First Hartford (FHRT) 10-Q 17 Jan 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2016	Jan. 13, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	FIRST HARTFORD CORP
Entity Central Index Key	36,369
Document Type	10-Q
Document Period End Date	Oct. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,377,565
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Real estate and equipment:
Developed properties and property under construction (including $76,002,362 in October and $74,693,823 in April for VIEs)	$ 222,915,292	$ 228,733,956
Equipment and tenant improvements (including $2,492,261 in October and $2,425,896 in April for VIEs)	3,832,195	3,763,420
Total Real estate and equipment, Gross	226,747,487	232,497,376
Less accumulated depreciation and amortization (including $14,870,738 in October and $13,827,009 in April for VIEs)	44,814,603	42,654,076
Net Real estate and equipment	181,932,884	189,843,300
Property held for sale	13,725,036	15,422,312
Cash and cash equivalents (including $1,819,480 in October and $1,507,163 in April for VIEs)	6,015,617	5,982,506
Cash and cash equivalents ? restricted (including $267,068 in October and $406,749 in April for VIEs)	782,692	2,070,963
Marketable securities (including $1,518,876 in October and $1,601,795 in April for VIEs)	1,518,876	1,601,795
Accounts and notes receivable, less allowance for doubtful accounts of $158,550 as of October 31, 2016 and $769,961 as of April 30, 2016 (including $86,203 in October and $27,651 in April for VIEs)	3,317,468	3,959,574
Other receivables	5,631,050	5,956,103
Deposits and escrow accounts (including $10,955,944 in October and $4,137,450 in April for VIEs)	17,104,863	9,937,588
Prepaid expenses (including $401,813 in October and $306,547 in April for VIEs)	1,767,989	1,438,759
Deferred expenses (including $175,703 in October and $184,722 in April for VIEs)	4,841,105	2,952,630
Investments in affiliates	100	100
Due from related parties and affiliates	160,468	159,954
Deferred tax asset	1,387,037	2,130,776
Total assets	238,185,185	241,456,360
Mortgages and notes payable:
Construction loans payable	33,045,048	68,031,502
Mortgages payable (including $65,084,090 in October and $56,580,047 in April for VIEs)	183,983,938	149,119,630
Notes payable (including $1,704,697 in October and $1,704,697 in April for VIEs)	1,704,697	1,744,697
Lines of credit	1,694,091	2,652,091
Less: Deferred debt issuance costs, net (including $1,608,227 in October and $1,151,746 in April for VIEs)	(2,869,107)	(1,837,083)
Total Mortgages and other notes payable	217,558,667	219,710,837
Accounts payable (including $1,111,774 in October and $961,884 in April for VIEs)	3,870,282	3,701,702
Other payables	6,519,466	8,843,015
Accrued liabilities (including $3,162,898 in October and $3,254,953 in April for VIEs)	5,634,766	6,124,930
Derivative liability	5,150,074	4,693,209
Deferred income (including $231,256 in October and $254,576 in April for VIEs)	647,480	677,694
Other liabilities	1,470,999	1,654,361
Due to related parties and affiliates (including $437,955 in October and $430,269 in April for VIEs)	609,807	602,121
Total liabilities	241,461,541	246,007,869
First Hartford Corporation:
Preferred stock, $1 par value; $.50 cumulative and convertible; authorized 4,000,000 shares; no shares issued and outstanding	0	0
Common stock, $1 par value; authorized 6,000,000 shares; issued 3,273,609 and 3,298,609 shares and outstanding 2,377,565 and 2,404,590 shares as of October 31, 2016 and April 30, 2016	3,273,609	3,298,609
Capital in excess of par	5,148,928	5,198,928
Accumulated deficit	(6,866,409)	(8,600,495)
Accumulated other comprehensive income	0	0
Treasury stock, at cost, 896,044 and 894,019 shares as of October 31, 2016 and April 30, 2016	(4,989,384)	(4,984,416)
Total First Hartford Corporation	(3,433,256)	(5,087,374)
Noncontrolling interests	156,900	535,865
Total shareholders' equity (deficiency)	(3,276,356)	(4,551,509)
Total liabilities and shareholders' equity (deficiency)	$ 238,185,185	$ 241,456,360

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Developed properties and property under construction	$ 222,915,292	$ 228,733,956
Equipment and tenant improvements	3,832,195	3,763,420
Real estate investment property, Accumulated depreciation and amortization	44,814,603	42,654,076
Cash and cash equivalents, at Carrying Value	6,015,617	5,982,506
Restricted Cash and cash equivalents	782,692	2,070,963
Marketable securities	1,518,876	1,601,795
Accounts and notes receivable, net	3,317,468	3,959,574
Allowance for doubtful accounts	158,550	769,961
Deposits and escrow accounts	17,104,863	9,937,588
Prepaid expenses	1,767,989	1,438,759
Deferred expenses	4,841,105	2,952,630
Mortgages payable	183,983,938	149,119,630
Notes payable	1,704,697	1,744,697
Deferred debt issuance costs	(2,869,107)	(1,837,083)
Accounts payable	3,870,282	3,701,702
Accrued liabilities	5,634,766	6,124,930
Deferred income	647,480	677,694
Due to related parties and affiliates	$ 609,807	$ 602,121
Preferred Stock par value (in dollars per share)	$ 1	$ 1
Preferred stock, cumulative and convertible par value (in dollars per share)	$ .50	$ .50
Preferred Stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares authorized (in shares)	6,000,000	6,000,000
Common Stock, shares issued (in shares)	3,273,609	3,298,609
Common Stock, shares outstanding (in shares)	2,377,565	2,404,590
Treasury stock, at cost, shares (in shares)	896,044	894,019
Variable Interest Entity, Primary Beneficiary [Member]
Developed properties and property under construction	$ 76,002,362	$ 74,693,823
Equipment and tenant improvements	2,492,261	2,425,896
Real estate investment property, Accumulated depreciation and amortization	14,870,738	13,827,009
Cash and cash equivalents, at Carrying Value	1,819,480	1,507,163
Restricted Cash and cash equivalents	267,068	406,749
Marketable securities	1,518,876	1,601,795
Accounts and notes receivable, net	86,203	27,651
Deposits and escrow accounts	10,955,944	4,137,450
Prepaid expenses	401,813	306,547
Deferred expenses	175,703	184,722
Mortgages payable	65,084,090	56,580,047
Notes payable	1,704,697	1,704,697
Deferred debt issuance costs	(1,608,227)	(1,151,746)
Accounts payable	111,774	961,884
Accrued liabilities	3,162,898	3,254,953
Deferred income	231,256	254,576
Due to related parties and affiliates	$ 437,955	$ 430,269

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Operating revenues:
Rental income	$ 7,862,088	$ 7,572,094	$ 15,928,535	$ 14,990,653
Service income	1,599,778	1,937,857	2,828,383	3,569,893
Sales of real estate	6,385,000	10,246,022	18,595,051	11,350,182
Other revenues	913,206	813,884	1,906,760	1,708,558
Total Operating revenues	16,760,072	20,569,857	39,258,729	31,619,286
Operating costs and expenses:
Rental expenses	5,065,480	5,422,263	10,165,192	10,475,250
Service expenses	1,336,941	1,651,656	2,530,267	3,078,250
Cost of real estate sales	4,480,214	7,738,678	14,103,881	8,674,890
Selling, general and administrative expenses	2,603,021	1,463,014	4,446,846	3,378,545
Total Operating costs and expenses	13,485,656	16,275,611	31,246,186	25,606,935
Income from operations	3,274,416	4,294,246	8,012,543	6,012,351
Non-operating income (expense):
Interest expense	(2,593,325)	(2,255,778)	(5,182,819)	(4,651,755)
Gain on voluntary foreclosure	0	0	0	2,649,850
Other income	17,645	274,511	39,105	381,216
Gain (loss) on derivatives (non-cash)	336,304	(1,592,818)	(456,865)	(1,151,679)
Equity in earnings of unconsolidated subsidiaries	186,236	194,706	363,362	357,128
Total Non-operating income (expense)	(2,053,140)	(3,379,379)	(5,237,217)	(2,415,240)
Income before income taxes	1,221,276	914,867	2,775,326	3,597,111
Income taxes	240,447	1,554,226	1,052,094	1,594,111
Consolidated net income (loss)	980,829	(639,359)	1,723,232	2,003,000
Net (income) loss attributable to noncontrolling interests	(73,597)	387,370	10,854	144,407
Net income (loss) attributable to First Hartford Corporation	$ 907,232	$ (251,989)	$ 1,734,086	$ 2,147,407
Net income (loss) per share - basic	$ 0.38	$ (0.10)	$ 0.73	$ .89
Net income (loss) per share - diluted	$ .38	$ (.10)	$ 0.73	$ .89
Shares used in basic per share computation	2,377,565	2,409,054	2,386,573	2,409,316
Shares used in diluted per share computation	2,377,565	2,409,054	2,386,573	2,409,316

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 980,829	$ (639,359)	$ 1,723,232	$ 2,003,000
Other comprehensive income (loss), net of taxes:
Unrealized gains (losses) on marketable securities	48,385	(152,412)	(82,919)	(156,260)
Total comprehensive income (loss)	1,029,214	(791,771)	1,640,313	1,846,740
Amounts attributable to noncontrolling interests:
Net (income) loss	(73,597)	387,370	10,854	144,407
Unrealized (gains) losses on marketable securities	(48,385)	152,412	82,919	159,035
Total Amounts attributable to noncontrolling interests	(121,982)	539,782	93,773	303,442
Comprehensive income (loss) attributable to First Hartford Corporation	$ 907,232	$ (251,989)	$ 1,734,086	$ 2,150,182

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Operating activities:
Consolidated net income	$ 1,723,232	$ 2,003,000
Adjustments to reconcile consolidated net income to net cash provided by (used in) operating activities:
Equity in earnings of unconsolidated subsidiaries, net of distributions of $180,000 in 2016 and $180,000 in 2015	(183,362)	(177,128)
Gain on voluntary foreclosure	0	(2,649,850)
Gain on sale of real estate	(4,491,170)	(2,675,292)
Depreciation of real estate and equipment	2,754,564	2,614,911
Amortization of deferred expenses	373,715	184,876
Deferred income taxes	743,739	646,729
Loss (gain) on derivatives	456,865	1,113,948
Changes in operating assets and liabilities:
Accounts, notes and other receivables	967,159	656,642
Deposits and escrow accounts	1,952,702	13,742
Prepaid expenses	(329,230)	(229,985)
Deferred expenses	(2,067,338)	113,665
Cash and cash equivalents - restricted	1,288,271	(1,355,779)
Accrued liabilities	(490,164)	1,319,694
Deferred income	(1,257,090)	49,483
Accounts and other payables	(2,154,969)	132,966
Net cash provided by/(used in) operating activities	(713,076)	1,761,622
Investing activities:
Investments in marketable securities	0	(2,730,194)
Proceeds from sale of marketable securities	0	5,281,919
Purchase of equipment and tenant improvements	(100,640)	(46,861)
Proceeds from sale of real estate	18,595,051	11,350,182
Additions to developed properties and properties under construction	(7,150,113)	(24,009,495)
Net cash provided by/(used in) investing activities	11,344,298	(10,154,449)
Financing activities:
Distributions to noncontrolling interests	(285,192)	(1,235,915)
Repurchase of common stock	(79,968)	(4,323)
Proceeds from:
Construction loans	3,750,015	12,115,497
Mortgage loans	1,289,543	1,312,500
Notes	0	0
Credit lines	375,000	0
Principal payments on:
Construction loans	(7,705,702)	(6,106,437)
Mortgage loans	(6,575,979)	(1,679,353)
Notes	(40,000)	0
Credit lines	(1,333,000)	0
Payments (to)/from related parties and affiliates, net	7,172	588,232
Net cash provided by/(used in) financing activities	(10,598,111)	4,990,201
Net change in cash and cash equivalents	33,111	(3,402,626)
Cash and cash equivalents, beginning of period	5,982,506	9,698,341
Cash and cash equivalents, end of period	6,015,617	6,295,715
Cash paid during the period for interest	5,104,333	4,607,903
Cash paid during the period for income taxes	324,165	651,564
Debt refinancing in 1st quarter:
New mortgage loans	14,300,000	39,000,000
Debt reduced	5,359,713	39,723,828
Escrow funded	8,019,977	0
Net cash from refinancing in 1st quarter	920,310	(723,828)
Debt refinancing in 2nd quarter:
New mortgage loans	32,500,000	0
Debt reduced	(31,030,767)	0
Escrow funded	(1,100,000)	0
Net cash from refinancing in 1st quarter	$ 369,233	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Statement of Cash Flows [Abstract]
Equity in earnings of unconsolidated subsidiaries, net of distributions	$ 180,000	$ 180,000

1. Business and Significant Acc

1. Business and Significant Accounting Policies	6 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
Business and Significant Accounting Policies	Business First Hartford Corporation, which was incorporated in Maine in 1909, and its subsidiaries (the Company), is engaged in two business segments: 1) the purchase, development, ownership, management and sale of real estate and 2) providing preferred developer services for two corporate franchise operators (i.e., “Fee for Service”). Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest, including those where the Company has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification. As such, included in the unaudited condensed consolidated financial statements are the accounts of Rockland Place Apartments Limited Partnership and Clarendon Hill Somerville Limited Partnership, in which the Company is the sole general partner. The Company’s ownership percentage in these variable interest entity partnerships is nominal. All significant intercompany balances and transactions have been eliminated. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 8.03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated balance sheet as of April 30, 2016 was derived from the audited financial statements for the year then ended. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2016. Because the Company is engaged in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are unclassified. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases, (Topic 842), which is intended to improve financial reporting around leasing transactions. The ASU affects all companies and other organizations that engage in lease transactions (both lessee and lessor) that lease assets such as real estate and manufacturing equipment. This ASU will require organizations that lease assets—referred to as “leases”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU No. 2016-02 is effective for fiscal years and interim periods within those years beginning January 1, 2019. The Company is in process of assessing the impact of the adoption of ASU No. 2016-02 on its financial position, results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. For public entities, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. For further discussions on Accounting Standard Updates, refer to the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2016. Net Income (Loss) Per Common Share Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted income (loss) per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options and warrants (using the “treasury stock” method). There were no common stock equivalents outstanding at October 31, 2016 or October 31, 2015. Financial Instruments and Fair Value The Company’s financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, and debt. The fair values of accounts receivable, accounts payable and accrued expenses are estimated to approximate their carrying amounts because of their relative short-term nature. In general, the carrying amount of variable rate debt approximates its fair value. Further, the carrying amount of fixed rate debt approximates fair value since the interest rates on the debt approximates the Company’s current incremental borrowing rate. Marketable securities consist of equity securities and are stated at fair value based on the last sale of the period obtained from recognized stock exchanges (i.e. Level 1). Accumulated other comprehensive (loss) income consists solely of unrealized gains (losses) on marketable securities. Segment Information The factors used by the Company to identify reportable segments include differences in products and services and segregated operations within the Company. The first segment, “Real Estate Operations” participates in the purchase, development, management, ownership and sale of real estate. Within its second segment, “Fee for Service”, the Company provides preferred developer services to CVS and Cumberland Farms Inc. in certain geographic areas. Summary financial information for the two reportable segments is as follows: Three Months Ended Six Months Ended October 31 October 31 2016 2015 2016 2015 Revenues: Real Estate Operations $ 15,269,322 $ 18,760,512 $ 36,693,979 $ 28,277,286 Fee for Service 1,490,750 1,809,345 2,564,750 3,342,000 Total $ 16,760,072 $ 20,569,857 $ 39,258,729 $ 31,619,286 Operating Costs & Expenses: Real Estate Operations $ 9,550,978 $ 13,289,999 $ 24,309,338 $ 19,391,496 Fee for Service 1,331,657 1,522,598 2,490,002 2,836,894 Administrative Expenses 2,603,021 1,463,014 4,446,846 3,378,545 Total $ 13,485,656 $ 16,275,611 $ 31,246,186 $ 25,606,935 All costs after operating expenses are costs of the real estate operation. The only assets in the balance sheet belonging to the Fee for Service segment is restricted cash of $515,624 on October 31, 2016 and $1,664,214 on April 30, 2016 and receivables of $5,631,050 on October 31, 2016 and $5,956,103 on April 30, 2016.

2. Consolidated Variable Intere

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships	6 Months Ended
	Oct. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entities and Investments in Affiliated Partnerships	The Company has consolidated both Rockland and Clarendon based on the express legal rights and obligations provided to it by the underlying partnership agreements and its control of their business activity. The assets of these partnerships that can only be used to settle their obligations and their liabilities for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company are shown parenthetically in the line items of the consolidated balance sheets. A summary of the assets and liabilities of Rockland and Clarendon included in the Company’s condensed consolidated balance sheets follows: October 31, 2016 April 30, 2016 Real estate and equipment, net $ 66,008,910 $ 65,735,521 Other assets 15,208,142 8,195,007 Total assets 81,217,052 73,930,528 Intercompany profit elimination (2,776,930 ) (2,863,451 ) Total assets $ 78,440,122 $ 71,067,077 Mortgages and other notes payable $ 65,180,560 $ 57,132,998 Other liabilities 4,493,843 4,471,413 Total liabilities $ 69,674,403 $ 61,604,411 The Company accounts for its 50% ownership interest in Dover Parkade, LLC under the equity method of accounting. A summary of the operating results for this entity follows: Three Months Ended Six Months Ended October 31, 2016 October 31, 2015 October 31, 2016 October 31, 2015 Dover Parkade, LLC: Revenue $ 712,350 $ 656,628 $ 1,396,263 $ 1,324,796 Expenses 519,876 447,217 1,029,538 970,541 Net income $ 192,474 $ 209,411 $ 366,725 $ 354,255

3. Income Taxes

3. Income Taxes	6 Months Ended
	Oct. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	The Company files a Federal consolidated tax return to report all income and deductions for its subsidiaries. The Company and its subsidiaries file income tax returns in several states. The tax returns are filed by the entity that owns the real estate or provides services in such state. Some states do not allow a consolidated or combined tax filing. This sometimes creates income taxes to be greater than expected as income for some subsidiaries cannot be offset by other subsidiaries with operating losses. In addition, the tax returns for the year ended April 30, 2016 have been drafted and necessary adjustments have been recorded during the quarter ended October 31, 2016. Therefore, state income taxes for the quarter ended October 31, 2016 are lower than expected due to such adjustments.

4. Litigation

4. Litigation	6 Months Ended
	Oct. 31, 2016
Litigation
Litigation	On September 7, 2016, the Company was notified it lost the first of two companion lawsuits against a former tenant for wrongful termination of its separate leases at two of the Company’s commercial shopping centers. After evaluating its options, the Company settled both lawsuits with the plaintiff by agreeing to pay $200,000 to cover all claims, including reimbursement of defendant’s claimed legal fees and costs. The parties mutually released each other from any other liability relating to this case. There were no other changes in litigation since April 30, 2016.

5. Refinancings

5. Refinancings	6 Months Ended
	Oct. 31, 2016
Debt Disclosure [Abstract]
Refinancings	Rockland Place Apartments LP – Refinance: Edinburg, TX - Refinance: · Failure to maintain a 12 month-rolling Debt-Service Coverage Ratio (DSCR), as defined, of 1.1:1.0, · Failure to maintain a market-based Net Worth, as defined, of $20,000,000, · Failure to maintain Liquid Assets, as defined, of $2,000,000, · Loan default, · Various Rollover Trigger Events, which include certain significant named tenants vacating, terminating or not renewing their leases, or filing for bankruptcy and not replaced with an Approved Substitute Lease, as defined. In addition, if a significant named tenant goes dark, vacates, or is not in occupancy of substantially all of its current space, the Company would have to deposit either a $2,000,000 reserve or letter of credit with the lender until such time as agreed upon lease conditions being met. With respect to the remaining balance of $15,926,740 from the original loans with Protective Life now secured by vacant land of approximately 50 acres directly adjacent to the shopping center, the Company and the lender have agreed that once the Company repays $2,000,000 of the balance, the interest rate on the remaining balance will be reduced from 5.0% to 4.0%. The lender has also agreed that if the Company pays off the entire loan by September 6, 2017, its 50% Additional Interest Agreement (AIA) rights will terminate. This remaining loan is personally guaranteed by the Chairman of the Company.

6. Purchases of Real Estate

6. Purchases of Real Estate	6 Months Ended
	Oct. 31, 2016
Real Estate [Abstract]
6. Purchases of Real Estate	Buda, TX Land Purchases Loan Amount $1,505,000 Maturity Date: September 24, 2017 Interest Rate: The lower of a) the Prime Rate per Wall Street Journal plus 1.00% or b) 4.25%. Payments Interest only payable monthly. At maturity, outstanding principal plus any accrued interest will be payable. Guarantors: Both the Company (Corporate) and Chairman of the Company (Individual).

7. Subsequent Events

7. Subsequent Events	6 Months Ended
	Oct. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	New Orleans, LA – Refinance Lubbock, TX – Refinance Conroe, TX – Property Sale Austin, TX – Land Purchase Loan Amount $2,500,000 Maturity Date: December 19, 2018 Interest Rate: The greater of a) the Prime Rate per Wall Street Journal plus 0.75% or b) 4.25% Payments Interest only payable monthly. At maturity, outstanding principal plus any accrued interest will be payable. Guarantors: Both the Company (Corporate) and Chairman of the Company (Individual). Brentwood, NY – Land Purchase: Loan Amount $10,650,000 Maturity Date: December 1, 2027 Interest Rate: One month LIBOR, as defined, plus 2.75% through December 1, 2017 (the “Construction Phase”); thereafter, one month LIBOR plus 1.95% (the “Permanent Phase”). Payments Interest only payable monthly during the Construction Phase. Thereafter, principal and interest payable monthly using a 30-year amortization. Guarantors: The Company (Corporate) Prepayment Penalties: Prior to December 1, 2017, 0.50% of the principal balance prepaid; from January 1, 2018 – December 1, 2019, 1.00% of the principal balance prepaid. Olathe, KS – Property Sale

1. Business and Significant A15

1. Business and Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
Business	Business First Hartford Corporation, which was incorporated in Maine in 1909, and its subsidiaries (the Company), is engaged in two business segments: 1) the purchase, development, ownership, management and sale of real estate and 2) providing preferred developer services for two corporate franchise operators (i.e., “Fee for Service”).
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest, including those where the Company has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board Accounting Standards Codification. As such, included in the unaudited condensed consolidated financial statements are the accounts of Rockland Place Apartments Limited Partnership and Clarendon Hill Somerville Limited Partnership, in which the Company is the sole general partner. The Company’s ownership percentage in these variable interest entity partnerships is nominal. All significant intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 8.03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The condensed consolidated balance sheet as of April 30, 2016 was derived from the audited financial statements for the year then ended. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2016. Because the Company is engaged in the development and sale of real estate at various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual practice of the real estate industry, the accompanying condensed consolidated balance sheets are unclassified. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases, (Topic 842), which is intended to improve financial reporting around leasing transactions. The ASU affects all companies and other organizations that engage in lease transactions (both lessee and lessor) that lease assets such as real estate and manufacturing equipment. This ASU will require organizations that lease assets—referred to as “leases”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU No. 2016-02 is effective for fiscal years and interim periods within those years beginning January 1, 2019. The Company is in process of assessing the impact of the adoption of ASU No. 2016-02 on its financial position, results of operations and cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. For public entities, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. For further discussions on Accounting Standard Updates, refer to the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2016.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted income (loss) per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock, such as stock options and warrants (using the “treasury stock” method). There were no common stock equivalents outstanding at October 31, 2016 or October 31, 2015.
Financial Instruments and Fair Value	Financial Instruments and Fair Value The Company’s financial instruments include cash and cash equivalents, accounts receivable, marketable securities, accounts payable, accrued expenses, and debt. The fair values of accounts receivable, accounts payable and accrued expenses are estimated to approximate their carrying amounts because of their relative short-term nature. In general, the carrying amount of variable rate debt approximates its fair value. Further, the carrying amount of fixed rate debt approximates fair value since the interest rates on the debt approximates the Company’s current incremental borrowing rate. Marketable securities consist of equity securities and are stated at fair value based on the last sale of the period obtained from recognized stock exchanges (i.e. Level 1). Accumulated other comprehensive (loss) income consists solely of unrealized gains (losses) on marketable securities.
Segment Information	Segment Information The factors used by the Company to identify reportable segments include differences in products and services and segregated operations within the Company. The first segment, “Real Estate Operations” participates in the purchase, development, management, ownership and sale of real estate. Within its second segment, “Fee for Service”, the Company provides preferred developer services to CVS and Cumberland Farms Inc. in certain geographic areas. Summary financial information for the two reportable segments is as follows: Three Months Ended Six Months Ended October 31 October 31 2016 2015 2016 2015 Revenues: Real Estate Operations $ 15,269,322 $ 18,760,512 $ 36,693,979 $ 28,277,286 Fee for Service 1,490,750 1,809,345 2,564,750 3,342,000 Total $ 16,760,072 $ 20,569,857 $ 39,258,729 $ 31,619,286 Operating Costs & Expenses: Real Estate Operations $ 9,550,978 $ 13,289,999 $ 24,309,338 $ 19,391,496 Fee for Service 1,331,657 1,522,598 2,490,002 2,836,894 Administrative Expenses 2,603,021 1,463,014 4,446,846 3,378,545 Total $ 13,485,656 $ 16,275,611 $ 31,246,186 $ 25,606,935 All costs after operating expenses are costs of the real estate operation. The only assets in the balance sheet belonging to the Fee for Service segment is restricted cash of $515,624 on October 31, 2016 and $1,664,214 on April 30, 2016 and receivables of $5,631,050 on October 31, 2016 and $5,956,103 on April 30, 2016.

1. Business and Significant A16

1. Business and Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended Six Months Ended October 31 October 31 2016 2015 2016 2015 Revenues: Real Estate Operations $ 15,269,322 $ 18,760,512 $ 36,693,979 $ 28,277,286 Fee for Service 1,490,750 1,809,345 2,564,750 3,342,000 Total $ 16,760,072 $ 20,569,857 $ 39,258,729 $ 31,619,286 Operating Costs & Expenses: Real Estate Operations $ 9,550,978 $ 13,289,999 $ 24,309,338 $ 19,391,496 Fee for Service 1,331,657 1,522,598 2,490,002 2,836,894 Administrative Expenses 2,603,021 1,463,014 4,446,846 3,378,545 Total $ 13,485,656 $ 16,275,611 $ 31,246,186 $ 25,606,935

2. Consolidated Variable Inte17

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Tables)	6 Months Ended
	Oct. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of assets and liabilities of Rockland and Clarendon	October 31, 2016 April 30, 2016 Real estate and equipment, net $ 66,008,910 $ 65,735,521 Other assets 15,208,142 8,195,007 Total assets 81,217,052 73,930,528 Intercompany profit elimination (2,776,930 ) (2,863,451 ) Total assets $ 78,440,122 $ 71,067,077 Mortgages and other notes payable $ 65,180,560 $ 57,132,998 Other liabilities 4,493,843 4,471,413 Total liabilities $ 69,674,403 $ 61,604,411
Schedule of the operating results of Dover Parkade, LLC	Three Months Ended Six Months Ended October 31, 2016 October 31, 2015 October 31, 2016 October 31, 2015 Dover Parkade, LLC: Revenue $ 712,350 $ 656,628 $ 1,396,263 $ 1,324,796 Expenses 519,876 447,217 1,029,538 970,541 Net income $ 192,474 $ 209,411 $ 366,725 $ 354,255

6. Purchases of Real Estate (Ta

6. Purchases of Real Estate (Tables)	6 Months Ended
	Oct. 31, 2016
Real Estate [Abstract]
Real estate purchase details	Loan Amount $1,505,000 Maturity Date: September 24, 2017 Interest Rate: The lower of a) the Prime Rate per Wall Street Journal plus 1.00% or b) 4.25%. Payments Interest only payable monthly. At maturity, outstanding principal plus any accrued interest will be payable. Guarantors: Both the Company (Corporate) and Chairman of the Company (Individual).

1. Business and Significant A19

1. Business and Significant Accounting Policies (Details-Segment) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Revenues:
TOTAL	$ 16,760,072	$ 20,569,857	$ 39,258,729	$ 31,619,286
Operating Costs & Expenses:
TOTAL	13,485,656	16,275,611	31,246,186	25,606,935
Real Estate Operations [Member]
Revenues:
TOTAL	15,269,322	18,760,512	36,693,979	28,277,286
Operating Costs & Expenses:
TOTAL	9,550,978	13,289,999	24,309,338	19,391,496
Fee for Service [Member]
Revenues:
TOTAL	1,490,750	1,809,345	2,564,750	3,342,000
Operating Costs & Expenses:
TOTAL	1,331,657	1,522,598	2,490,002	2,836,894
Administrative Expense [Member]
Operating Costs & Expenses:
TOTAL	$ 2,603,021	$ 1,463,014	$ 4,446,846	$ 3,378,545

1. Business and Significant A20

1. Business and Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Apr. 30, 2016
Accounting Policies [Line Items]
Restricted cash	$ 782,692		$ 2,070,963
Receivables	$ 5,631,050		5,956,103
Common stock equivalents	0	0
Fee for Service [Member]
Accounting Policies [Line Items]
Restricted cash	$ 515,624		1,664,214
Receivables	$ 5,631,050		$ 5,956,103

2. Consolidated Variable Inte21

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details-Assets and Liabilities) - USD ($)	Oct. 31, 2016	Apr. 30, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate and equipment, net	$ 181,932,884	$ 189,843,300
Total assets	238,185,185	241,456,360
Mortgages and other notes payable	217,558,667	219,710,837
Other liabilities	1,470,999	1,654,361
Total liabilities	241,461,541	246,007,869
Rockland and Clarendon [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Real estate and equipment, net	66,008,910	65,735,521
Other assets	15,208,142	8,195,007
Total assets	81,217,052	73,930,528
Intercompany profit elimination	(2,776,930)	(2,863,451)
Total assets	78,440,122	71,067,077
Mortgages and other notes payable	65,180,560	57,132,998
Other liabilities	4,493,843	4,471,413
Total liabilities	$ 69,674,403	$ 61,604,411

2. Consolidated Variable Inte22

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details-operating results) - Dover Parkade, LLC [Member] - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Revenue	$ 712,350	$ 656,628	$ 1,396,263	$ 1,324,796
Expenses	519,876	447,217	1,029,538	970,541
Net Income	$ 192,474	$ 209,411	$ 366,725	$ 354,255

2. Consolidated Variable Inte23

2. Consolidated Variable Interest Entities and Investments in Affiliated Partnerships (Details Narrative)	Oct. 31, 2016
Dover Parkade, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%

4. Litigation (Details Narrativ

4. Litigation (Details Narrative)	Oct. 31, 2016USD ($)
Litigation
Litigation accrual	$ 200,000

5. Refinancings (Details Narrat

5. Refinancings (Details Narrative) - USD ($)	6 Months Ended
	Oct. 31, 2016	Sep. 07, 2016	Jun. 03, 2016
Protective Life [Member]
Mortgage loans on real estate, interest rate	4.00%
Debt collateral	$15,926,740 is secured by vacant land approx. 50 acres next to shopping center
Mortgage loan balance outstanding	$ 15,926,740
Edinburg, TX Shopping Center [Member] | Protective Life [Member]
Mortgage loans on real estate, interest rate	4.604%
Proceeds used to repay other loans	$ 31,030,767
Rockland Place Apartments [Member] | First Mortgage [Member]
Mortgage loans on real estate			$ 14,300,000
Mortgage loan, terms	The note is nonrecourse, has a 40-year term and requires monthly payments of principal and interest of $54,628.
Mortgage loans on real estate, interest rate	3.41%
Periodic payment amount	$ 54,628
Rockland Place Apartments [Member] | First Mortgage [Member] | Bridge Mortgage Note [Member]
Proceeds used to repay other loans	591,174
Rockland Place Apartments [Member] | First Mortgage [Member] | Fourth Mortgage Note [Member]
Proceeds used to repay other loans	500,000
Rockland Place Apartments [Member] | First Mortgage [Member] | Flexible Subsidy Capital Improvement Loan [Member]
Proceeds used to repay other loans	4,268,539
Edinburg, TX Shopping Center [Member] | Goldman Sachs [Member]
Mortgage loans on real estate		$ 32,500,000
Proceeds used for Earnout Reserve Account	$ 1,100,000
Debt maturity date	Sep. 6, 2026

6. Purchases of Real Estate (De

6. Purchases of Real Estate (Details) - Buda, Texas [Member]	6 Months Ended
	Oct. 31, 2016USD ($)
Loan amount	$ 1,505,000
Debt maturity date	Sep. 24, 2017
Debt interest rate	The lower of a) the Prime Rate per Wall Street Journal plus 1.00% or b) 4.25%.
Debt payment terms	Interest only payable monthly. At maturity, outstanding principal plus any accrued interest will be payable.
Debt guarantors	Both the Company (Corporate) and Chairman of the Company (Individual).

6. Purchases of Real Estate (27

6. Purchases of Real Estate (Details Narrative)	May 13, 2016USD ($)
Buda, Texas [Member]
Land cost	$ 1,051,034