Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 11, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PRESIDENTIAL REALTY CORP/DE/ | |
Entity Central Index Key | 731,245 | |
Current Fiscal Year End Date | --12-31 | |
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 ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Real estate (Note 2) | $ 1,125,969 | $ 1,120,812 |
Less: accumulated depreciation | 590,079 | 564,715 |
Net real estate | 535,890 | 556,097 |
Net mortgage portfolio | 0 | 405 |
Prepaid expenses | 148,514 | 149,268 |
Other receivables (net of valuation allowance of $6,215 in 2015 and $9,835 in 2014 ) (Note 1) | 18,217 | 29,351 |
Cash | 253,977 | 442,613 |
Other assets | 14,112 | 16,184 |
Total Assets | 970,710 | 1,193,918 |
Liabilities: | ||
Mortgage payable | 427,820 | 440,654 |
Line of credit | 500,000 | 500,000 |
Accounts payable and accrued liabilities | 436,142 | 355,349 |
Accounts payable | 0 | 4,686 |
Other liabilities | 612,231 | 599,619 |
Total Liabilities | 1,976,193 | 1,900,308 |
Stockholders' Deficit: | ||
Additional paid-in capital | 2,922,982 | 2,922,982 |
Accumulated deficit | (3,928,507) | (3,629,414) |
Total Stockholders' Deficit | (1,005,483) | (706,390) |
Total Liabilities and Stockholders' Deficit | 970,710 | 1,193,918 |
Common Class A [Member] | ||
Stockholders' Deficit: | ||
Common stock: par value $.00001 per share | 4 | 4 |
Common Class B [Member] | ||
Stockholders' Deficit: | ||
Common stock: par value $.00001 per share | $ 38 | $ 38 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Valuation allowance for other receivables (in dollars) | $ 6,215 | $ 9,835 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Rental | $ 240,561 | $ 220,002 | $ 471,503 | $ 439,266 |
Interest on mortgages - notes receivable | 0 | 728 | 200 | 1,121 |
Total | 240,561 | 220,730 | 471,703 | 440,387 |
Costs and Expenses: | ||||
General and administrative | 213,956 | 269,429 | 419,510 | 517,940 |
Stock based compensation | 0 | 0 | 0 | 123,000 |
Rental property: | ||||
Operating expenses | 131,544 | 123,065 | 284,192 | 274,604 |
Interest and fees on mortgage debt | 10,951 | 11,272 | 21,747 | 21,450 |
Real estate taxes | 10,573 | 10,188 | 21,147 | 17,386 |
Depreciation on real estate | 12,813 | 12,743 | 25,364 | 25,261 |
Amortization of mortgage costs | 1,419 | 1,420 | 2,839 | 2,839 |
Total | 381,256 | 428,117 | 774,799 | 982,480 |
Other Income: | ||||
Other Income | 0 | 259,851 | 0 | 259,851 |
Investment income | 502 | 17,932 | 4,003 | 87,736 |
Discontinued Operations (Note 4): | ||||
Net Income (Loss) | $ (140,193) | $ 70,396 | $ (299,093) | $ (194,506) |
Earnings per Common Share basic and diluted: | ||||
Net Income (Loss) | $ (0.03) | $ 0.02 | $ (0.07) | $ (0.05) |
Weighted Average Number of Shares Outstanding - | ||||
Weighted Average Number of Shares Outstanding - basic and diluted | 4,288,680 | 4,288,680 | 4,288,680 | 4,241,111 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net Loss | $ (299,093) | $ (194,506) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 28,203 | 26,680 |
Amortization of discounts on notes and fees | 0 | (308) |
Stock Based compensation | 0 | $ 123,000 |
Bad debt recovery | (5,600) | |
(Increase) decrease in: | ||
Other receivables | 16,734 | $ (8,958) |
Discontinued operations assets | 0 | 45,793 |
Prepaid expenses | (2,085) | 50,149 |
Other assets | 2,072 | 61,369 |
Increase (decrease) in: | ||
Accounts payable and accrued liabilities | 76,107 | 79,097 |
Discontinued operations liabilities | 0 | (48,368) |
Other liabilities | 12,612 | (6,591) |
Total adjustments | 128,043 | 321,863 |
Net cash (used in) provided by operating activities | (171,050) | 127,357 |
Cash Flows from Investing Activities: | ||
Payments received on notes receivable | 405 | 643 |
Payments disbursed for capital improvements | (5,157) | (3,094) |
Net cash used in investing activities | (4,752) | (2,451) |
Cash Flows from Financing Activities: | ||
Principal payments on mortgage debt | (12,834) | (12,203) |
Net cash used in financing activities | (12,834) | (12,203) |
Net increase (decrease) in Cash and Cash Equivalents | (188,636) | 112,703 |
Cash and Cash Equivalents, Beginning of period | 442,613 | 477,077 |
Cash and Cash Equivalents, End of period | 253,977 | 589,780 |
Supplemental cash flow information: | ||
Interest paid in cash | 21,747 | 21,450 |
Schedule of Non-cash investing activities | ||
Exchange of accrued compensation for warrants | $ 0 | $ 425,000 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 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 (“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 June 30, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $ 6,215 9,835 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 and six months ended June 30, 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 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 | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 2. Real Estate Real estate is comprised of the following: June 30, 2015 December 31, 2014 Land $ 79,100 $ 79,100 Buildings 991,373 989,340 Furniture and equipment 55,496 52,372 Total $ 1,125,969 $ 1,120,812 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, 2015 and 2014. |
Investments in Joint Ventures a
Investments in Joint Ventures and Partnerships | 6 Months Ended |
Jun. 30, 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 . |
Mortgage Debt
Mortgage Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Mortgage Debt On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $ 1,000,000 500,000 5 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 459,620 500,000 with an interest rate of 1% over the bank’s Prime Rate 4.25 500,000 427,820 440,654 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 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, 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 six months ended June 30, 2015, the Company had a tax loss of approximately $ 187,000 80,000 |
Commitments, Contingencies and
Commitments, Contingencies and Related Parties | 6 Months Ended |
Jun. 30, 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 $ 225,000 200,000 1,700,000 425,000 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 $ 225,000 200,000 2) Other liabilities On May 12, 2015 the Company and 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 50,000 150,000 and subsequently 50,000 During 2014 we paid the former officers of the Company $ 10,000 30,000 563,750 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 10,000 20,000 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. 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 1 1 3,000 6,000 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 13,200 3,300 6,600 |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jun. 30, 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 615,000 123,000 |
Stock Options and Warrants
Stock Options and Warrants | 6 Months Ended |
Jun. 30, 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 1.25 148,000 0.00 592,000 0 592,000 On January 8, 2014, the Company issued a warrant to purchase 1,700,000 0.10 425,000 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. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent events On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of Company entered into a Loan Agreement (the “Loan Agreement”) in the principal amount of $ 1,750,000 6.031 934,794 123,757 585,125 August 5, 2025 11,308 |
Organization and Summary of S16
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 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 (“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 June 30, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $ 6,215 9,835 |
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 and six months ended June 30, 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 |
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) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Real estate is comprised of the following: June 30, 2015 December 31, 2014 Land $ 79,100 $ 79,100 Buildings 991,373 989,340 Furniture and equipment 55,496 52,372 Total $ 1,125,969 $ 1,120,812 |
Organization and Summary of S18
Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||
Allowance For Doubtful Other Receivables, Current | $ 6,215 | $ 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 ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate [Line Items] | ||
Land | $ 79,100 | $ 79,100 |
Buildings | 991,373 | 989,340 |
Furniture and equipment | 55,496 | 52,372 |
Total | $ 1,125,969 | $ 1,120,812 |
Investments in Joint Ventures20
Investments in Joint Ventures and Partnerships (Details Textual) | 1 Months Ended |
Mar. 31, 2015USD ($) | |
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 ($) | Jun. 08, 2012 | Jun. 30, 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 | $ 427,820 | $ 440,654 | |
Line of Credit Facility, Interest Rate During Period | 4.25% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax [Line Items] | ||
Real Estate Investment Trust Taxable Income (Loss) | $ (187,000) | $ (80,000) |
Real Estate Investment Trust Taxable Income Loss Per Share | $ (0.04) | $ (0.02) |
Real Estate Investment Trust Taxable Income Distributable To ShareHolder | 90.00% |
Commitments, Contingencies an23
Commitments, Contingencies and Related Parties (Details Textual) - USD ($) | Jan. 08, 2014 | Nov. 08, 2011 | Jul. 28, 2015 | May. 12, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 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 | 6,000 | $ 6,000 | |||||
Operating Leases, Rent Expense | 3,300 | 6,600 | |||||||
Finance Fee Percentage | 1.00% | ||||||||
Disposition Fee Percentage | 1.00% | ||||||||
Property Management Fee | 10,000 | $ 20,000 | |||||||
Asset Management Fee Percentage | 1.50% | ||||||||
Related Party Transaction, Amounts of Transaction | $ 30,000 | ||||||||
Due to Related Parties | $ 563,750 | $ 563,750 | 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 | ||||||||
Palmer Mapletree Property [Member] | Subsequent Event [Member] | |||||||||
Commitments, Contingencies and Related parties [Line Items] | |||||||||
Repayments of Related Party Debt | $ 50,000 |
Stock Compensation (Details Tex
Stock Compensation (Details Textual) - 1 months ended Jan. 31, 2014 - Common Class B [Member] - USD ($) | Total |
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 ($) | Jan. 08, 2014 | Nov. 08, 2011 | Jun. 30, 2015 | Jun. 30, 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 | |||
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 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Jul. 28, 2015 - Subsequent Event [Member] - USD ($) | Total |
Loans Payable [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Maturity Date | Aug. 5, 2025 |
Palmer Mapletree LLC [Member] | |
Subsequent Event [Line Items] | |
Loans Payable, Current, Total | $ 934,794 |
Debt Instrument, Periodic Payment, Total | 11,308 |
Palmer Mapletree LLC [Member] | Loans Payable [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 1,750,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.031% |
Proceeds from Loans | $ 585,125 |
Deferred Fees And Prepaid Cost | $ 123,757 |