Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 10, 2014 | Aug. 10, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Trading Symbol | 'PDNLB | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 442,533 | 3,846,147 |
Entity Registrant Name | 'PRESIDENTIAL REALTY CORP/DE/ | ' | ' |
Entity Central Index Key | '0000731245 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Real estate (Note 2) | $1,119,909 | $1,116,815 |
Less: accumulated depreciation | 539,960 | 514,699 |
Net real estate | 579,949 | 602,116 |
Net mortgage portfolio | 1,689 | 2,024 |
Prepaid expenses | 132,932 | 184,500 |
Other receivables (net of valuation allowance of $6,249 in 2014 and $5,485 in 2013 ) | 27,352 | 18,394 |
Cash and cash equivalents | 589,780 | 477,077 |
Assets related to discontinued operations | 0 | 45,793 |
Other assets | 33,051 | 94,420 |
Total Assets | 1,364,753 | 1,424,324 |
Liabilities: | ' | ' |
Liabilities related to discontinued operations | 0 | 48,368 |
Mortgage payable | 453,106 | 465,309 |
Line of credit | 500,000 | 500,000 |
Accrued liabilities | 242,564 | 588,467 |
Other liabilities | 645,911 | 652,502 |
Total Liabilities | 1,841,581 | 2,254,646 |
Presidential Stockholders' Deficit: | ' | ' |
Additional paid-in capital | 2,922,975 | 2,374,981 |
Accumulated deficit | -2,882,870 | -2,688,364 |
Total Presidential stockholders' deficit | 40,154 | -313,340 |
Non-controlling interest | -516,982 | -516,982 |
Total Deficit | -476,828 | -830,322 |
Total Liabilities and Stockholders' Deficit | 1,364,753 | 1,424,324 |
Common Class A [Member] | ' | ' |
Presidential Stockholders' Deficit: | ' | ' |
Common stock: par value $.00001 per share | 5 | 5 |
Common Class B [Member] | ' | ' |
Presidential Stockholders' Deficit: | ' | ' |
Common stock: par value $.00001 per share | $44 | $38 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Valuation allowance for other receivables (in dollars) | $6,249 | $5,485 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Class A [Member] | ' | ' |
Common Stock, Shares Authorized | 700,000 | 700,000 |
Common stock, shares issued | 442,533 | 442,533 |
Common Class B [Member] | ' | ' |
Common Stock, Shares Authorized | 999,300,000 | 999,300,000 |
Common stock, shares issued | 3,846,147 | 3,231,147 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Rental | $220,002 | $214,757 | $439,266 | $427,673 |
Interest on mortgages - notes receivable | 728 | 1,045 | 1,121 | 2,234 |
Total | 220,730 | 215,802 | 440,387 | 429,907 |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative | 269,429 | 345,433 | 517,940 | 616,684 |
Stock Based Compensation (Note 10) | 0 | 0 | 123,000 | 0 |
Rental property: | ' | ' | ' | ' |
Operating expenses | 123,065 | 146,974 | 274,604 | 273,974 |
Interest and fees on mortgage debt | 11,272 | 6,767 | 21,450 | 12,233 |
Real estate taxes | 10,188 | 9,471 | 17,386 | 18,942 |
Depreciation on real estate | 12,743 | 11,992 | 25,261 | 24,390 |
Amortization of mortgage costs | 1,420 | 1,420 | 2,839 | 2,839 |
Total | 428,117 | 522,057 | 982,480 | 949,062 |
Other Income: | ' | ' | ' | ' |
Other Income (Note 8) | 259,851 | 0 | 259,851 | 0 |
Investment income | 17,932 | 1,694 | 87,736 | 2,499 |
Income (loss) from continuing operations | 70,396 | -304,561 | -194,506 | -516,656 |
Discontinued Operations (Note 4): | ' | ' | ' | ' |
Loss from discontinued operations | 0 | -349,775 | 0 | -679,695 |
Net income (loss) | 70,396 | -654,336 | -194,506 | -1,196,351 |
Net loss from non-controlling interest (Note 4) and (Note 6) | 0 | 139,910 | 0 | 271,878 |
Net income (loss) attributable to Presidential | $70,396 | ($514,426) | ($194,506) | ($924,473) |
Earnings per Common Share attributable to Presidential (basic and diluted): | ' | ' | ' | ' |
Income (Loss) from continuing operations (in dollars per share) | $0.02 | ($0.08) | ($0.05) | ($0.14) |
Discontinued Operations: | ' | ' | ' | ' |
Loss from discontinued operations (in dollars per share) | $0 | ($0.10) | $0 | ($0.19) |
Net Income (Loss) per Common Share - basic and diluted (in dollars per share) | $0.02 | ($0.18) | ($0.05) | ($0.33) |
Weighted Average Number of Shares Outstanding - basic and diluted (in shares) | 4,288,680 | 3,669,680 | 4,241,111 | 3,669,680 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Net loss | ($194,506) | ($1,196,351) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 26,680 | 27,229 |
Amortization of discounts on notes and fees | -308 | 1,670 |
Stock Based compensation | 123,000 | 0 |
(Increase) decrease in: | ' | ' |
Other receivables | -8,958 | 1,289 |
Discontinued operations assets | 45,793 | -81,575 |
Prepaid expenses | 50,149 | 98,782 |
Other assets | 61,369 | -5,680 |
Increase in: | ' | ' |
Accounts payable and accrued liabilities | 79,097 | 135,407 |
Discontinued operations liabilities | -48,368 | 689,301 |
Other liabilities | -6,591 | 5,685 |
Total adjustments | 321,863 | 872,108 |
Net cash provided by (used in) operating activities | 127,357 | -324,243 |
Cash Flows from Investing Activities: | ' | ' |
Payments received on notes receivable | 643 | 5,966 |
Payments disbursed for capital improvements | -3,094 | -2,879 |
Net cash provided by (used in) investing activities | -2,451 | 3,087 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds of Line of credit | 0 | 200,000 |
Principal payments on mortgage debt | -12,203 | -11,605 |
Net cash provided by (used in) financing activities | -12,203 | 188,395 |
Net increase (decrease) in Cash and Cash Equivalents | 112,703 | -132,761 |
Cash and Cash Equivalents, Beginning of period | 477,077 | 852,674 |
Cash and Cash Equivalents, End of period | 589,780 | 719,913 |
Supplemental cash flow information: | ' | ' |
Interest paid in cash | $21,450 | $12,233 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Text Block] | ' | |
1 | Organization and Summary of Significant Accounting Policies | |
Organization | ||
Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets. | ||
Basis of Presentation and Going Concern Considerations | ||
For the six months ended June 30, 2014, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty. | ||
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. | ||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2013 filed on March 28, 2014. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”) through January 1, 2014. PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential owned an aggregate 60% general and limited partnership interest in the Hato Rey Partnership. These partnerships are being reported as discontinued operations (see Note 4). All significant intercompany balances and transactions have been eliminated. | ||
Rental Revenue Recognition | ||
The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful. | ||
Allowance for Doubtful Accounts | ||
The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. At June 30, 2014 and December 31, 2013, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,249 and $5,485, respectively. | ||
Net Income ( Loss) Per Share | ||
Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. Diluted earnings per share calculation exclude the effect of stock options and warrants when the options and warrant assumed proceeds exceed the average market price of the common shares during the period. For the three months ended June 30, 2014, 2,440,000 of outstanding stock warrants were not included. Diluted loss per share for the six months ended June 30, 2014 and the three and six months ended June 30, 2013, exclude common stock equivalents, of outstanding options and warrants as their inclusion would be anti-dilutive. | ||
Cash | ||
Cash includes cash on hand, cash in banks and cash in money market funds. | ||
Management Estimates | ||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates. | ||
Discontinued Operations | ||
The Company follows the guidance of the Presentation and Property, Plant, and Equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated. | ||
Accounting for Uncertainty in Income Taxes | ||
The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities. | ||
Recent Accounting Pronouncements | ||
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition or cash flows based on current information. | ||
Real_Estate
Real Estate | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Real Estate Disclosure [Text Block] | ' | |||||||
2. Real Estate | ||||||||
Real estate is comprised of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 79,100 | $ | 79,100 | ||||
Buildings | 989,340 | 987,689 | ||||||
Furniture and equipment | 51,469 | 50,026 | ||||||
Total | $ | 1,119,909 | $ | 1,116,815 | ||||
Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company during the three and six months ended June 30, 2014 and 2013. | ||||||||
Investments_in_Joint_Ventures_
Investments in Joint Ventures and Partnerships | 6 Months Ended |
Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
3. Investments in Joint Ventures and Partnerships | |
In March and June 2014 we received distributions from Broadway Partners Fund II in the total amount of $86,245. This amount is reported as investment income on the statement of operations. This investment was previously written off. The Company recognizes income received on the cash basis. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||||||||
4 | Discontinued Operations | |||||||||||||
During the quarter ended March 31, 2012, the Company designated PDL, Inc. & Associates, Limited co-partnership, Presidential Matmor Corp. and PDL, Inc. as discontinued operations. All amounts have been adjusted retrospectively for the change through the date of foreclosure. | ||||||||||||||
The following table summarizes for the property discontinued: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | ||||||||||||||
Rental | $ | - | $ | 902,928 | $ | - | $ | 1,798,580 | ||||||
Rental property expenses: | ||||||||||||||
Operating | - | 618,879 | - | 1,204,460 | ||||||||||
Interest on mortgage debt | - | 555,783 | - | 1,117,825 | ||||||||||
Real estate taxes | - | 78,742 | - | 157,380 | ||||||||||
Total rental property expense | - | 1,253,404 | - | 2,479,665 | ||||||||||
Other income: | ||||||||||||||
Investment income | - | 701 | - | 1,390 | ||||||||||
Net loss from discontinued operations | $ | - | $ | -349,775 | $ | - | $ | -679,695 | ||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
Assets related to discontinued operations: | ||||||||||||||
Other assets | $ | - | $ | 45,793 | ||||||||||
Liabilities related to discontinued operations: | ||||||||||||||
Other liabilities | $ | - | $ | 48,368 | ||||||||||
Mortgage_Debt
Mortgage Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
5. Mortgage Debt | |
On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The outstanding balance at June 30, 2014 and December 31, 2013 was $453,106 and $465,309, respectively. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate (3.25% at June 30, 2014). The balance outstanding at June 30, 2014 and December 31, 2013 was $500,000. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts. | |
Hato_Rey_Partnership
Hato Rey Partnership | 6 Months Ended |
Jun. 30, 2014 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interest Disclosure [Text Block] | ' |
6. Hato Rey Partnership | |
PDL, Inc. (a wholly owned subsidiary of Presidential) was the general partner of the Hato Rey Partnership. Presidential and PDL, Inc. had an aggregate 60% general and limited partner interest in the Hato Rey Partnership. The Company exercised effective control over the partnership through its ability to manage the affairs of the partnership in the ordinary course of business. Accordingly, the Company consolidated the Hato Rey Partnership in the accompanying consolidated financial statements. From March 2012 through September 23, 2013 (date of foreclosure), the Company had reported the partnership as a discontinued operation. | |
The Company advanced $2,670,000 to the partnership to be used for building improvements and for operations. The loan, which was advanced to the partnership, as needed, earned interest at the rate of 13% per annum, with interest and principal to be paid out of the positive cash flow from the property or upon a refinancing of the First Mortgage on the property. On November 12, 2013 we contributed the entire loan balance of $2,670,000 and accrued interest of $1,614,941 to the Hato Rey Partnership. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. Income Taxes | |
Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90% of its real estate investment trust taxable income to its shareholders each year by the end of the following year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. | |
ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of June 30, 2014, the tax years that remain open to examination by the federal, state and local taxing authorities are the 2010 – 2013 tax years and the Company was not required to accrue any liability for those tax years. | |
For the six months ended June 30, 2014, the Company had a tax loss of approximately $80,000 ($0.02 per share) which was all ordinary loss. For the six months ended June 30, 2013, the Company had a tax loss of approximately $812,000 ($0.22 per share), which was all ordinary loss. | |
Other_Income
Other Income | 6 Months Ended |
Jun. 30, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other Income and Other Expense Disclosure [Text Block] | ' |
8. Other Income | |
During the three months ended June 30, 2014, the Company sold environmental tax credits from the state of Massachusetts for approximately $260,000 less expenses of approximately $19,500. | |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Parties | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ||
9 | Commitments, Contingencies and Related Parties | ||
A. | Commitments and Contingencies | ||
1) | Presidential is not a party to any material legal proceedings. The Company may, from time to time, be a party to routine litigation incidental to the ordinary course of its business. | ||
2) | In the opinion of management, the Company’s Mapletree property is adequately covered by insurance in accordance with normal insurance practices. | ||
B. | Related Parties | ||
1) | Executive Employment Agreements | ||
a. | Nickolas W. Jekogian –On January 8, 2014, the Company and Mr. Nickolas W. Jekogian, Chairman and Chief Executive Officer of the Company, entered into an amendment to Mr. Jekogian’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Jekogian’s base salary through the balance of the term at the rate of $225,000 per annum (subject to the continued deferral of the payment of the base salary until a Capital Event), (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Jekogian, (iv) the issuance to Mr. Jekogian of a “Warrant” (as described below) to purchase 1,700,000 shares of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s employment agreement, (v) the issuance of a “Transaction Warrant” (as described below) to Mr. Jekogian upon the occurrence of a Capital Event, and (vi) an increase in severance benefits from three months to six months in the event of a termination of Mr. Jekogian’s employment following a change of control or a termination for “good reason” as defined in the employment agreement. The payment of any bonus and base salary will continue to be deferred until a “Capital Event” occurs, which is defined as the receipt by the Company of at least $20,000,000 in cash or property from capital-raising activities. | ||
The Transaction Warrant is a warrant to purchase shares of the Company’s Class B Common Stock to be issued to Mr. Jekogian upon the closing of each acquisition transaction by the Company of cash or property (including capital commitments for the purchase of assets). A copy of the form of Transaction Warrant is annexed as an Exhibit to the amendment to Mr. Jekogian’s employment agreement. Each Transaction Warrant, when issued, will entitle Mr. Jekogian to purchase the number of shares of Class B Common Stock determined by multiplying the total value of the transaction for which the Transaction Warrant is being issued times 4.75% and dividing the amount thereby obtained by the “Transaction Price”. The exercise price of the Transaction Warrant will be the Transaction Price. The Transaction Price is the price at which owners of assets or third party investors providing capital or capital commitments have the right to acquire or are issued shares of Class B Common Stock (a) in exchange for interests in real estate assets or (b) in exchange for interests or investments in operating partnerships or other vehicles in which the Company has an interest and which own or are acquiring real estate assets or (c) in exchange for providing capital and/or capital commitments. Each Transaction Warrant will become exercisable six months after issuance. The Transaction Warrant will not be exercisable for any shares that would be deemed “Excess Shares” as that term is defined in the Company’s certificate of incorporation. Mr. Jekogian agreed not to exercise or attempt to exercise any Transaction Warrant for a number of shares which, when taken together with his other ownership of the Company’s securities, would result in the issuance of any Excess Shares. | |||
The Transaction Warrant contains a cashless exercise feature. The Transaction Warrant also contains registration rights which permit Mr. Jekogian to demand one resale registration statement on Form S-3 at any time six months following the completion of a registered offering by the Company and unlimited piggyback registration rights, subject to customary cutbacks. | |||
As provided in the amendment to Mr. Jekogian’s employment agreement, on January 8, 2014 the Company issued to Mr. Jekogian a Warrant to purchase 1,700,000 shares of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s employment agreement. The Warrant becomes exercisable only upon the expiration of six (6) months from the date of the Company’s consummation of a Capital Event and will expire five and one half years following the date it first becomes exercisable. The Warrant will also terminate if Mr. Jekogian terminates his employment and/or resigns as a director of the Company without “Good Reason” or without the consent of the Company prior to the date the Warrant becomes exercisable. The Company’s certificate of incorporation contains limitations on the ownership of shares of the Company’s common stock. Those restrictions limit, among other things, any person from owning more than 9.2% of the Company’s outstanding common stock as more particularly set forth in the Company’s certificate of incorporation. The Warrant is not exercisable for any shares that would be deemed “Excess Shares” as that term is defined in the certificate of incorporation. Mr. Jekogian agreed not to exercise or attempt to exercise the Warrant for a number of shares which, when taken together with his other ownership of the Company’s securities, would result in the issuance of any Excess Shares. The Warrant contains a cashless exercise feature. The Warrant also contains registration rights which permit Mr. Jekogian to demand one resale registration statement on Form S-3 at any time six months following the completion of a registered offering by the Company and unlimited piggyback registration rights, subject to customary cutbacks. | |||
Alexander Ludwig –On January 8, 2014, the Company and Mr. Alexander Ludwig, a Director, President, Chief Operating Officer and Principal Financial Officer of the Company entered into an amendment to Mr. Ludwig’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Ludwig’s base salary through the balance of the term at the rate of $225,000 per annum, (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Ludwig, (iv) the issuance of a “Transaction Warrant” to Mr. Ludwig upon the occurrence of a Capital Event, and (v) an increase in severance benefits from three months to six months in the event of a termination of Mr. Ludwig’s employment following a change of control or a termination for “good reason” as defined in the employment agreement. | |||
The Transaction Warrant is a warrant to purchase shares of the Company’s Class B Common Stock to be issued to Mr. Ludwig upon the closing of each acquisition transaction by the Company of cash or property (including capital commitments for the purchase of assets). A copy of the form of Transaction Warrant is annexed as an Exhibit to the amendment to Mr. Ludwig’s employment agreement. The Transaction Warrant, when issued, would entitle Mr. Ludwig to purchase the number of shares of Class B Common Stock determined by multiplying the total value of the transaction for which the Transaction Warrant is being issued times 4.75% and dividing the amount thereby obtained by the “Transaction Price”. The exercise price of the Transaction Warrant will be the Transaction Price. The “Transaction Price is the price per share at which owners of assets or third party investors providing capital or capital commitments have the right to acquire or are issued shares of Class B Common Stock (a) in exchange for their interests in real estate assets or in exchange for their interests or investments in operating partnerships or other vehicles in which the Company has an interest and which vehicles own or are acquiring real estate assets or (b) in exchange for providing capital and/or capital commitments. Each Transaction Warrant will become exercisable six months after issuance. The Transaction Warrant will not be exercisable for any shares that would be deemed “Excess Shares” as that term is defined in the Company’s certificate of incorporation. Mr. Ludwig agreed not to exercise or attempt to exercise the Transaction Warrant for a number of shares which, when taken together with his other ownership of the Company’s securities, would result in the issuance of any Excess Shares. The Transaction Warrant contains a cashless exercise feature. The Transaction Warrant also contains registration rights which permit Mr. Ludwig to demand one resale registration statement on Form S-3 at any time six months following the completion of a registered offering by the Company and unlimited piggyback registration rights, subject to customary cutbacks. | |||
2) | Other liabilities | ||
Included in other liabilities is $593,750 owed to former officers of the Company in connection with their amended employment agreements. These amounts are payable November 8, 2014. | |||
C. | Property Management Agreement | ||
On November 8, 2011, the Company and Signature Commnity Management, (an affiliated entity owned by Nickolas W. Jekogian, CEO) entered into a Property Management Agreement pursuant to which the Company retained Signature as the exclusive managing and leasing agent for the Company’s Mapletree Industrial Center property in Palmer, Massachusetts (the “Mapletree Property”). Signature manages the Mapletree Property in accordance with specific management guidelines and leasing guidelines and meets specific reporting requirements and vendor insurance requirements. Signature receives compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The Company reimburses Signature for all reasonable expenses incurred by Signature in performance of its duties under the Property Management Agreement that are either in accordance with the annual budget or which have been approved in writing by the Company. Such expense shall include, but not be limited to, Signature’s costs of the salaries, benefits and appropriate and prudent training for Signature’s employees who are engaged solely in management or operation of the Mapletree Property, but excluding certain expenses that will be borne by Signature, as specified in the Property Management Agreement. The property Management Agreement renewed for a one year term on November 8, 2013 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. For the three months ended June 30, 2014 and 2013, the Company incurred management fees of approximately $9,400 and 9,300, respectively. For the six months ended June 30, 2014 and 2013, the Company incurred management fees of approximately $18,600 and $18,600, respectively. | |||
D. | Asset Management Agreement | ||
On November 8, 2011, the Company entered into an Asset Management Agreement with Signature pursuant to which the Company engaged Signature to oversee the Mapletree property and our Hato Rey center in Hato Rey, Puerto Rico. Signature’s duties include leasing, marketing and advertising, financing, construction and dispositions of the properties. Signature will receive a construction fee for any major renovations or capital projects, subject to the approval of our Board of Directors, an asset management fee of 1.5% of the monthly gross rental revenues collected for the properties, a finance fee of 1% on any debt placement, and a disposition fee of 1% on the sale of any assets, as specified in the Asset Management Agreement. The Asset Management Agreement renewed for a one year term on November 8, 2013 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. On September 23, 2013 the Asset Management agreement associated with the Hato Rey Center was terminated due to the foreclosure and loss of the property. No additional fees are due for the Hato Rey Center. The Company incurred asset management fees of approximately $2,600 and $12,200 for the three months ended June 30, 2014 and 2013, respectively. The Company incurred asset management fees of approximately $5,600 and $26,000 for the six months ended June 30, 2014 and 2013, respectively. | |||
E. | Sublease | ||
The Company subleases their executive office space under a month to month lease with Signature for a monthly rental payment of $433 or $5,200 per year. Either party may terminate the sublease upon 30 days prior written notice. On July 1, 2013 the Company moved their executive offices and amended its lease agreement with Signature for a monthly rental payment of $1,100 or $13,200 per year. All other terms of the sublease remained the same. For the three months ended June 30, 2014 and 2013, the Company incurred approximately $3,300 and $1,300, respectively, in rent expense. For the six months ended June 30, 2014 and 2013, the Company incurred approximately $6,600 and $2,600, respectively, in rent expense. | |||
Stock_Compensation
Stock Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure Of Stock Compensation [Text Block] | ' | |
10 | Stock Compensation | |
During January 2014, the Company issued 615,000 shares of Class B common stock, valued at $123,000 for director’s fees and other professional fees in lieu of cash payments, which is included in stock base compensation expense. | ||
Stock_Options_and_Warrants
Stock Options and Warrants | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Stock Options [Text Block] | ' | |
11 | Stock Options and Warrants | |
On November 8, 2011, the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vested six months after the grant date. The aggregate intrinsic value was $0.00. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company has approximately $592,000 of unrecognized compensation expense respectively, related to unvested share-based compensation awards. For the three and six months ended June 30, 2014 and 2013, compensation expense was $0. Approximately $592,000 will vest upon the achievement of performance milestones. | ||
On January 8, 2014, the Company issued a warrant to purchase 1,700,000 shares at an exercise price of $0.10 per share of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s prior employment agreement. The Warrant becomes exercisable only upon the expiration of six (6) months from the date of the Company’s consummation of a Capital Event and will expire five and one half years following the date it first becomes exercisable. The Warrant will also terminate if Mr. Jekogian terminates his employment and/or resigns as a director of the Company without “Good Reason” or without the consent of the Company prior to the date the Warrant becomes exercisable. | ||
Estimated_Fair_Value_of_Financ
Estimated Fair Value of Financial Instruments | 6 Months Ended | ||
Jun. 30, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Disclosures [Text Block] | ' | ||
12 | Estimated Fair Value of Financial Instruments | ||
Estimated fair values of the Company’s financial instruments as of June 30, 2014 and 2013 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values. However, we believe reported amounts approximate fair value. | |||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Description Of Business Accounting [Policy Text Block] | ' |
Organization | |
Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets. | |
Basis Of Presentation and Going Concern Considerations [Policy Text Block] | ' |
Basis of Presentation and Going Concern Considerations | |
For the six months ended June 30, 2014, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty. | |
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2013 filed on March 28, 2014. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”) through January 1, 2014. PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential owned an aggregate 60% general and limited partnership interest in the Hato Rey Partnership. These partnerships are being reported as discontinued operations (see Note 4). All significant intercompany balances and transactions have been eliminated. | |
Revenue Recognition Leases, Operating [Policy Text Block] | ' |
Rental Revenue Recognition | |
The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' |
Allowance for Doubtful Accounts | |
The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. At June 30, 2014 and December 31, 2013, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,249 and $5,485, respectively. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Income ( Loss) Per Share | |
Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. Diluted earnings per share calculation exclude the effect of stock options and warrants when the options and warrant assumed proceeds exceed the average market price of the common shares during the period. For the three months ended June 30, 2014, 2,440,000 of outstanding stock warrants were not included. Diluted loss per share for the six months ended June 30, 2014 and the three and six months ended June 30, 2013, exclude common stock equivalents, of outstanding options and warrants as their inclusion would be anti-dilutive. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash | |
Cash includes cash on hand, cash in banks and cash in money market funds. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Management Estimates | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates. | |
Discontinued Operations, Policy [Policy Text Block] | ' |
Discontinued Operations | |
The Company follows the guidance of the Presentation and Property, Plant, and Equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated. | |
Income Tax Uncertainties, Policy [Policy Text Block] | ' |
Accounting for Uncertainty in Income Taxes | |
The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition or cash flows based on current information. | |
Real_Estate_Tables
Real Estate (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule of Real Estate Properties [Table Text Block] | ' | |||||||
Real estate is comprised of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 79,100 | $ | 79,100 | ||||
Buildings | 989,340 | 987,689 | ||||||
Furniture and equipment | 51,469 | 50,026 | ||||||
Total | $ | 1,119,909 | $ | 1,116,815 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||
The following table summarizes for the property discontinued: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | ||||||||||||||
Rental | $ | - | $ | 902,928 | $ | - | $ | 1,798,580 | ||||||
Rental property expenses: | ||||||||||||||
Operating | - | 618,879 | - | 1,204,460 | ||||||||||
Interest on mortgage debt | - | 555,783 | - | 1,117,825 | ||||||||||
Real estate taxes | - | 78,742 | - | 157,380 | ||||||||||
Total rental property expense | - | 1,253,404 | - | 2,479,665 | ||||||||||
Other income: | ||||||||||||||
Investment income | - | 701 | - | 1,390 | ||||||||||
Net loss from discontinued operations | $ | - | $ | -349,775 | $ | - | $ | -679,695 | ||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
Assets related to discontinued operations: | ||||||||||||||
Other assets | $ | - | $ | 45,793 | ||||||||||
Liabilities related to discontinued operations: | ||||||||||||||
Other liabilities | $ | - | $ | 48,368 | ||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Sep. 23, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 60.00% | ' | 60.00% | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 2,440,000 | ' | ' |
Allowance For Doubtful Other Receivables, Current | ' | $6,249 | $6,249 | $5,485 |
Hato Rey Partnership [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | ' | 60.00% | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Real Estate [Line Items] | ' | ' |
Land | $79,100 | $79,100 |
Buildings | 989,340 | 987,689 |
Furniture and equipment | 51,469 | 50,026 |
Total | $1,119,909 | $1,116,815 |
Investments_in_Joint_Ventures_1
Investments in Joint Ventures and Partnerships (Details Textual) (Broadway Partners Fund II [Member], USD $) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2014 | Jun. 30, 2014 | |
Broadway Partners Fund II [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | $86,245 | $86,245 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Revenues: | ' | ' | ' | ' | ' |
Rental | $0 | $902,928 | $0 | $1,798,580 | ' |
Rental property expenses: | ' | ' | ' | ' | ' |
Operating | 0 | 618,879 | 0 | 1,204,460 | ' |
Interest on mortgage debt | 0 | 555,783 | 0 | 1,117,825 | ' |
Real estate taxes | 0 | 78,742 | 0 | 157,380 | ' |
Total rental property expense | 0 | 1,253,404 | 0 | 2,479,665 | ' |
Other income: | ' | ' | ' | ' | ' |
Investment income | 0 | 701 | 0 | 1,390 | ' |
Net loss from discontinued operations | 0 | -349,775 | 0 | -679,695 | ' |
Assets related to discontinued operations: | ' | ' | ' | ' | ' |
Other assets | 0 | ' | 0 | ' | 45,793 |
Liabilities related to discontinued operations: | ' | ' | ' | ' | ' |
Other liabilities | $0 | ' | $0 | ' | $48,368 |
Mortgage_Debt_Details_Textual
Mortgage Debt (Details Textual) (USD $) | 0 Months Ended | 6 Months Ended | |
Jun. 08, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | |
Mortgage Debt [Line Items] | ' | ' | ' |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $500,000 | ' | ' |
Mortgage and Line Of Credit Total | 1,000,000 | ' | ' |
Mortgage Loans on Real Estate, Interest Rate | 5.00% | ' | ' |
Mortgage Debt Maturity Period | '5 years | ' | ' |
Mortgage Loan Interest Rate Adjustment Description | 'interest will adjust monthly equal to the banks Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. | ' | ' |
Proceeds from Sale of Mortgage Loans Held-for-sale | 459,620 | ' | ' |
Line of Credit Facility, Amount Outstanding | 500,000 | 500,000 | 500,000 |
Line of Credit Facility, Interest Rate Description | 'with an interest rate of 1% over the banks Prime Rate | ' | ' |
Mortgage payable | ' | $453,106 | $465,309 |
Line of Credit Facility, Interest Rate During Period | ' | 3.25% | ' |
Hato_Rey_Partnership_Details_T
Hato Rey Partnership (Details Textual) (USD $) | 1 Months Ended | 6 Months Ended | |
Sep. 23, 2013 | Jun. 30, 2014 | Nov. 12, 2013 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Loan Provided To Partnership Firm | ' | $2,670,000 | $2,670,000 |
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest | 60.00% | 60.00% | ' |
Loan Provided To Partnership Firm Interest Percentage | ' | 13.00% | ' |
Accrued Interest On Loan Provided To Partnership Firm Interest Percentage | ' | ' | $1,614,941 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax [Line Items] | ' | ' |
Real Estate Investment Trust Taxable Income (Loss) | $80,000 | $812,000 |
Real Estate Investment Trust Taxable Income Loss Per Share | $0.02 | $0.22 |
Other_Income_Details_Textual
Other Income (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other Nonoperating Income | $259,851 | $0 | $259,851 | $0 |
Other Nonoperating Expense | $19,500 | ' | ' | ' |
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Parties (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 08, 2014 | Nov. 08, 2011 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Sublease Rentals | ' | ' | ' | ' | ' | $13,200 | ' | $5,200 |
Operating Leases Rent Expense Sublease Rentals Per Monthly | ' | ' | ' | ' | ' | ' | ' | 433 |
Percentage Of Monthly Rental Income From Tenant | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Asset Management Fees | ' | ' | ' | 2,600 | 12,200 | 5,600 | 26,000 | ' |
Operating Leases, Rent Expense | ' | ' | ' | 3,300 | 1,300 | 6,600 | 2,600 | ' |
Finance Fee Percentage | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Disposition Fee Percentage | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Owned Property Management Costs | ' | ' | ' | 9,400 | 9,300 | 18,600 | 18,600 | ' |
Due to Other Related Parties | ' | ' | ' | 593,750 | ' | 593,750 | ' | ' |
Asset Management Fee Percentage | ' | 1.50% | ' | ' | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation, Value | 425,000 | ' | ' | ' | ' | ' | ' | ' |
Transaction Warrant Value Determining Base Percentage | 4.75% | ' | 4.75% | ' | ' | ' | ' | ' |
Common Stock Ownership Limitation Percentage | ' | ' | 9.20% | ' | ' | ' | ' | ' |
Amendment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases Rent Expense Sublease Rentals Per Monthly | ' | ' | ' | ' | ' | 1,100 | ' | ' |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Chief Operating Officer [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Base Salary | ' | 225,000 | ' | ' | ' | ' | ' | ' |
Bonus Amount | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Director, Chairman Of Board Of Directors and Chief Executive Officer [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Amount To Be Received For Payment Of Salary And Bonus | 20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Chairman and Chief Executive Officer [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation, Value | 425,000 | ' | ' | ' | ' | ' | ' | ' |
Director [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments, Contingencies and Related parties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Base Salary | 225,000 | ' | ' | ' | ' | ' | ' | ' |
Bonus Amount | $200,000 | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_Details_Tex
Stock Compensation (Details Textual) (Common Class B [Member], USD $) | 1 Months Ended |
Jan. 31, 2014 | |
Common Class B [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Issued During Period, Shares, Issued for Services | 615,000 |
Stock Issued During Period, Value, Issued for Services | $123,000 |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 08, 2014 | Nov. 08, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options [Line Items] | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price | ' | $1.25 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | 148,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | $0 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | 592,000 | 592,000 | 592,000 | 592,000 |
Stock Based Compensation | ' | ' | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | ' | 740,000 | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation, Value | $425,000 | ' | ' | ' | ' | ' |
Common Class B [Member] | ' | ' | ' | ' | ' | ' |
Stock Options [Line Items] | ' | ' | ' | ' | ' | ' |
Warrants Issued For Cancellation Of Deferred Compensation | 1,700,000 | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.10 | ' | ' | ' | ' | ' |