Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | HMG COURTLAND PROPERTIES INC | |
Entity Central Index Key | 0000311817 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-7865 | |
Entity Tax Identification Number | 59-1914299 | |
Entity Common Stock, Shares Outstanding | 1,016,848 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1870 S. Bayshore Drive | |
Entity Address, Address Line Two | Coconut Grove | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33133 | |
City Area Code | 305 | |
Local Phone Number | 854-6803 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | HMG | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Investment properties, net of accumulated depreciation: | ||
Office building and other commercial property | $ 1,419,173 | $ 1,431,539 |
Total investment properties, net | 1,419,173 | 1,431,539 |
Cash and cash equivalents | 4,537,040 | 4,883,923 |
Investments in marketable securities | 2,828,497 | 3,406,328 |
Other investments | 5,230,720 | 4,940,403 |
Investment in affiliate | 1,098,407 | 1,206,782 |
Loans, notes and other receivables | 1,502,816 | 1,419,760 |
Investment in residential real estate partnership | 3,251,896 | 3,552,896 |
Other assets | 73,851 | 49,937 |
TOTAL ASSETS | 19,942,400 | 20,891,568 |
LIABILITIES | ||
Note payable to affiliate | 400,000 | 650,000 |
Dividends payable | 0 | 503,624 |
Accounts payable, accrued expenses and other liabilities | 478,969 | 206,402 |
Deferred income tax liability | 142,125 | 107,237 |
TOTAL LIABILITIES | 1,021,094 | 1,467,263 |
STOCKHOLDERS' EQUITY | ||
Excess common stock, $1 par value; 100,000 shares authorized: no shares issued | 0 | 0 |
Common stock, $1 par value; 1,050,000 shares authorized, 1,016,848 shares issued and outstanding as of June 30, 2021 and 1,013,292 shares issued and 1,007,248 outstanding as of December 31, 2020 | 1,016,848 | 1,013,292 |
Additional paid-in capital | 23,919,818 | 23,859,686 |
Less: Treasury shares at cost zero and 6,044 shares as of June 30, 2021 and December 31, 2020, respectively | 0 | (66,392) |
Accumulated deficit | (6,260,368) | (5,623,557) |
Total stockholders' equity | 18,676,298 | 19,183,029 |
Noncontrolling interest | 245,008 | 241,276 |
TOTAL EQUITY | 18,921,306 | 19,424,305 |
TOTAL LIABILITIES AND EQUITY | $ 19,942,400 | $ 20,891,568 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Excess common stock, par value | $ 1 | $ 1 |
Excess common stock, shares authorised | 100,000 | 100,000 |
Excess common stock, shares issued | 0 | 0 |
Common stock par value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 1,050,000 | 1,050,000 |
Common Stock, Shares, Outstanding | 1,016,848 | 1,007,248 |
Common Stock, Shares, Issued | 1,016,848 | 1,013,292 |
Treasury Stock, Shares | 6,044 | 6,044 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS INCOME - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES | ||||
Real estate rentals and related revenue | $ 20,281 | $ 19,516 | $ 40,562 | $ 39,031 |
Total Revenues | 20,281 | 19,516 | 40,562 | 39,031 |
Operating expenses: | ||||
Rental and other properties | 41,244 | 16,311 | 95,545 | 33,781 |
Adviser's base fee | 165,000 | 165,000 | 330,000 | 330,000 |
General and administrative | 33,597 | 23,793 | 122,314 | 104,761 |
Professional fees and expenses | 97,122 | 20,987 | 182,082 | 114,928 |
Directors' fees and expenses | 22,617 | 19,000 | 40,867 | 37,250 |
Depreciation and amortization | 3,850 | 3,850 | 7,699 | 7,699 |
Interest expense | 3,368 | 6,587 | 7,933 | 19,329 |
Total expenses | 366,798 | 255,528 | 786,440 | 647,748 |
Loss before other income and income taxes | (346,517) | (236,012) | (745,878) | (608,717) |
Net realized and unrealized gains (losses) from marketable securities | 128,899 | 484,272 | 191,842 | (385,507) |
Equity loss from operations of residential real estate partnership | (157,000) | 0 | (301,000) | 0 |
Net income from other investments | 89,066 | 58,425 | 132,550 | 172,268 |
Other than temporary impairment losses from other investments | 0 | (265,000) | 0 | (315,000) |
Interest, dividend and other income | 65,994 | 83,089 | 121,566 | 177,468 |
Total other income (loss) | 126,959 | 360,786 | 144,958 | (350,771) |
(Loss) income before income taxes | (219,558) | 124,774 | (600,920) | (959,488) |
(Provision for) benefit from income taxes | (36,103) | 4,605 | (32,159) | 105,354 |
Net (loss) income | (255,661) | 129,379 | (633,079) | (854,134) |
(Gain) loss from non-controlling interest | (5,569) | (3,516) | (3,732) | 15,128 |
Net (loss) income attributable to the company | $ (261,230) | $ 125,863 | $ (636,811) | $ (839,006) |
Weighted average common shares outstanding-basic and diluted | 1,007,881 | 1,011,758 | 1,007,566 | 1,012,525 |
Net (loss) income per common share: | ||||
Basic and diluted net income (loss) per share | $ (0.26) | $ 0.12 | $ (0.63) | $ (0.83) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2019 | $ 20,805,159 | $ 1,013,292 | $ 23,859,686 | $ (4,067,819) | $ 0 |
Balance (in shares) at Dec. 31, 2019 | 1,013,292 | 0 | |||
Net Income (Loss) | (964,869) | $ 0 | 0 | (964,869) | $ 0 |
Balance at Mar. 31, 2020 | 19,840,290 | $ 1,013,292 | 23,859,686 | (5,032,688) | $ 0 |
Balance (in shares) at Mar. 31, 2020 | 1,013,292 | 0 | |||
Balance at Dec. 31, 2019 | 20,805,159 | $ 1,013,292 | 23,859,686 | (4,067,819) | $ 0 |
Balance (in shares) at Dec. 31, 2019 | 1,013,292 | 0 | |||
Net Income (Loss) | (839,006) | ||||
Retirement of 6,044 treasury shares | 0 | ||||
Balance at Jun. 30, 2020 | 19,899,761 | $ 1,013,292 | 23,859,686 | (4,906,825) | $ (66,392) |
Balance (in shares) at Jun. 30, 2020 | 1,013,292 | 6,044 | |||
Balance at Mar. 31, 2020 | 19,840,290 | $ 1,013,292 | 23,859,686 | (5,032,688) | $ 0 |
Balance (in shares) at Mar. 31, 2020 | 1,013,292 | 0 | |||
Net Income (Loss) | 125,863 | $ 0 | 0 | 125,863 | $ 0 |
Purchased treasury shares | (66,392) | $ 0 | 0 | 0 | $ (66,392) |
Purchased treasury shares (in shares) | 0 | 6,044 | |||
Balance at Jun. 30, 2020 | 19,899,761 | $ 1,013,292 | 23,859,686 | (4,906,825) | $ (66,392) |
Balance (in shares) at Jun. 30, 2020 | 1,013,292 | 6,044 | |||
Balance at Dec. 31, 2020 | $ 19,183,029 | $ 1,013,292 | 23,859,686 | (5,623,557) | $ (66,392) |
Balance (in shares) at Dec. 31, 2020 | 1,007,248 | 1,013,292 | 6,044 | ||
Net Income (Loss) | $ (375,581) | $ 0 | 0 | (375,581) | $ 0 |
Balance at Mar. 31, 2021 | 18,807,448 | $ 1,013,292 | 23,859,686 | (5,999,138) | $ (66,392) |
Balance (in shares) at Mar. 31, 2021 | 1,013,292 | 6,044 | |||
Balance at Dec. 31, 2020 | $ 19,183,029 | $ 1,013,292 | 23,859,686 | (5,623,557) | $ (66,392) |
Balance (in shares) at Dec. 31, 2020 | 1,007,248 | 1,013,292 | 6,044 | ||
Net Income (Loss) | $ (636,811) | ||||
Retirement of 6,044 treasury shares | 66,392 | ||||
Balance at Jun. 30, 2021 | $ 18,676,298 | $ 1,016,848 | 23,919,818 | (6,260,368) | $ 0 |
Balance (in shares) at Jun. 30, 2021 | 1,016,848 | 1,016,848 | 0 | ||
Balance at Mar. 31, 2021 | $ 18,807,448 | $ 1,013,292 | 23,859,686 | (5,999,138) | $ (66,392) |
Balance (in shares) at Mar. 31, 2021 | 1,013,292 | 6,044 | |||
Net Income (Loss) | (261,230) | $ 0 | 0 | (261,230) | $ 0 |
Stock Options Exercised | 130,080 | $ 9,600 | 120,480 | 0 | $ 0 |
Stock Options Exercised (in shares) | 9,600 | 0 | |||
Retirement of 6,044 treasury shares | 0 | $ (6,044) | (60,348) | 0 | $ 66,392 |
Retirement of 6,044 treasury shares (in shares) | (6,044) | (6,044) | |||
Balance at Jun. 30, 2021 | $ 18,676,298 | $ 1,016,848 | $ 23,919,818 | $ (6,260,368) | $ 0 |
Balance (in shares) at Jun. 30, 2021 | 1,016,848 | 1,016,848 | 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended |
Jun. 30, 2021shares | |
Common Stock Including Additional Paid in Capital [Member] | |
Retirement of treasury shares | 6,044 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss attributable to the Company | $ (636,811) | $ (839,006) |
Adjustments to reconcile net loss attributable to the Company to net cash used in operating activities: | ||
Depreciation expense | 7,699 | 7,699 |
Net income from other investments, excluding impairment losses | (132,550) | (172,267) |
Other than temporary impairment losses from other investments | 0 | 315,000 |
Loss on sale of land | 29,210 | 0 |
Equity loss from operations of residential real estate partnership | 301,000 | 0 |
Net (gains) losses from investments in marketable securities | (191,842) | 385,507 |
Net income (loss) attributable to noncontrolling interest | 3,732 | (15,128) |
Deferred income taxes | 34,887 | (105,354) |
Changes in assets and liabilities: | ||
Other assets and other receivables | (53,660) | (10,922) |
Accounts payable, accrued expenses and other liabilities | 78,352 | (231,516) |
Total adjustments | 76,828 | 173,019 |
Net cash used in operating activities | (559,983) | (665,988) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net proceeds from sales and redemptions of marketable securities | 1,233,705 | 839,547 |
Investments in marketable securities | (464,032) | (929,990) |
Distributions from other investments | 249,580 | 394,423 |
Contributions to other investments | (437,035) | (205,472) |
Proceeds from collections of mortgage loans, notes and other receivables | 124 | 1,200,000 |
Distribution from affiliate | 138,062 | 220,899 |
Purchases and improvements of properties | (10,253) | 0 |
Proceeds from sale of property | 129,926 | 0 |
Additions in mortgage loans, notes, and other receivables | (3,433) | 0 |
Net cash provided by investing activities | 836,644 | 1,519,407 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Margin borrowings, net of repayments | 0 | (6,007,878) |
Dividend paid | (503,624) | (506,646) |
Repayment of note payable to affiliate | (250,000) | (350,000) |
Stock options exercised | 130,080 | 0 |
Purchase of treasury shares | 0 | (66,392) |
Net cash used in financing activities | (623,544) | (6,930,916) |
Net decrease in cash and cash equivalents | (346,883) | (6,077,497) |
Cash and cash equivalents at beginning of the period | 4,883,923 | 15,382,596 |
Cash and cash equivalents at end of the period | 4,537,040 | 9,305,099 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 8,000 | 19,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Retirement of treasury stock during the period | 66,392 | 0 |
Accrual of construction costs incurred in period but not paid (Vermont) | 194,918 | 0 |
Mortgage receivable on sale of land during the period (Rhode Island) | $ 49,876 | $ 0 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company's Annual Report for the year ended December 31, 2020. The balance sheet as of December 31, 2020 was derived from audited consolidated financial statements as of that date. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements include the accounts of HMG/Courtland Properties, Inc. (the "Company" or “HMG”) and entities in which the Company owns a majority voting interest or controlling financial interest. All material transactions and balances with consolidated and unconsolidated entities have been eliminated in consolidation or as required under the equity method. The Company reclassified certain amounts within its condensed consolidated balance sheet and statement of changes in stockholders’ equity to conform to current period presentation. The reclassifications includes $54.1 million from undistributed gains from sales of properties, net of losses and $59.0 million from undistributed losses from operations to an accumulated deficit of $4.9 million as of June 30, 2020 and $54.1 million from undistributed gains from sales of properties, net of losses and $58.2 million from undistributed losses from operations to an accumulated deficit of $5.6 million as of December 31, 2020 These reclassifications had no impact on the Company’s previously reported results of operations or cash flows. |
REVOCATION OF REIT STATUS AND L
REVOCATION OF REIT STATUS AND LIQUIDATION | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Revocation of Reiit Status and Liquidations [Abstract] | |
Revocation Of Reiit Status And Liquidations | 2. REVOCATION OF REIT STATUS AND LIQUIDATION As previously reported in Form 8-K on June 14, 2021, management is considering revoking (the “Revocation”) the real estate investment trust (“REIT”) status of the Company, followed by the adoption of a plan of liquidation (the “Liquidation”) of the Company, subject to approval by the Board of Directors and majority vote of shareholders. The purpose of this Revocation and Liquidation is to liquidate the Company’s operations/assets in an orderly manner based upon market conditions permitting reasonable exit values for its existing portfolios. Because of the complexities associated with maintaining REIT status during this Liquidation and a two-year REIT liquidation constraint, if ultimately executed, the Company plans to revoke REIT status effective January 1, 2022, and undertake this Liquidation process over a multi-year period. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | 3. NEW ACCOUNTING PRONOUNCEMENTS There are several new accounting pronouncements issued or proposed by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial position, operating results, or cash flow. |
INVESTMENT IN RESIDENTIAL REAL
INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP (FORT MYERS, FL) | 6 Months Ended |
Jun. 30, 2021 | |
Investment In Real Estate Partnership [Abstract] | |
Investment In Residential Real Estate Partnership | 4. INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP (FORT MYERS, FL) Pursuant to the terms of a Construction and Mini Perm Loan Agreement ("Loan Agreement"), between Murano At Three Oaks Associates LLC, a Florida limited liability company formed in September 2018 (the “Borrower” or “Murano”) which is 25% owned by HMG, and PNC Bank, National Association ("Lender"), Lender provided a construction loan to the Borrower for the principal sum of approximately $41.59 million (“Loan”). The proceeds of the Loan were used to finance the construction of multi-family residential apartments containing 318 units totaling approximately 312,000 net rentable square feet on a 17.5-acre site located in Fort Myers, Florida ("Project"). The Project site was purchased by the Borrower concurrently with the closing of the Loan. Total development costs for the Project were approximately $54.1 million, or $2 million less than originally projected. The Borrower’s equity totals approximately $14.5 million. HMG’s share of the equity is 25%, or approximately $3.6 million. As of June 30, 2021, the outstanding balance on the Loan was approximately $39.0 million. The Project has been completed and a certificate of occupancy was obtained in March 2021. The Project is approximately 70% leased. For the six months ended June 30, 2021 Murano reported a net loss of $1.2 million including $88,000 income from operations, depreciation and amortization of $953,000 and $344,000 of interest expense. HMG’s portion of the 2021 loss was $301,000. HMG and the other members (or affiliates thereof) of the Borrower ("Guarantors") entered into a Completion Guaranty ("Completion Guaranty") and a Guaranty and Suretyship Agreement ("Repayment Guaranty") (collectively, the “Guaranties”). Under the Completion Guaranty, each Guarantor shall unconditionally guaranty, as a primary obligor, and become surety for the prompt payment and performance by Borrower of the “Guaranteed Obligations” (as defined). Under the Repayment Guaranty, Guarantor unconditionally guarantees, as a primary obligor, and becomes surety for the prompt payment and performance of, as defined (i) all Interest Obligations, (ii) all Loan Document Obligations, (iii) all Expense Obligations, (iv) the Carrying Cost Obligations, (v) the Principal Amount, (vi) interest on each of the foregoing including, if applicable, interest at the Default Rate (as defined). At all times prior to the First Reduction Date (as defined below), the Guarantors are collectively responsible for 30% of the Principal Obligations, (ii) at all times after the First Reduction Date, the Guarantors are collectively responsible for 15% of the Principal Obligations, and (iii) at all times after the Second Reduction Date, 0% of the Principal Obligations. First Reduction Date occurs upon satisfaction of the following conditions: (i) no Event of Default has occurred and is continuing; (ii) Completion of Construction has occurred; and (iii) the Project has achieved a DSCR of not less than 1.25 to 1.00 for two (2) consecutive fiscal quarters. Each Guarantor is required to maintain compliance with the following financial covenants, as defined: liquidity shall not be less than $ million. Liquidity is defined as the sum of unencumbered, unrestricted cash and cash equivalents and marketable securities, and net worth shall not be less than $ million. As of , HMG was in compliance with all covenants required by Guarantors in the Loan Agreement. |
260 RIVER CORP. MONTPELIER, VER
260 RIVER CORP. MONTPELIER, VERMONT | 6 Months Ended |
Jun. 30, 2021 | |
Two sixty River Montpelier Vermont [Abstract] | |
260 RIVER CORP. MONTPELIER, VERMONT | 5. 260 RIVER CORP. MONTPELIER, VERMONT The Company’s property located in Montpelier Vermont has completed the required environmental remediation as previously disclosed. Groundwater monitoring is ongoing and will continue on a long term (annually or biannually) until levels of contaminants reach acceptable levels . The costs of such monitoring are expected to be less than $4,000 per year. The owners agreed with a local developer on a fixed fee of $500,000 to remediate the property, of which a balance of approximately $61,000 is owed and payable upon the property receiving a Certificate of Completion (COC) from the State of Vermont Agency of Natural Resources (“ANR”). The COC provides certain liability protections for environmental contamination at the property under Vermont’s Brownfields Reuse and Environmental Liability Limitation Act program (“BRELLA”). We are expecting to receive the COC sometime in 2021. In August 2020, the existing owners of the property amended and restated the previously reported Pre-Development Agreement. The Amended and Restated Pre-Development Agreement calls for the transfer of 50% of our interest in the property to the local developer which remediated the property and 10% to an unrelated real estate consultant which has assisted us in the process of remediating and developing the property. The transfer of ownership will occur upon receipt of the COC and will result in the Company owning approximately 28% of the project thereafter. Also, in August 2020, we entered into a lease agreement with an unrelated party which covers approximately 3.5 acres of land and existing improvements together with an expansion building of approximately 8,000 square feet. The term of the lease will commence on the earlier of: (a) 30 days after the date the project is substantially completed (as defined); or (b) the date that the tenant opens for business (the “Commencement Date”) and shall continue until the 10 th On March 1, 2021 the project was completed, a certificate of occupancy was obtained, and the lease commenced upon tenant taking possession of the property. The total costs of renovation and construction was approximately $2.5 million. The Company’s portion of the total costs (28% ownership) is approximately $725,000 of which $395,000 has been paid as of June 30, 2021 and $331,000 is accrued as of June 30,2021, including $31,000 accrued in this quarter. Loss from operations and estimated depreciation expense for the period ended June 30, 2021 was minimal. As of June 30, 2021 the carrying value of this investment is approximately $837,000. |
INVESTMENTS IN MARKETABLE SECUR
INVESTMENTS IN MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities | 6. INVESTMENTS IN MARKETABLE SECURITIES Investments in marketable securities consist primarily of large capital corporate equity and debt securities in varying industries or issued by government agencies with readily determinable fair values. These securities are stated at market value, as determined by the most recent traded price of each security at the balance sheet date. Consistent with the Company's overall current investment objectives and activities its entire marketable securities portfolio is classified as trading. Accordingly, all unrealized gains (losses) on this portfolio are recorded in income. Included in investments in marketable securities is approximately $1.0 million and $1.7 million in preferred stock of large capital real estate investment trusts (REITs) as of June 30, 2021 and December 31, 2020, respectively. Net realized and unrealized gain from investments in marketable securities for the three and six months ended June 30, 2021 and 2020 is summarized below: Three months ended June 30, Six months ended June 30, Description 2021 2020 2021 2020 Net realized loss from sales of securities $ (59,000 ) $ (44,000 ) $ (53,000 ) $ (71,000 ) Unrealized net gain (loss) of securities 188,000 528,000 245,000 (315,000 ) Total net gain (loss) from investments in marketable securities $ 129,000 $ 484,000 $ 192,000 $ (386,000 ) For the three months ended June 30, 2021, net realized loss from sales of marketable securities of approximately $59,000 consisted of approximately $69,000 of gross losses net of $10,000 of gross gains. For the six months ended June 30, 2021, net realized losses from sales of marketable securities of approximately $53,000 consisted of approximately $104,000 of gross losses net of $51,000 of gross gains. For the three months ended June 30, 2020, net realized loss from sales of marketable securities was approximately $44,000 which consisted of $69,000 of gross losses net of $25,000 of gross gains. For the six months ended June 30, 2020, net realized loss from sales of marketable securities was approximately $71,000 and consisted of approximately $108,000 of gross losses net of $37,000 of gross gains. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets | 7. OTHER INVESTMENTS As of June 30, 2021, the Company’s portfolio of other investments had an aggregate carrying value of approximately $5.23 million and we have committed to fund approximately $1.04 million as required by agreements with the investees. The carrying value of these investments is equal to contributions less distributions and impairment valuation adjustments, if any. During the six months ended June 30, 2021, we made cash contributions to other investments of approximately $437,000. This consisted of $200,000 as an addition to our existing investment in a multi-family residential building located in Hollywood, Florida, $50,000 in a new co-investment in one of the existing portfolio companies of our diversified technology fund, $50,000 in a start-up technology fund, and we committed a total of $500,000 (of which approximately $74,000 has been funded), in a new private equity fund which will invest in various technology innovators globally. We also funded approximately $63,000 in follow on commitments of existing investments. During the six months ended June 30, 2021, we received cash distributions from other investments of approximately $250,000. This included approximately $70,000 distributions from our investments in two entities that provide mortgage loans, and various small distributions from other existing investments. Net income from other investments for the six months ended June 30, 2021 and 2020, is summarized below: Three months ended June 30, Six months ended June 30, Investment Description 2021 2020 2021 2020 Partnerships owning real estate and related investments $ 49,000 $ 33,000 $ 50,000 $ 163,000 Partnerships owning diversified businesses 9,000 6,000 53,000 8,000 Technology and related investments - 14,000 - 14,000 Income (loss) from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) 31,000 5,000 30,000 (13,000 ) Total net income from other investments $ 89,000 $ 58,000 $ 133,000 $ 172,000 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. There were no Other-Than-Temporary Impairments (“OTTI”) adjustments for the three and six months ended June 30, 2021. For the six months ended June 30, 2020, in accordance with ASC Topic 320-10-65, Recognition and Presentation of, we recognized a total of $315,000 OTTI valuation adjustments. In the second quarter of 2020, we recorded two OTTI adjustments. One for $90,000 which was an additional write down relating to the investment in a small business investment company licensed by the Small Business Administration in which we invested $300,000 in 2007. Distributions to date from this investment total $68,000. We wrote this investment down by $50,000 in the first quarter of 2020. The carrying value of this investment is $92,000 after the OTTI adjustments. The other OTTI adjustment in this quarter was for $175,000 for an investment in a $2 billion global fund which invests in oil exploration and production which we committed $500,000 in September 2015. To date we have funded substantially all of our commitment and have received $205,000 in distributions from this investment. The write down was based on net asset value reported by the sponsor and takes into consideration the current disruptions in the oil markets as a result of the economic fall out of the pandemic. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 8. FAIR VALUE OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the Company measures cash and cash equivalents, marketable debt and equity securities at fair value on a recurring basis. Other investments are measured at fair value on a nonrecurring basis. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, using quoted prices in active markets for identical assets (Level 1) and significant other observable inputs (Level 2). For the periods presented, there were no major assets measured at fair value on a recurring basis which uses significant unobservable inputs (Level 3): Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at reporting date using Description Total June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,644,000 $ 1,644,000 $ - $ - US T-bills 2,400,000 2,400,000 - - Marketable securities: Corporate debt securities 697,000 - 697,000 - Marketable equity securities 2,131,000 2,131,000 - - Total assets $ 6,872,000 $ 6,175,000 $ 697,000 $ - Fair value measurement at reporting date using Description Total December 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,496,000 $ 1,496,000 $ - $ - US T-bills 2,900,000 2,900,000 - - Marketable securities: Corporate debt securities 613,000 - 613,000 - Marketable equity securities 2,793,000 2,793,000 - - Total assets $ 7,802,000 $ 7,189,000 $ 613,000 $ - Carrying amount is the estimated fair value for corporate debt securities and time deposits based on a market-based approach using observable (Level 2) inputs such as prices of similar assets in active markets. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | 9. INCOME TAXES The Company as a qualifying REIT distributes its taxable ordinary income to stockholders in conformity with requirements of the Internal Revenue Code and is not required to report deferred items due to its ability to distribute all taxable income. In addition, net operating losses can be carried forward to reduce future taxable income but cannot be carried back. The Company’s 95%-owned taxable REIT subsidiary, CII, files a separate income tax return and its operations are not included in the REIT’s income tax return. Distributed capital gains on sales of real estate as they relate to REIT activities are not subject to taxes; however, undistributed capital gains may be subject to corporate tax. On December 11, 2020 the Company declared a dividend of $0.50 per share (100% return of capital) which was payable on January 12, 2021 to all shareholders of record as of December 29, 2020. On December 13, 2019 the Company declared a dividend of $0.50 per share (100% return of capital) which was payable on January 13, 2020 to all shareholders of record as of December 30, 2019. The Company accounts for income taxes in accordance with ASC Topic 740, “Accounting for Income Taxes.” ASC Topic 740 requires a Company to use the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes only pertain to CII. As of June 30, 2021 and December 31, 2020, the Company reported a net deferred tax liability of $142,000, and $107,000, respectively. Deferred taxes are primarily a result of timing differences associated with the carrying value of the investment in affiliate (TGIF), other investments and investments in marketable securities. The benefit from income taxes in the condensed consolidated statements of income consists of the following: Six months ended June 30, 2021 2020 Current: Federal $ - $ - State 3,000 - 3,000 - Deferred: Federal $ (17,000 ) $ 74,000 State (3,000 ) 17,000 (20,000 ) 91,000 Valuation allowance (15,000 ) 14,000 Total $ (32,000 ) $ 105,000 The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with ASC Topic 740 and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our consolidated financial statements. Our evaluation was performed for the tax year ended December 31, 2020. The Company’s federal income tax returns since 2017 are subject to examination by the Internal Revenue Service, generally for a period of three years after the returns were filed. We may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. In the event we have received an assessment for interest and/or penalties, it has been classified in the condensed consolidated financial statements as general and administrative expense. |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | 10. STOCK OPTIONS During the six months ended June 30, 2021, options for 9,600 shares were exercised. There were no options granted, expired or forfeited. During the six months ended June 30, 2020, there were no options exercised, granted, expired or forfeited. The following table summarizes information concerning outstanding and exercisable options as of June 30, 2021: Number of securities to be issued upon exercise of outstanding options Weighted-average exercise price of outstanding options Number of securities remaining available for future issuance under equity compensation plans Equity compensation plan approved by shareholders 9,600 $ 13.55 42,752 Options exercised (9,600 ) 13.55 - Equity compensation plan not approved by shareholders - - - Total - $ - 42,752 |
RELATED PARTY EXPENSE
RELATED PARTY EXPENSE | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Expense | 11. RELATED PARTY EXPENSE The Company’s new director, Alan Finkelstein, is a consultant to HMGA, Inc. (the “Adviser”) and receives $2,000 per month from the Adviser for his bookkeeping services. |
NEW ACCOUNTING PRONOUNCEMENTS (
NEW ACCOUNTING PRONOUNCEMENTS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | There are several new accounting pronouncements issued or proposed by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial position, operating results, or cash flow. |
INVESTMENTS IN MARKETABLE SEC_2
INVESTMENTS IN MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain (Loss) on Securities | Net realized and unrealized gain from investments in marketable securities for the three and six months ended June 30, 2021 and 2020 is summarized below: Three months ended June 30, Six months ended June 30, Description 2021 2020 2021 2020 Net realized loss from sales of securities $ (59,000 ) $ (44,000 ) $ (53,000 ) $ (71,000 ) Unrealized net gain (loss) of securities 188,000 528,000 245,000 (315,000 ) Total net gain (loss) from investments in marketable securities $ 129,000 $ 484,000 $ 192,000 $ (386,000 ) |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Investment Holdings, Schedule of Investments | Net income from other investments for the six months ended June 30, 2021 and 2020, is summarized below: Three months ended June 30, Six months ended June 30, Investment Description 2021 2020 2021 2020 Partnerships owning real estate and related investments $ 49,000 $ 33,000 $ 50,000 $ 163,000 Partnerships owning diversified businesses 9,000 6,000 53,000 8,000 Technology and related investments - 14,000 - 14,000 Income (loss) from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) 31,000 5,000 30,000 (13,000 ) Total net income from other investments $ 89,000 $ 58,000 $ 133,000 $ 172,000 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at reporting date using Description Total June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,644,000 $ 1,644,000 $ - $ - US T-bills 2,400,000 2,400,000 - - Marketable securities: Corporate debt securities 697,000 - 697,000 - Marketable equity securities 2,131,000 2,131,000 - - Total assets $ 6,872,000 $ 6,175,000 $ 697,000 $ - Fair value measurement at reporting date using Description Total December 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market mutual funds $ 1,496,000 $ 1,496,000 $ - $ - US T-bills 2,900,000 2,900,000 - - Marketable securities: Corporate debt securities 613,000 - 613,000 - Marketable equity securities 2,793,000 2,793,000 - - Total assets $ 7,802,000 $ 7,189,000 $ 613,000 $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The benefit from income taxes in the condensed consolidated statements of income consists of the following: Six months ended June 30, 2021 2020 Current: Federal $ - $ - State 3,000 - 3,000 - Deferred: Federal $ (17,000 ) $ 74,000 State (3,000 ) 17,000 (20,000 ) 91,000 Valuation allowance (15,000 ) 14,000 Total $ (32,000 ) $ 105,000 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information concerning outstanding and exercisable options as of June 30, 2021: Number of securities to be issued upon exercise of outstanding options Weighted-average exercise price of outstanding options Number of securities remaining available for future issuance under equity compensation plans Equity compensation plan approved by shareholders 9,600 $ 13.55 42,752 Options exercised (9,600 ) 13.55 - Equity compensation plan not approved by shareholders - - - Total - $ - 42,752 |
CONDENSED CONSOLIDATED FINANC_2
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Undistributed gains from sales of properties, net of losses | $ 54,100,000 | $ 54,100,000 | |
Undistributed losses from operations | 58,200,000 | 59,000,000 | |
Accumulated deficit | $ 6,260,368 | $ 5,623,557 | $ 4,900,000 |
INVESTMENT IN RESIDENTIAL REA_2
INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP (FORT MYERS, FL) (Details Textual) | Jul. 19, 2019USD ($)aft²units | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Number of Units in Real Estate Property | units | 318 | ||||
Depreciation, Depletion and Amortization, Nonproduction | $ 3,850 | $ 3,850 | $ 7,699 | $ 7,699 | |
Interest expense | 3,368 | 6,587 | 7,933 | 19,329 | |
Net Income (Loss) from Real Estate Investment Partnership | (157,000) | $ 0 | (301,000) | $ 0 | |
Long term construction loan | $ 39,000,000 | 39,000,000 | |||
PNC Bank National Association [Member] | |||||
Equity Method Investment, Underlying Equity in Net Assets | $ 14,500,000 | ||||
Debt Instrument, Face Amount | 41,590,000 | ||||
Murano At Three Oaks Associates LLC [Member] | |||||
Equity Method Investment, Underlying Equity in Net Assets | $ 3,600,000 | ||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||
Depreciation, Depletion and Amortization, Nonproduction | 953,000 | ||||
Interest expense | 344,000 | ||||
Net Income (Loss) from Real Estate Investment Partnership | 1,200,000 | ||||
Profit (Loss) from Real Estate Operations | $ 88,000 | ||||
Percentage of property leased | 70.00% | ||||
Murano At Three Oaks Associates LLC [Member] | Hmg [Member] | |||||
Net Income (Loss) from Real Estate Investment Partnership | $ 301,000 | ||||
Fort Myers Florida [Member] | |||||
Guarantor Obligations Financial Compliance Covenants | Each Guarantor is required to maintain compliance with the following financial covenants, as defined: (1) liquidity shall not be less than $2.5 million. Liquidity is defined as the sum of unencumbered, unrestricted cash and cash equivalents and marketable securities, and (2) net worth shall not be less than $10 million. | ||||
Development Costs, Period Cost | $ 54,100,000 | ||||
Area Of Land Available For Renting | ft² | 312,000 | ||||
Area of Land | a | 17.5 | ||||
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate One [Member] | |||||
Guarantor Obligation Percentage Loans Payable | 30.00% | 30.00% | |||
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate Two [Member] | |||||
Guarantor Obligation Percentage Loans Payable | 15.00% | 15.00% | |||
Fort Myers Florida [Member] | Financial Guarantee [Member] | Reduction Of Rate Three [Member] | |||||
Guarantor Obligation Percentage Loans Payable | 0.00% | 0.00% | |||
Fort Myers Florida [Member] | Residential Real Estate Partnership [Member] | Equity Method Investments [Member] | |||||
Equity method investments carrying value | $ 3,200,000 | $ 3,200,000 | |||
Fort Myers Florida [Member] | Construction Contracts [Member] | |||||
Guarantor Obligations, Term | HMG and the other members (or affiliates thereof) of the Borrower ("Guarantors") entered into a Completion Guaranty ("Completion Guaranty") and a Guaranty and Suretyship Agreement ("Repayment Guaranty") (collectively, the “Guaranties”). Under the Completion Guaranty, each Guarantor shall unconditionally guaranty, as a primary obligor, and become surety for the prompt payment and performance by Borrower of the “Guaranteed Obligations” (as defined). Under the Repayment Guaranty, Guarantor unconditionally guarantees, as a primary obligor, and becomes surety for the prompt payment and performance of, as defined (i) all Interest Obligations, (ii) all Loan Document Obligations, (iii) all Expense Obligations, (iv) the Carrying Cost Obligations, (v) the Principal Amount, (vi) interest on each of the foregoing including, if applicable, interest at the Default Rate (as defined). At all times prior to the First Reduction Date (as defined below), the Guarantors are collectively responsible for 30% of the Principal Obligations, (ii) at all times after the First Reduction Date, the Guarantors are collectively responsible for 15% of the Principal Obligations, and (iii) at all times after the Second Reduction Date, 0% of the Principal Obligations. First Reduction Date occurs upon satisfaction of the following conditions: (i) no Event of Default has occurred and is continuing; (ii) Completion of Construction has occurred; and (iii) the Project has achieved a DSCR of not less than 1.25 to 1.00 for two (2) consecutive fiscal quarters. | ||||
Fort Myers Florida [Member] | Construction Contracts [Member] | Minimum [Member] | |||||
Liquidity amount | 2,500,000 | $ 2,500,000 | |||
Net worth | $ 10,000,000 | $ 10,000,000 |
260 RIVER CORP. MONTPELIER, V_2
260 RIVER CORP. MONTPELIER, VERMONT (Details Textual) | Aug. 30, 2020USD ($) | Aug. 31, 2020USD ($)aft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Montpelier Vermont Property [Line Items] | ||||
Real estate investment fixed fee | $ 500,000 | |||
Real estate investment fixed fee owed and payable | $ 61,000 | |||
Accrual of construction costs incurred in period but not paid (Vermont) | $ 194,918 | $ 0 | ||
Montpelier Vermont Property [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Estimated monitoring Construction cost per year | 4,000 | |||
Montpelier Vermont Property [Member] | Equity Method Investments [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Equity method investments carrying value | 837,000 | |||
Amended And Restated Predevelopment Agreement [Member] | Montpelier Vermont Property [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 28.00% | |||
Amended And Restated Predevelopment Agreement [Member] | Montpelier Vermont Property [Member] | Local Developer [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Percentage of property available for sale | 50.00% | |||
Amended And Restated Predevelopment Agreement [Member] | Montpelier Vermont Property [Member] | Real Consultant [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Percentage of property available for sale | 10.00% | |||
Leases Agreement [Member] | Montpelier Vermont Property [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Average annual rent | $ 229,000 | |||
Average annual rent payable years | 10 years | |||
Leases term description | The term of the lease will commence on the earlier of: (a) 30 days after the date the project is substantially completed (as defined); or (b) the date that the tenant opens for business (the “Commencement Date”) and shall continue until the 10th anniversary of the Commencement Date. The lease provides the tenant the option to renew or extend the lease for two consecutive renewal terms of five years each. | |||
Leases term extension description | two consecutive renewal terms of five years each. | |||
Total construction costs | $ 725,000 | |||
Real estate construction costs to be recorded percentage | 28.00% | |||
Estimated cost of renovation and construction | $ 2,500,000 | |||
Total construction costs Paid | 395,000 | |||
Accrual of construction costs incurred in period but not paid (Vermont) | 331,000 | |||
Accrued Construction Costs | $ 31,000 | |||
Leases Agreement [Member] | Land Improvements [Member] | Montpelier Vermont Property [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Area of Land | a | 3.5 | |||
Leases Agreement [Member] | Building Improvements [Member] | Montpelier Vermont Property [Member] | ||||
Montpelier Vermont Property [Line Items] | ||||
Area of Land | ft² | 8,000 |
INVESTMENTS IN MARKETABLE SEC_3
INVESTMENTS IN MARKETABLE SECURITIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Marketable Securities, Gain (Loss) [Abstract] | ||||
Net realized loss from sales of securities | $ (59,000) | $ (44,000) | $ (53,000) | $ (71,000) |
Unrealized net gain (loss) of securities | 188,000 | 528,000 | 245,000 | (315,000) |
Total net gain (loss) from investments in marketable securities | $ 128,899 | $ 484,272 | $ 191,842 | $ (385,507) |
INVESTMENTS IN MARKETABLE SEC_4
INVESTMENTS IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | |||||
Marketable Securities Gain | $ 69,000 | $ 69,000 | $ 51,000 | $ 37,000 | |
Marketable Securities Loss | 10,000 | 25,000 | 104,000 | 108,000 | |
Marketable Securities | 2,828,497 | 2,828,497 | $ 3,406,328 | ||
Net realized gain (loss) from sales of securities | (59,000) | $ (44,000) | (53,000) | $ (71,000) | |
Real Estate Investment Trusts [Member] | |||||
Marketable Securities [Line Items] | |||||
Marketable Securities | $ 1,000,000 | $ 1,000,000 | $ 1,700,000 |
OTHER INVESTMENTS (Details)
OTHER INVESTMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Investments [Line Items] | ||||
Partnerships owning real estate and related investments | $ 49,000 | $ 33,000 | $ 50,000 | $ 163,000 |
Partnerships owning diversified businesses | 9,000 | 6,000 | 53,000 | 8,000 |
Technology and related investments | 0 | 14,000 | 0 | 14,000 |
Income (loss) from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.) | 31,000 | 5,000 | 30,000 | (13,000) |
Total net income from other investments | $ 89,000 | $ 58,000 | $ 133,000 | $ 172,000 |
OTHER INVESTMENTS (Details Text
OTHER INVESTMENTS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2017 | Sep. 30, 2015 | |
Other Investment [Line Items] | ||||||||
Other Investments | $ 5,230,720 | $ 5,230,720 | $ 4,940,403 | |||||
Company committed to fund approximately as required by agreements with the investees | 1,040,000 | 1,040,000 | ||||||
Proceeds from Sale and Maturity of Other Investments | 249,580 | $ 394,423 | ||||||
Payments to Acquire Other Investments | 437,035 | 205,472 | ||||||
Impairment of Other Investments | 0 | $ 265,000 | 0 | 315,000 | ||||
Small Business Administration [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Other Investments | $ 300,000 | |||||||
Impairment of Other Investments | 90,000 | $ 50,000 | 315,000 | |||||
Income from Other Investments | 68,000 | |||||||
Investments After Other Than Temporary Impairment Adjustments | 92,000 | |||||||
Global Fund Investment Relating To Oil Exploration And Production [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Other Investments | 2,000,000,000 | 2,000,000,000 | ||||||
Company committed to fund approximately as required by agreements with the investees | $ 500,000 | |||||||
Impairment of Other Investments | $ 175,000 | |||||||
Income from Other Investments | $ 205,000 | |||||||
New Private Equity Fund [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Company committed to fund approximately as required by agreements with the investees | 500,000 | 500,000 | ||||||
Income from Other Investments | 74,000 | |||||||
Freely Marketable [Member] | Investment In Insurance Company [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Maketable securitites unrealised loss position | $ 437,000 | $ 437,000 | ||||||
TGIF Texas Inc [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||
Mortgage Loans [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Proceeds from Sale and Maturity of Other Investments | $ 70,000 | |||||||
Existing investments [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Income from Other Investments | 63,000 | |||||||
Real Estate Partnership [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Payments to Acquire Other Investments | 200,000 | |||||||
New Co Investment [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Payments to Acquire Other Investments | 50,000 | |||||||
Start Up Technology Fund [Member] | ||||||||
Other Investment [Line Items] | ||||||||
Payments to Acquire Other Investments | $ 50,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 6,872,000 | $ 7,802,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 6,175,000 | 7,189,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 697,000 | 613,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,644,000 | 1,496,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,644,000 | 1,496,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
US T-Bills [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,400,000 | 2,900,000 |
US T-Bills [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,400,000 | 2,900,000 |
US T-Bills [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | ||
US T-Bills [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | ||
Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 697,000 | 613,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 697,000 | 613,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,131,000 | 2,793,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,131,000 | 2,793,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current: | ||||
Federal | $ 0 | $ 0 | ||
State | 3,000 | 0 | ||
Total | 3,000 | 0 | ||
Deferred: | ||||
Federal | (17,000) | 74,000 | ||
State | (3,000) | 17,000 | ||
Total | (20,000) | 91,000 | ||
Valuation allowance | (15,000) | 14,000 | ||
Total | $ (36,103) | $ 4,605 | $ (32,159) | $ 105,354 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | Dec. 11, 2020 | Dec. 13, 2019 | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Line Items] | ||||
Dividend payable declaration date | Dec. 11, 2020 | Dec. 13, 2019 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | $ 0.50 | ||
Dividend payable date to be paid | Jan. 12, 2021 | Jan. 13, 2020 | ||
Dividend payable date of record | Dec. 29, 2020 | Dec. 30, 2019 | ||
Dividend return of capital component percentage | (100.00%) | (100.00%) | ||
Deferred Income Tax Liabilities, Net | $ 142,125 | $ 107,237 | ||
Cii [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) | Jun. 30, 2021$ / sharesshares |
Number of securities to be issued upon exercise of outstanding options | 0 |
Weighted-average exercise price of outstanding options | $ / shares | $ 0 |
Number of securities remaining available for future issuance under equity compensation plans | 42,752 |
Equity compensation plan approved by shareholders [Member] | |
Number of securities to be issued upon exercise of outstanding options | 9,600 |
Weighted-average exercise price of outstanding options | $ / shares | $ 13.55 |
Number of securities remaining available for future issuance under equity compensation plans | 42,752 |
Options exercised [Member] | |
Number of securities to be issued upon exercise of outstanding options | 9,600 |
Weighted-average exercise price of outstanding options | $ / shares | $ 13.55 |
Number of securities remaining available for future issuance under equity compensation plans | 0 |
Equity compensation plan not approved by shareholders [Member] | |
Number of securities to be issued upon exercise of outstanding options | 0 |
Weighted-average exercise price of outstanding options | $ / shares | $ 0 |
Number of securities remaining available for future issuance under equity compensation plans | 0 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) | 6 Months Ended |
Jun. 30, 2021shares | |
Number of share options exercised | 9,600 |
RELATED PARTY EXPENSE (Details
RELATED PARTY EXPENSE (Details Textual) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Related Party Transactions [Abstract] | |
Services received, related party transactions per month | $ 2,000 |