Gyrodyne (GYRO) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Document Information [Line Items]
Entity Central Index Key	0001589061
Entity Registrant Name	Gyrodyne, LLC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37547
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	46-3838291
Entity Address, Address Line One	1 Flowerfield, Suite 24
Entity Address, City or Town	St. James
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11780
City Area Code	631
Local Phone Number	584-5400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Shares of Limited Liability Company Interests
Trading Symbol	GYRO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,482,680

Consolidated Statements of Net

Consolidated Statements of Net Assets (Liquidation Basis) (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
LIABILITIES:
Accounts payable	$ 1,418,966	$ 1,146,651
Accrued liabilities	1,161,318	940,794
Estimated liquidation and operating costs net of estimated receipts	11,522,844
Basis of Accounting, Liquidation [Member]
ASSETS:
Real estate held for sale	42,545,000	42,545,000
Cash and cash equivalents	4,383,800	5,670,693
Rent receivable	159,242	39,566
Other receivables	30,760	28,796
Total Assets	47,118,802	48,284,055
LIABILITIES:
Accounts payable	1,418,966	1,146,651
Accrued liabilities	1,161,318	940,794
Deferred rent liability	47,576	36,474
Tenant security deposits payable	269,960	258,605
Loans payable	9,828,422	10,028,522
Estimated liquidation and operating costs net of estimated receipts	11,522,844	12,845,239
Total Liabilities	24,249,086	25,256,285
Net assets in liquidation	$ 22,869,716	$ 23,027,770

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited) - Basis of Accounting, Liquidation [Member]	9 Months Ended
	Sep. 30, 2022 USD ($)
Net assets in liquidation, as of December 31, 2021	$ 23,027,770
Change in liquidation value of real estate	0
Remeasurement of assets and liabilities	(158,054)
Net decrease in liquidation value	(158,054)
Net assets in liquidation, as of September 30, 2022	$ 22,869,716

Note 1 - The Company

Note 1 - The Company	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. The Company Strategic Overview Gyrodyne, LLC’s (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) corporate strategy is to pursue entitlements to increase the values of Cortlandt Manor and Flowerfield, its two remaining properties, so that they can be sold to one Gyrodyne filed subdivision applications in March 2017 19 On March 30, 2022, eight On April 26, 2022, 78 78” September 16, 2021, March 30, 2022, March 30, 2022 An Article 78 two 2024, no Various other factors will continue to impact the timeline to achieve approvals, including the backlog of land use applications, labor shortages and environmental concerns. Nevertheless, although there can be no 2023. Although Gyrodyne believes that selling individual lots will maximize value, it is also pursuing prospective purchasers who may Business Gyrodyne 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”), 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. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may first no 12 may 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 ● Flowerfield: 63 acres in St. James, New York, including a 14-acre multi-tenanted industrial park comprising 135,000 rentable square feet.

Note 2 - Basis of Quarterly Pre

Note 2 - Basis of Quarterly Presentations	9 Months Ended
	Sep. 30, 2022
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 nine September 30, 2022. 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, 2021.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies Gyrodyne intends to dissolve after we complete the disposition of all of our real property assets, apply the proceeds of such dispositions first September 1, 2015 205 30, may 205 30. Principles of Consolidation - 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 independent third no not may may December 31, 2024. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. On March 30, 2022, eight On April 26, 2022, 78 78 78 78" September 16, 2021, March 30, 2022, March 30, 2022 An Article 78 two 2024, no The Flowerfield subdivision will remain subject to the Article 78 one 78 Various other factors will continue to impact the timeline to achieve final approvals, including the backlog of land use applications, labor shortages and environmental concerns. Nevertheless, although there can be no 2023 78 Based on the aforementioned factors, the Company believes the process of negotiating purchase agreements, securing final approvals and consummating the sale of our properties will culminate by year-end 2024. 2024, no December 2024. The Company’s assumptions and estimates (including the sales proceeds of all our 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, 2024. Management Estimates Cash equivalents - Allowance for doubtful accounts 19 Estimated Distributions per Share New Accounting Pronouncements - not September 30, 2022, not

Note 4 - Statements of Net Asse

Note 4 - Statements of Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Liquidation Basis of Accounting [Text Block]	4. Statements of Net Assets in Liquidation Net assets as of September 30, 2022 December 31, 2021 78 The cash balance at the end of the liquidation period (currently estimated to be December 31, 2024, may December 31, 2024: 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 coverage including 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 and associated litigation. 5. Retention bonus amounts (See Note 11 6. Principal payments on the Company’s credit facilities. 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 estimates that it will incur approximately $1.09 million (included in the consolidated statement of net assets as part of the estimated liquidation and operating costs net of estimated receipts, See Note 5 October 2022 December 31, 2024, nine September 30, 2022, first $309K $376K October 2022 first not may may September 30, 2022 not may no The net assets as of September 30, 2022 ( December 31, 2021 ( not may may not September 30, 2022 December 31, 2021 may not

Note 5 - Estimated Liquidation

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts	9 Months Ended
	Sep. 30, 2022
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 estimated 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 of $11,522,844, excluding the gross 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, 2022 September 30, 2022 January 1, 2022 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities September 30, 2022 Assets: Estimated rents and reimbursements $ 8,506,955 $ (2,251,369 ) $ 488,061 $ 6,743,647 Prepaid expenses and other assets 946,772 86,951 - 1,033,723 Liabilities: Property operating costs (5,147,536 ) 1,337,090 (153,023 ) (3,963,469 ) Common area capital expenditures (415,327 ) 106,679 - (308,648 ) Land entitlement costs* (1,367,679 ) 281,766 - (1,085,913 ) Corporate expenditures (8,872,500 ) 1,919,332 (493,092 ) (7,446,260 ) Selling costs on real estate assets (3,215,311 ) - - (3,215,311 ) Retention bonus payments to Directors, executives and employees** (3,280,613 ) - - (3,280,613 ) Liability for estimated liquidation and operating costs net of estimated receipts $ (12,845,239 ) $ 1,480,449 $ (158,054 ) $ (11,522,844 ) * The Company reached agreements with certain service vendors to defer payment of approximately $198,600 of the $1,086,000 until the closing of the 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 - Loans Payable

Note 6 - Loans Payable	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	6. Loans Payable The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on March 21, 2018. April 30, 2021, April 30, 2028. To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second January 24, 2019. May 20, 2021, May 20, 2028. Both lines are secured by approximately 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. As of September 30, 2022, On September 15, 2021, five five 3.75% five thirty first thirty twenty-five not seventy not 1, not The Mortgage Loan may first first five second second four third third three fourth fourth two fifth fifth one no sixty sixty third two fifty The Mortgage Loan is secured by 5.01 (The Cortlandt Manor Medical Center - 1985 The total debt payable mature as follows: Twelve Months Ending September 30, 2023 $ 281,546 2024 292,482 2025 303,842 2026 315,643 2027 4,688,869 Thereafter 3,946,040 Total $ 9,828,422

Note 7 - Accounts Payable and A

Note 7 - Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accounts payable and Accrued Liabilities Accounts Payable Accrued Liabilities September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Current accounts payable $ 305,274 $ 237,318 Accrued liabilities $ 180,248 $ 218,100 Deferred accounts payable (a) 1,113,692 909,333 Deferred Compensation to Directors (b) 981,070 722,694 Total $ 1,418,966 $ 1,146,651 Total $ 1,161,318 $ 940,794 (a) The Company reached agreements with certain service 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% of his fees for 2022, 2021 2020.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes As a limited liability company, Gyrodyne is not 1065, 1 2019, 2020, 2021. The Bipartisan Budget Act of 2015 “2015 December 31, 2017. 2015 December 31, 2017 may January 1, 2018

Note 9 - Credit Quality of Rent

Note 9 - Credit Quality of Rents Receivable	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	9. 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 As of each September 30, 2022 December 31, 2021, zero

Note 10 - Concentration of Cred

Note 10 - Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2022
Credit Concentration Risk [Member]
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	10. 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 September 30, 2022 December 31, 2021. For the nine September 30, 2022 three three September 30, 2022 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 tenants that are not 2022 no

Note 11 - Commitments

Note 11 - Commitments	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments Disclosure [Text Block]	11. Commitments As of September 30, 2022, Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 89,000 Total $ 439,000 *Excludes Retention Bonus Payments Employment agreements - 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 $89,000. Retention Bonus Plan- May 2014, three no The Plan provides for a bonus pool funded with an amount equal to 5% of the specified appraised value of such properties (set forth in the Plan), so long as the gross selling price of a property is at least equal to its 2013 2013 2013 first 10% 10% 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) 55.000 % Discretionary Amount (b) 10.000 % Chief Executive Officer 15.474 % Chief Operating Officer 13.926 % Officer Discretionary Amount (c) 1.750 % Other Employees 3.850 % Total 100.000 % (a) 15% for the Chairman and 10% for each of the other four (b) Under the Plan, the Board has the right to allocate this portion amongst the Board, employees or both. (c) The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board. 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 On May 6, 2022, No. 4 Amendment No. 4 May 6, 2022, may not may Amendment No. 4 no Amendment No. 4 There were no payments made under the Plan during the nine September 30, 2022. Deferred Compensation Plan - December 6, 2019, January 1, 2020. may December 15, 2026, 2020, 2021 2022.

Note 12 - Contingencies

Note 12 - Contingencies	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Contingencies Disclosure [Text Block]	12. Contingencies Putative Class Action Lawsuit On August 14, 2015, 2014. As of September 30, 2022 December 31, 2021, 2014 Article 78 On April 26, 2022, 78 78 78 September 16, 2021, March 30, 2022, March 30, 2022 General In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will not

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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 - COVID-19 and Macroeco

Note 14 - COVID-19 and Macroeconomic Risks	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Effect of Covid-19 Pandemic [Text Block]	14. COVID- 19 The COVID- 19 19 2021 two Until recently, the U.S economy had been growing as COVID- 19 19 Beginning March 16, 2020, Small businesses have been and are expected to continue to be adversely affected disproportionately by the economic ramifications of COVID- 19. not 2022. 19 may may 19 19 In addition, the pandemic has resulted in a significant shift toward commercial acceptance of remote working and telemedicine which may 19. The extent of the impact of these public health and macroeconomic risks on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the COVID- 19 As a result of the foregoing developments, we are unable to determine what the ultimate impact will be on our timeline for seeking entitlements and selling properties, and ultimately on the amount of net proceeds and distributions from those sales.

Note 15 - Related Party Transac

Note 15 - Related Party Transactions	9 Months Ended
	Sep. 30, 2022
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 (net of abatement, excluding renewal options) Jan 2021-Dec 2022 2,284 $ 19,414 $ 38,828 Jan 2021-Dec 2022 1,817 -(a) -(a) Jan 2021-Dec 2022 1,905 $ 16,193 $ 32,385 (a)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 maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not may not three March 31, 2022 In March 2022, not December 2027. nine September 30, 2022 Term Square Feet Total Additional Commitment April 2022- Dec 2022 1,817 $ 11,583 Jan 2023 – December 2027 6,006 279,169 Total 6,006 $ 290,752 During the nine September 30, 2022, 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

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation -
Liquidation Basis of Accounting [Policy Text Block]	Basis of Presentation - Liquidation Basis of Accounting 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 independent third no not may may December 31, 2024. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. On March 30, 2022, eight On April 26, 2022, 78 78 78 78" September 16, 2021, March 30, 2022, March 30, 2022 An Article 78 two 2024, no The Flowerfield subdivision will remain subject to the Article 78 one 78 Various other factors will continue to impact the timeline to achieve final approvals, including the backlog of land use applications, labor shortages and environmental concerns. Nevertheless, although there can be no 2023 78 Based on the aforementioned factors, the Company believes the process of negotiating purchase agreements, securing final approvals and consummating the sale of our properties will culminate by year-end 2024. 2024, no December 2024. The Company’s assumptions and estimates (including the sales proceeds of all our 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, 2024.
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 Accounting Pronouncements - not September 30, 2022, not

Note 5 - Estimated Liquidatio_2

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block]	January 1, 2022 Expenditures/ (Receipts) Remeasurement of Assets and Liabilities September 30, 2022 Assets: Estimated rents and reimbursements $ 8,506,955 $ (2,251,369 ) $ 488,061 $ 6,743,647 Prepaid expenses and other assets 946,772 86,951 - 1,033,723 Liabilities: Property operating costs (5,147,536 ) 1,337,090 (153,023 ) (3,963,469 ) Common area capital expenditures (415,327 ) 106,679 - (308,648 ) Land entitlement costs* (1,367,679 ) 281,766 - (1,085,913 ) Corporate expenditures (8,872,500 ) 1,919,332 (493,092 ) (7,446,260 ) Selling costs on real estate assets (3,215,311 ) - - (3,215,311 ) Retention bonus payments to Directors, executives and employees** (3,280,613 ) - - (3,280,613 ) Liability for estimated liquidation and operating costs net of estimated receipts $ (12,845,239 ) $ 1,480,449 $ (158,054 ) $ (11,522,844 )

Note 6 - Loans Payable (Tables)

Note 6 - Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	Twelve Months Ending September 30, 2023 $ 281,546 2024 292,482 2025 303,842 2026 315,643 2027 4,688,869 Thereafter 3,946,040 Total $ 9,828,422

Note 7 - Accounts Payable and_2

Note 7 - Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts Payable Accrued Liabilities September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Current accounts payable $ 305,274 $ 237,318 Accrued liabilities $ 180,248 $ 218,100 Deferred accounts payable (a) 1,113,692 909,333 Deferred Compensation to Directors (b) 981,070 722,694 Total $ 1,418,966 $ 1,146,651 Total $ 1,161,318 $ 940,794

Note 11 - Commitments (Tables)

Note 11 - Commitments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Other Commitments [Table Text Block]	Management employment agreements with bonus* and severance commitment contingencies $ 350,000 Other employee severance commitment contingencies 89,000 Total $ 439,000
Schedule of Allocation of Bonus Pool Percentage [Table Text Block]	Board Members/Employees Bonus Pool Percentage Board Members(a) 55.000 % Discretionary Amount (b) 10.000 % Chief Executive Officer 15.474 % Chief Operating Officer 13.926 % Officer Discretionary Amount (c) 1.750 % Other Employees 3.850 % Total 100.000 %

Note 15 - Related Party Trans_2

Note 15 - Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Term Square Feet Annual Rent Total Commitment (net of abatement, excluding renewal options) Jan 2021-Dec 2022 2,284 $ 19,414 $ 38,828 Jan 2021-Dec 2022 1,817 -(a) -(a) Jan 2021-Dec 2022 1,905 $ 16,193 $ 32,385 Term Square Feet Total Additional Commitment April 2022- Dec 2022 1,817 $ 11,583 Jan 2023 – December 2027 6,006 279,169 Total 6,006 $ 290,752

Note 1 - The Company (Details T

Note 1 - The Company (Details Textual)		12 Months Ended
	Sep. 01, 2015 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022	Sep. 30, 2022 a	Sep. 30, 2022 ft²
Number of Real Estate Properties			2
Cortlandt Manor Medical Center [Member] | Cortlandt, New York [Member]
Area of Land (Acre)				13.8
Area of Real Estate Property (Square Foot) | ft²					31,000
Flowerfield Properties, Inc. [Member] | St. James, New York [Member] | Multi-Tenant Industrial Park [Member]
Area of Real Estate Property (Square Foot)				14	135,000
Flowerfield Properties, Inc. [Member] | St. James, New York [Member] | Controlled by Parent Company [Member]
Area of Real Estate Property (Square Foot)				63
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 ($)		12 Months Ended
	Sep. 01, 2015	Dec. 31, 2021
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 ($)	9 Months Ended	27 Months Ended	30 Months Ended
	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2024	Mar. 31, 2022	Dec. 31, 2021
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value Per Share (in dollars per share)	$ 0.11
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	$ 1,086,000
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred	198,600
Basis of Accounting, Liquidation [Member]
Net Assets, Ending Balance	$ 22,869,716				$ 23,027,770
Liquidation Basis of Accounting, Common Stock Per Share, Net (in dollars per share)	$ 15.42				$ 15.53
Common Stock, Shares, Outstanding, Ending Balance (in shares)	1,482,680			1,482,680
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value	$ (158,054)
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	282,000
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred	$ 87,000
Liquidation Basis of Accounting, Common Stock Per Share (in dollars per share)	$ 15.42				$ 15.53
Subdivision Application to Divide the Flowerfield Property into Lots [Member] | Flowerfield Properties, Inc. [Member]
Legal Fees	$ 500,000
Other Expenses	146,000
Leasing Commissions Expense	63,000
Rental Income, Operating	$ 488,000
Forecast [Member]
Operating Lease, Lease Income, Total			$ 1.09
Liquidation Basis of Accounting, Land Entitlement Costs		$ 1,090,000
Real Estate Tax Expense		309,000
Regulatory Fees		376,000
Deferred Amount on Future Land Entitlement Costs		$ 198,600

Note 5 - Estimated Liquidatio_3

Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Details Textual)	9 Months Ended
	Sep. 30, 2022 USD ($)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities	$ 11,522,844
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred	198,600
Liquidation Basis of Accounting, Land Entitlement Costs Incurred	$ 1,086,000

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)	9 Months Ended
	Sep. 30, 2022 USD ($)
Liability for estimated liquidation and operating costs net of estimated receipts	$ (11,522,844)
Basis of Accounting, Liquidation [Member]
Estimated rents and reimbursements	8,506,955
Estimated rents and reimbursements	(2,251,369)
Estimated rents and reimbursements	488,061
Estimated rents and reimbursements	6,743,647
Prepaid expenses and other assets	946,772
Prepaid expenses and other assets	86,951
Prepaid expenses and other assets	1,033,723
Property operating costs	(5,147,536)
Property operating costs	1,337,090
Property operating costs	153,023
Property operating costs	(3,963,469)
Common area capital expenditures	(415,327)
Common area capital expenditures	106,679
Common area capital expenditures	0
Common area capital expenditures	(308,648)
Land entitlement costs*	(1,367,679)	[1]
Land entitlement costs*	281,766
Land entitlement costs*	0
Land entitlement costs*	(1,085,913)	[1]
Corporate expenditures	(8,872,500)
Corporate expenditures	1,919,332
Corporate expenditures	(493,092)
Corporate expenditures	(7,446,260)
Selling costs on real estate assets	(3,215,311)
Selling costs on real estate assets	0
Selling costs on real estate assets	0
Selling costs on real estate assets	(3,215,311)
Retention bonus payments to Directors, executives and employees**	(3,280,613)	[2]
Retention bonus payments to Directors, executives and employees**	0
Retention bonus payments to Directors, executives and employees**	0
Retention bonus payments to Directors, executives and employees**	(3,280,613)	[2]
Liability for estimated liquidation and operating costs net of estimated receipts	(12,845,239)
Liability for estimated liquidation and operating costs net of estimated receipts	1,480,449
Liability for estimated liquidation and operating costs net of estimated receipts	(158,054)
Liability for estimated liquidation and operating costs net of estimated receipts	$ (11,522,844)
[1]The Company reached agreements with certain service vendors to defer payment of approximately $220,000 of the $1,182,000 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 - Loans Payable (Details

Note 6 - Loans Payable (Details Textual)	Sep. 15, 2021 USD ($)	Apr. 30, 2021 USD ($)	Apr. 01, 2021	Jan. 24, 2019 USD ($)	Sep. 30, 2022 a	Mar. 31, 2022 a	May 20, 2021 USD ($)	Mar. 21, 2018 USD ($)
Term Loan [Member]
Debt Instrument, Face Amount	$ 4,950,000
Term Loan [Member] | If Maturity Date Is Extended [Member]
Debt Instrument, Covenant, Maximum Loan to Value Ratio of the Property	70%
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio	1.3
Debt Instrument, Fee Amount	$ 150
Extended Term Loan [Member]
Debt Instrument, Amortization Period (Year)	30 years
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Cortlandt Manor Medical Center [Member] | Asset Pledged as Collateral [Member]
Area of Real Estate Property (Square Foot) | a					5.01
Cortlandt Property [Member]
Area of Real Estate Property (Square Foot) | a					13.8
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member]
Area of Real Estate Property (Square Foot) | a						31.8
If Maturity Date Is Extended [Member] | Term Loan [Member]
Debt Instrument, Amortization Period (Year)	25 years
US Treasury (UST) Interest Rate [Member] | Extended Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Non-revolving Credit Line [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 3,000,000
Long-term Line of Credit, Total		$ 2,200,000
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member]
Debt Instrument, Amortization Period (Year)			20 years
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.85%
Non-revolving Credit Line 2 [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,000,000
Long-term Line of Credit, Total							$ 3,000,000
Non-revolving Credit Line 2 [Member] | After Interest Only Payment Period [Member]
Debt Instrument, Amortization Period (Year)				20 years
Non-revolving Credit Line 2 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				3.85%
Non-revolving Credit Line 3 [Member]
Repayments of Debt	$ 1,050,000
Non-revolving Credit Line 3 [Member] | Term Loan [Member]
Debt Instrument, Term (Year)	5 years
Debt Instrument, Extension Term (Year)	5 years

Note 6 - Loans Payable - Loan M

Note 6 - Loans Payable - Loan Maturity (Details)	Sep. 30, 2022 USD ($)
2023	$ 281,546
2024	292,482
2025	303,842
2026	315,643
2027	4,688,869
Thereafter	3,946,040
Total	$ 9,828,422

Note 7 - Accounts Payable and_3

Note 7 - Accounts Payable and Accrued Liabilities (Details Textual)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Director Fees, Deferred, Percentage		100%	100%
Forecast [Member]
Director Fees, Deferred, Percentage	100%

Note 7 - Accounts Payable and_4

Note 7 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($)		Sep. 30, 2022	Dec. 31, 2021
Current accounts payable		$ 305,274	$ 237,318
Accrued liabilities		180,248	218,100
Deferred accounts payable (a)	[1]	1,113,692	909,333
Deferred Compensation to Directors (b)	[2]	981,070	722,694
Total accounts payable		1,418,966	1,146,651
Total, accrued liabilities		$ 1,161,318	$ 940,794
[1]The Company reached agreements with certain service 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 2022, 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due.

Note 9 - Credit Quality of Re_2

Note 9 - Credit Quality of Rents Receivable (Details Textual) $ in Thousands	Sep. 30, 2022 USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 0

Note 10 - Concentration of Cr_2

Note 10 - Concentration of Credit Risk (Details Textual) - Rental Income [Member] - Customer Concentration Risk [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022
Customer 1 [Member]
Concentration Risk, Percentage	23%
Customer 2 [Member]
Concentration Risk, Percentage	21%
Customer 3 [Member]
Concentration Risk, Percentage	9%
Small Businesses and Not-for-Profit Corporations [Member] | Forecast [Member]
Concentration Risk, Percentage		41%

Note 11 - Commitments (Details

Note 11 - Commitments (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 11, 2022	Jan. 01, 2020	May 31, 2014
Other Commitment, Total	$ 439,000
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties							5%
Additional Bonus Pool Funding, Percentage of Gross Sales Price on First Ten Percent Of Property Appreciation							10%
Additional Bonus Pool, Funding Percentage of Gross Sales Price on Second Ten Percent of Property Appreciation							15%
Additional Bonus Pool Funding, Percentage of Gross Sales Price on Property Appreciation Greater than Twenty Percent							20%
Retention Bonus Plan, Internal Rate of Return (in dollars per share)	$ 4				$ 4
Payment for Retention Bonus Plan	$ 0
Deferred Compensation Arrangement Fixed Interest Rate						5%
Director Fees, Deferred, Percentage			100%	100%
Forecast [Member]
Director Fees, Deferred, Percentage		100%
Chief Executive Officer [Member] | Bonus Payable [Member]
Other Commitment, Total	125,000
Other Employees [Member]
Supplemental Unemployment Benefits, Severance Benefits	$ 89,000
Board of Directors Chairman [Member]
Bonus Pool Distribution Proportions							15%
Other 4 Directors [Member]
Bonus Pool Distribution Proportions							10%
Executives and Employees [Member]
Bonus Pool Distribution Proportions							1.75%

Note 11 - Commitments - Other C

Note 11 - Commitments - Other Commitments (Details)	Sep. 30, 2022 USD ($)
Contractual obligation	$ 439,000
Management Employment Agreements with Bonus and Severance Commitment Contingencies [Member]
Contractual obligation	350,000	[1]
Other Employee Severance Commitment Contingencies [Member]
Contractual obligation	$ 89,000
[1]Excludes Retention Bonus Payments

Note 11 - Commitments - Allocat

Note 11 - Commitments - Allocation of Retention Bonus (Details)	Sep. 30, 2022
Bonus pool percentage	100%
Board Members [Member]
Bonus pool percentage	55%	[1]
Board Members and Employees [Member]
Bonus pool percentage	10%	[2]
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%	[3]
Other Employees [Member]
Bonus pool percentage	3.85%
[1]15% for the Chairman and 10% for each of the other four directors.[2]Under the Plan, the Board has the right to allocate this portion amongst the Board, employees or both.[3]The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.

Note 14 - COVID-19 and Macroe_2

Note 14 - COVID-19 and Macroeconomic Risks (Details Textual) - Forecast [Member] - USD ($)	12 Months Ended	30 Months Ended
	Dec. 31, 2022	Dec. 31, 2024
Operating Lease, Lease Income, Total		$ 1.09
Small Businesses and Not-for-Profit Corporations [Member]
Operating Lease, Lease Income, Total	$ 1,014,000
Rental Income [Member] | Customer Concentration Risk [Member] | Small Businesses and Not-for-Profit Corporations [Member]
Concentration Risk, Percentage	41%

Note 15 - Related Party Trans_3

Note 15 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member]	1 Months Ended	9 Months Ended
	Feb. 28, 2019 USD ($)	Sep. 30, 2022 USD ($)	Mar. 01, 2022 USD ($)
Operating Lease, Lease Income, Total		$ 34,427
Lease Term August 2016 Through December 2018 [Member]
Rent Amount Per Square Foot Per Month, Maximum	10
Annual Rent	$ 18,170
Operating Leases, Maximum Total Lease Commitment	$ 36,340
Commitments, Fair Value Disclosure		4,543
Operating Leases, Additional Commitment		36,340
Lease Term March 2022 Through December 2027 [Member]
Escalators and Agreements, Percentage			3%
Company, Capital Improvements			$ 65,000
Tenant, Capital Improvements			36,000
Below Market Lease, Annual Rent		$ 4,414
Below Market Lease, Total Commitment to be Received			$ 44,144

Note 15 - Related Party Trans_4

Note 15 - Related Party Transactions - Summary of Leasing Arrangements (Details) - Not-for-profit Corporation [Member]	9 Months Ended
	Sep. 30, 2022 USD ($) ft²
Square Feet (Square Foot) | ft²	6,006
Total commitment | $	$ 290,752
Square Feet (Square Foot) | ft²	6,006
Total commitment | $	$ 290,752
Lease Term January 2021 Through December 2022 1 [Member]
Square Feet (Square Foot) | ft²	2,284
Annual Rent | $	$ 19,414
Total commitment | $	$ 38,828
Square Feet (Square Foot) | ft²	2,284
Total commitment | $	$ 38,828
Lease Term April 2022 Through December 2022 [Member]
Square Feet (Square Foot) | ft²	1,817
Total commitment | $	$ 11,583
Square Feet (Square Foot) | ft²	1,817
Total commitment | $	$ 11,583
Lease Term January 2021 Through December 2022 2 [Member]
Square Feet (Square Foot) | ft²	1,817
Square Feet (Square Foot) | ft²	1,817
Lease Term January 2023 Through December 2027 [Member]
Square Feet (Square Foot) | ft²	6,006
Total commitment | $	$ 279,169
Square Feet (Square Foot) | ft²	6,006
Total commitment | $	$ 279,169
Lease Term January 2021 Through December 2022 [Member]
Square Feet (Square Foot) | ft²	1,905
Annual Rent | $	$ 16,193
Total commitment | $	$ 32,385
Square Feet (Square Foot) | ft²	1,905
Total commitment | $	$ 32,385