Presidential Realty (PDNLA) 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	14-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	PRESIDENTIAL REALTY CORP/DE/
Entity Central Index Key	731245
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PDNLB
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		442,533
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,846,147

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets
Real estate (Note 2)	$1,122,311	$1,120,812
Less: accumulated depreciation	577,266	564,715
Net real estate	545,045	556,097
Net mortgage portfolio	0	405
Prepaid expenses	132,572	149,268
Other receivables (net of valuation allowance of $4,879 in 2015 and $9,835 in 2014 )	26,168	29,351
Cash	389,507	442,613
Other assets	15,148	16,184
Total Assets	1,108,440	1,193,918
Liabilities:
Mortgage payable	434,218	440,654
Line of credit	500,000	500,000
Accrued liabilities	425,130	355,349
Accounts payable	0	4,686
Other liabilities	614,382	599,619
Total Liabilities	1,973,730	1,900,308
Presidential Stockholders' Deficit:
Additional paid-in capital	2,922,982	2,922,982
Accumulated deficit	-3,788,314	-3,629,414
Total Deficit	-865,290	-706,390
Total Liabilities and Stockholders' Deficit	1,108,440	1,193,918
Common Class A [Member]
Presidential Stockholders' Deficit:
Common stock: par value $.00001 per share	4	4
Common Class B [Member]
Presidential Stockholders' Deficit:
Common stock: par value $.00001 per share	$38	$38

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
Valuation allowance for other receivables (in dollars)	$4,879	$9,835
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	3,846,147

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental	$230,942	$219,264
Interest on mortgages - notes receivable	200	393
Total	231,142	219,657
Costs and Expenses:
General and administrative	205,554	248,511
Stock Based Compensation	0	123,000
Rental property:
Operating expenses	152,648	151,539
Interest and fees on mortgage debt	10,796	10,178
Real estate taxes	10,574	7,198
Depreciation on real estate	12,551	12,518
Amortization of mortgage costs	1,420	1,419
Total	393,543	554,363
Other Income (Loss):
Investment income	3,501	69,804
Net Loss	($158,900)	($264,902)
Earnings per Common Share basic and diluted :
Net Loss	($0.04)	($0.06)
Weighted Average Number of Shares Outstanding -
Basic & Diluted (in shares)	4,288,680	4,193,013

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Loss	($158,900)	($264,902)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	13,971	13,937
Amortization of discounts on notes and fees	0	-308
Stock based compensation	0	123,000
Bad debt recovery	-5,600	0
Decrease (Increase) in:
Other receivables	8,783	-3,619
Discontinued operations assets	0	45,793
Prepaid expenses	15,276	22,423
Other assets	1,036	79,465
Increase (decreases) in:
Accounts payable and accrued liabilities	65,095	34,994
Discontinued operations liabilities	0	-48,368
Other liabilities	14,763	2,625
Total adjustments	113,324	269,942
Net cash provided by (used in) operating activities	-45,576	5,040
Cash Flows from Investing Activities:
Payments received on notes receivable	405	643
Payments disbursed for capital improvements	-1,499	0
Net cash provided by (used in) investing activities	-1,094	643
Cash Flows from Financing Activities:
Proceeds of Line of credit	0	0
Principal payments on mortgage debt	-6,436	-6,126
Net cash provided by (used in) financing activities	-6,436	-6,126
Net (decrease) increase in Cash	-53,106	-443
Cash, Beginning of Period	442,613	477,077
Cash, End of Period	389,507	476,634
Supplemental cash flow information:
Interest paid in cash	10,796	11,011
Schedule of Non-cash investing activities
Exchange of accrued compensation for warrants	$0	$425,000

Organization_and_Summary_of_Si

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015, 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 accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. 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 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, 2014 filed on March 25, 2015.
	Principles of Consolidation
	The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. 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 March 31, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $4,879 and $9,835, respectively.
	Net Loss Per Share
	Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) 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. For the three months ended March 31, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000, of outstanding stock options and 1,700,000 of outstanding 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.
	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	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	2	Real Estate
	Real estate is comprised of the following:
			March 31,		December 31,
			2015		2014
	Land		$	79,100	$	79,100
	Buildings			989,340		989,340
	Furniture and equipment			53,871		52,372
	Total		$	1,122,311	$	1,120,812
	Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company during the quarters ended March 31, 2015 and 2014.

Investments_in_Joint_Ventures_

Investments in Joint Ventures and Partnerships	3 Months Ended
	Mar. 31, 2015
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 2015 we received a distribution from Broadway Partners Fund II in the amount of $2,750. This amount is reported as investment income on the consolidated statements of operations. This investment was previously written off. The Company recognizes income received on the cash basis. The Broadway Partners Fund II distributed the majority of its assets at the end of 2014 and we do not expect to receive any meaningful additional income.

Mortgage_Debt

Mortgage Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]		4	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 line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate (4.25% at March 31, 2015). The balance outstanding at March 31, 2015 and December 31, 2014 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. The outstanding balance of the mortgage at March 31, 2015 and December 31, 2014 was $434,218 and $440,654, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]		5	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 March 31, 2015 the tax years that remain open to examination by the federal, state and local taxing authorities are the 2011 – 2014 tax years and the Company was not required to accrue any liability for those tax years.
	For the three months ended March 31, 2015, the Company had a tax loss of approximately $103,000 ($.02 per share) which was all ordinary loss. For the three months ended March 31, 2014, the Company had a tax loss of approximately $209,000 ($.05 per share), which was all ordinary loss.

Commitments_Contingencies_and_

Commitments, Contingencies and Related Parties	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	6	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. Nicholas 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” 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.
		b.	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.
		2)	Other liabilities
	On May 14, 2015 the Company and the three former officer’s entered into agreements that if the Company were to refinance the Palmer Mapletree property, then they would accept, in lieu of the deferred compensation owed to them in the amount of $563,750, a cash payment of $50,000 each for a total of $150,000 from the proceeds of the refinancing and the right to receive restricted stock upon a registered public offering of the Company’s Class B Common Stock.  The amount of restricted stock to be issued to each former officer would be the number of shares valued at the public offering price equal to the difference between the cash paid to them and the amount owed to them.  While the Company is seeking to refinance the Palmer Mapletree property, the Company cannot guarantee that it will be able to obtain such refinancing.
	During 2014 we paid the former officers of the Company $10,000 each or $30,000 in total in order to extend the due date of the payment from November 8, 2014 to November 8, 2016.  The balance owed at March 31, 2015 and December 31, 2014 was $563,750, respectively and is included in other liabilities.
		C.	Property Management Agreement
	On November 8, 2011, the Company and Signature Community Management (“Signature”, An entity owned by our 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 receives compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The property Management Agreement renewed for a one year term on November 8, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. The Company incurred management fees of approximately $10,000 and $9,400 for the three months ended March 31, 2015 and 2014, 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, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. On September 8, 2013 the Asset Management fee 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 $3,000 for the three months ended March 31, 2015 and 2014, respectively.
		E.	Sublease
	The Company leases their executive office space under a month to month lease with Signature for a monthly rental payment of $1,100 or $13,200 per year. Either party may terminate the sublease upon 30 days prior written notice. For the three months ended March 31, 2015 and 2014, the Company incurred approximately $3,300, respectively, in rent expense.

Stock_Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure Of Stock Compensation [Text Block]		7	Stock Compensation
	During January 2014, the Company issued 615,000 shares of Class B common stock, valued at $123,000, for directors fees and other professional fees.

Stock_Options_and_Warrants

Stock Options and Warrants	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options [Text Block]		8	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 of the options 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 months ended March 31, 2015 and 2014, 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	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]		9	Estimated Fair Value of Financial Instruments
	Estimated fair values of the Company’s financial instruments as of March 31, 2015 and 2014 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)	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015, 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 accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. 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 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, 2014 filed on March 25, 2015.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
	The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. 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 March 31, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $4,879 and $9,835, respectively.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share
	Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) 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. For the three months ended March 31, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000, of outstanding stock options and 1,700,000 of outstanding 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.
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)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Real estate is comprised of the following:
		March 31,		December 31,
		2015		2014
	Land	$	79,100	$	79,100
	Buildings		989,340		989,340
	Furniture and equipment		53,871		52,372
	Total	$	1,122,311	$	1,120,812

Organization_and_Summary_of_Si2

Organization and Summary of Significant Accounting Policies (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounting Policies [Line Items]
Allowance For Doubtful Other Receivables, Current	4,879		$9,835
Warrant [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,700,000	1,700,000
Equity Option [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	740,000	740,000

Real_Estate_Details

Real Estate (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Real Estate [Line Items]
Land	$79,100	$79,100
Buildings	989,340	989,340
Furniture and equipment	53,871	52,372
Total	$1,122,311	$1,120,812

Investments_in_Joint_Ventures_1

Investments in Joint Ventures and Partnerships (Details Textual) (USD $)	1 Months Ended
	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions	$2,750

Mortgage_Debt_Details_Textual

Mortgage Debt (Details Textual) (USD $)	0 Months Ended	3 Months Ended
	Jun. 08, 2012	Mar. 31, 2015	Dec. 31, 2014
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 Mortgage Loan	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		$434,218	$440,654
Line of Credit Facility, Interest Rate During Period		4.25%

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax [Line Items]
Real Estate Investment Trust Taxable Income (Loss)	$103,000	$209,000
Real Estate Investment Trust Taxable Income Loss Per Share	$0.02	$0.05
Fair Value Assumptions, Expected Dividend Rate	90.00%

Commitments_Contingencies_and_1

Commitments, Contingencies and Related Parties (Details Textual) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended	0 Months Ended
	Nov. 08, 2011	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	14-May-15	Jan. 08, 2014
Commitments, Contingencies and Related parties [Line Items]
Operating Leases, Rent Expense, Sublease Rentals		$13,200
Operating Leases Rent Expense Sublease Rentals Per Monthly		1,100
Management fee of monthly rental income from tenants	5.00%
Asset Management Fees		3,000	3,000
Operating Leases, Rent Expense		3,300	3,300
Finance Fee Percentage	1.00%
Disposition Fee Percentage	1.00%
Property Management Fee		10,000	9,400
Asset Management Fee Percentage	1.50%
Related Party Transaction, Amounts of Transaction				30,000
Due to Related Parties				563,750
Related Party Transaction, Amount of Transaction with Each Former Officer				10,000
Subsequent Event [Member]
Commitments, Contingencies and Related parties [Line Items]
Total potential cash payment on possible refinancing					150,000
Due to Related Parties					563,750
Potential Cash Payment to Each Former Officers					50,000
Common Class B [Member]
Commitments, Contingencies and Related parties [Line Items]
Warrants Issued For Cancellation Of Deferred Compensation, Shares						1,700,000
Warrants Issued For Cancellation Of Deferred Compensation, Value						425,000
Chief Operating Officer [Member]
Commitments, Contingencies and Related parties [Line Items]
Base Salary						225,000
Removal of Cap						200,000
Director, Chairman Of Board Of Directors and Chief Executive Officer [Member]
Commitments, Contingencies and Related parties [Line Items]
Base Salary						225,000
Removal of Cap						$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
	Jan. 08, 2014	Nov. 08, 2011	Mar. 31, 2015	Mar. 31, 2014
Warrants and 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
Stock Based Compensation			0	0
Compensation Expense Recognition Upon Achievement Of Performance Milestones			592,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		740,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$0.10
Warrants Exercisable Description	The Warrant becomes exercisable only upon the expiration of six (6) months from the date of the Companys consummation of a Capital Event and will expire five and one half years following the date it first becomes exercisable
Common Class B [Member]
Warrants and Stock Options [Line Items]
Warrants Issued For Cancellation Of Deferred Compensation, Shares	1,700,000
Warrants Issued For Cancellation Of Deferred Compensation, Value	$425,000