dissolution | $	$ 1,000,000	$ 1,000,000

Note 3 - Summary of Significa_2

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	Sep. 01, 2015	Jun. 30, 2020
The Corporation [Member]
Maximum Value of Asset to Effect Dissolution	$ 1,000,000	$ 1,000,000

Note 4 - Statements of Net As_2

Note 4 - Statements of Net Assets in Liquidation (Details Textual) - USD ($)	6 Months Ended	18 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2019
Basis of Accounting, Liquidation [Member]
Liquidation Basis of Accounting, Common Stock Per Share, Net (in dollars per share)	$ 21.16
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	$ 613,000
Net Assets, Ending Balance	$ 31,379,681		$ 31,369,637
Liquidation Basis of Accounting, Common Stock Per Share (in dollars per share)			$ 21.16
Common Stock, Shares, Outstanding, Ending Balance (in shares)	1,482,680
Forecast [Member]
Liquidation Basis of Accounting, Land Entitlement Costs		$ 1,250,000
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred		$ 349,000

Note 5 - Estimated Liquidatio_3

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Details Textual) - Closing of the First Property Lot Sale, Subject of Either Flowerfield or Cortlandt Manor Subidivision [Member] $ in Thousands	18 Months Ended
	Dec. 31, 2021USD ($)
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred	$ 349
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	$ 1,250

Note 5 - Estimated Liquidatio_4

Note 5 - 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]	6 Months Ended
	Jun. 30, 2020USD ($)
Estimated rents and reimbursements	$ 4,309,328
Estimated rents and reimbursements	(1,197,672)
Estimated rents and reimbursements	322,294
Estimated rents and reimbursements	3,433,950
Property operating costs	(2,594,954)
Property operating costs	741,839
Property operating costs	(250,471)
Property operating costs	(2,103,586)
Common area capital expenditures	(474,133)
Common area capital expenditures	6,990
Common area capital expenditures
Common area capital expenditures	(467,143)
Land entitlement costs	(1,847,127)
Land entitlement costs	613,089
Land entitlement costs	(13,357)
Land entitlement costs	(1,247,395)	[1]
Corporate expenditures	(6,196,551)
Corporate expenditures	1,025,924
Corporate expenditures	(48,422)
Corporate expenditures	(5,219,049)
Selling costs on real estate assets	(3,497,200)
Selling costs on real estate assets
Selling costs on real estate assets
Selling costs on real estate assets	(3,497,200)
Retention bonus payments to Directors, executives and employees**	(4,680,518)	[2]
Retention bonus payments to Directors, executives and employees**		[2]
Retention bonus payments to Directors, executives and employees**		[2]
Retention bonus payments to Directors, executives and employees**	(4,680,518)	[2]
Less prepaid expenses and other assets	603,679
Less prepaid expenses and other assets	185,702
Less prepaid expenses and other assets	789,381
Liability for estimated liquidation and operating costs net of estimated receipts	(14,377,476)
Liability for estimated liquidation and operating costs net of estimated receipts	1,375,872
Liability for estimated liquidation and operating costs net of estimated receipts	10,044
Liability for estimated liquidation and operating costs net of estimated receipts	$ (12,991,560)
[1]	The Company reached agreements with certain vendors to defer payment of approximately $349K of the $1.25 million until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.
[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.

Note 6 - Disposition Activiti_2

Note 6 - Disposition Activities (Details Textual) - Sale of Vacant Land [Member]	May 11, 2020USD ($)a
Area of Real Estate Property (Square Foot) | a	5
Sale of Real Estate Property, Purchase Price	$ 500,000
Proceeds from Sale of Real Estate, Total	25,000
Sale of Real Estate Property, Amount Receivable	$ 475,000

Note 7 - Loan Payable (Details

Note 7 - Loan Payable (Details Textual)	May 27, 2020USD ($)	Apr. 20, 2020USD ($)	Mar. 26, 2020USD ($)a	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Mar. 29, 2019USD ($)	Jan. 24, 2019USD ($)	Mar. 21, 2018USD ($)	Jun. 30, 2020USD ($)ft²a
Cortlandt Manor Medical Center [Member]
Area of Real Estate Property (Square Foot) | ft²									34,000
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member]
Area of Real Estate Property (Square Foot) | a			31.8						31.8
Real Estate Securing Mortgage Loan [Member] | Cortlandt Manor Medical Center [Member]
Area of Real Estate Property (Square Foot) | a			13.8
SBA CARES Act Paycheck Protection Program [Member]
Proceeds from Issuance of Debt		$ 82,100
Non-revolving Credit Line [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 3,000,000	$ 3,000,000
Debt Instrument, Interest Only Phase, Term (Month)								240 days
Debt Instrument, Interest and Principal Phase, Term (Month)							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, Basis Spread on Variable Rate							4.75%
Non-revolving Credit Line [Member] | After Interest Only Payment Period [Member]
Debt Instrument, Amortization Period (Year)							20 years
Debt Instrument, Interest Rate, Effective Percentage							4.75%
Non-revolving Credit Line [Member] | After Interest Only Payment Period [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate							4.75%
Non-revolving Credit Line [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member]
Debt Instrument, Basis Spread on Variable Rate							1.50%
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 (Month)							2 years
Debt Instrument, Interest and Principal Phase, Term (Month)							7 years
Proceeds from Lines of Credit, Total	$ 500,000			$ 500,000	$ 1,000,000
Line of Credit Facility, Current Borrowing Capacity									$ 919,932
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, Amortization Period (Year)							20 years
Debt Instrument, Interest Rate, Effective Percentage							3.125%
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]
Line of Credit Facility, Maximum Borrowing Capacity			$ 2,500,000
Debt Instrument, Interest Only Phase, Term (Month)			2 years
Non-revolving Credit Line 3 [Member] | Interest Only Period of Payments [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage			4.75%
Non-revolving Credit Line 3 [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member]
Debt Instrument, Basis Spread on Variable Rate			1.00%

Note 7 - Loan Payable - Loan Ma

Note 7 - Loan Payable - Loan Maturity (Details)	Jun. 30, 2020USD ($)
2021	$ 42,451
2022	145,173
2023	150,923
2024	156,911
2025	163,146
Thereafter	3,621,464
Total	$ 4,280,068	[1]
[1]	Excludes repayment of the Paycheck Protection Program Loan as we believe we have met the requirements for forgiveness.

Note 8 - Accounts Payable and_3

Note 8 - Accounts Payable and Accrued Liabilities (Details Textual)	6 Months Ended
	Jun. 30, 2020
Director Fees, Deferred, Percentage	100.00%

Note 8 - Accounts Payable and_4

Note 8 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($)		Jun. 30, 2020	Dec. 31, 2019
Current accounts payable		$ 172,577	$ 338,383
Accrued liabilities		215,063	178,479
Other accounts payable (a)	[1]	506,843	254,360
Deferred Compensation to Directors (b)	[2]	181,843
Total accounts payable		679,420	592,743
Total, accrued liabilities		$ 396,906	$ 178,479
[1]	The Company reached agreements with certain vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.
[2]	The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2020. This amount also includes the deferred compensation of a Board advisor per an agreement to defer payments due.

Note 11 - Concentration of Cr_2

Note 11 - Concentration of Credit Risk (Details Textual) - Rental Income [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2020
Customer 1 [Member]
Concentration Risk, Percentage	23.00%
Customer 2 [Member]
Concentration Risk, Percentage	21.00%
Customer 3 [Member]
Concentration Risk, Percentage	8.00%

Note 12 - Commitments (Details

Note 12 - Commitments (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jan. 01, 2020	May 31, 2014
Other Commitment, Total	$ 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%
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 0
Deferred Compensation Arrangement Fixed Interest Rate		$ 5
Director Fees, Deferred, Percentage	100.00%
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%
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)	Jun. 30, 2020USD ($)
Contractual obligation	$ 431,716
Management Employment Agreements with Bonus and Severance Commitment Contingencies [Member]
Contractual obligation	350,000	[1]
Other Employee Severance Commitment Contingencies [Member]
Contractual obligation	$ 81,716
[1]	Excludes Retention Bonus Payments

Note 12 - Commitments - Allocat

Note 12 - Commitments - Allocation of Retention Bonus (Details)	Jun. 30, 2020
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 10% for each of the other five directors.
[2]	The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.

Note 13 - Contingencies (Detail

Note 13 - 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 - COVID-19 (Details Tex

Note 15 - COVID-19 (Details Textual)	6 Months Ended
	Jun. 30, 2020USD ($)
Entity Number of Employees	4
Small Businesses and Not-for-Profit Corporations [Member]
Operating Lease, Lease Income, Total	$ 807,000
Rental Income [Member] | Customer Concentration Risk [Member] | Small Businesses and Not-for-Profit Corporations [Member]
Concentration Risk, Percentage	38.00%

Note 16 - Related Party Trans_3

Note 16 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member]	1 Months Ended	6 Months Ended
	Feb. 28, 2019USD ($)	Jun. 30, 2020USD ($)	Aug. 31, 2016ft²
Operating Leases, Income Statement, Lease Revenue, Total		$ 17,804
Lease Term August 2016 Through December 2018 [Member]
Rent Amount Per Square Foot Per Month, Maximum	10
Area of Real Estate Property (Square Foot) | 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		$ 9,085
Lessor, Operating Lease, Renewal Term (Year)		2 years
Operating Leases, Additional Commitment		$ 72,680

Note 16 - Related Party Trans_4

Note 16 - Related Party Transactions - Summary of Leasing Arrangements (Details) - Not-for-profit Corporation [Member]	6 Months Ended
	Jun. 30, 2020USD ($)ft²
Lease Term Jan 2019 Through December 2020 [Member]
Square Feet (Square Foot) | ft²	2,284
Annual Rent	$ 19,414
Total Commitment	$ 38,828
Lease Term Jan 2019 Through December 2020 1 [Member]
Square Feet (Square Foot) | ft²	1,817
Annual Rent		[1]
Total Commitment		[1]
Lease Term Jan 2019 Through December 2020 2 [Member]
Square Feet (Square Foot) | ft²	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 six months ending June 30, 2020 of $9,085 and total commitments including two-year renewal option of up to $72,680.

Note 18 - Subsequent Events (De

Note 18 - Subsequent Events (Details Textual) - GSD Cortlandt Loan With Original Line Bank [Member] - Subsequent Event [Member]	Jul. 16, 2020USD ($)a
Debt Instrument, Face Amount | $	$ 2,500,000
Debt Instrument, Term (Month)	2 years
Debt Instrument, Extension Term (Month)	1 year
Cortlandt Property [Member]
Area of Real Estate Property (Square Foot)	13.8
Flowerfield Industrial Park Property [Member]
Area of Real Estate Property (Square Foot)	31.8
Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.75%
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%