Presidential Realty (PDNLA) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 16, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate (Note 2)	$ 1,109,890	$ 1,120,812
Less: accumulated depreciation	589,229	564,715
Net real estate	520,661	556,097
Net mortgage portfolio	0	405
Prepaid expenses	140,926	135,073
Other receivables (net of valuation allowance of $734 in 2015 and $9,835 in 2014)	12,304	29,351
Cash and cash equivalents	590,592	442,613
Other assets	234,235	30,379
Total Assets	1,498,718	1,193,918
Liabilities:
Mortgage payable	1,747,780	440,654
Line of credit	0	500,000
Accounts payable and accrued liabilities	479,428	360,035
Other liabilities	42,733	599,619
Total Liabilities	2,269,941	1,900,308
Stockholders' Deficit:
Additional paid-in capital	3,108,471	2,922,982
Accumulated deficit	(3,879,736)	(3,629,414)
Total Stockholders' Deficit	(771,223)	(706,390)
Total Liabilities and Stockholders' Deficit	1,498,718	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 ($)	Sep. 30, 2015	Dec. 31, 2014
Valuation allowance for other receivables (in dollars)	$ 734	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental	$ 228,300	$ 212,701	$ 699,803	$ 651,967
Interest on mortgages - notes receivable	0	728	200	1,849
Total	228,300	213,429	700,003	653,816
Costs and Expenses:
General and administrative	206,608	259,493	626,118	777,433
Stock based compensation	0	0	0	123,000
Rental property:
Operating expenses	141,006	133,781	425,198	408,385
Interest and fees on mortgage debt	23,788	11,193	45,535	32,643
Real estate taxes	9,962	9,348	31,109	26,734
Depreciation on real estate	12,549	12,490	37,913	37,751
Amortization of mortgage costs	14,171	1,419	17,010	4,258
Total	408,084	427,724	1,182,883	1,410,204
Other Income (loss):
Loss on deconsolidation of subsidiaries	0	(516,982)	0	(516,982)
Other Income	0	0	0	259,851
Gain on extinguishment of debt	228,261	0	228,261	0
Investment income	294	951	4,297	88,687
Net Income (loss)	$ 48,771	$ (730,326)	$ (250,322)	$ (924,832)
Net earnings per Common Share basic and diluted:
Net Income (loss) (Per share)	$ 0.01	$ (0.17)	$ (0.06)	$ (0.22)
Weighted Average Number of Shares Outstanding -
basic and diluted (in shares)	4,288,680	4,288,680	4,288,680	4,257,142

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net Loss	$ (250,322)	$ (924,832)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	54,923	42,008
Amortization of discounts on notes and fees	0	(308)
Non-cash compensation	2,680	0
Bad debt recovery	(9,101)	0
Stock based compensation	0	123,000
Loss from deconsolidation of subsidiaries	0	516,982
Investment Income	(2,750)	(86,245)
Gain on extinguishment of debt	(228,261)	0
(Increase) decrease in:
Other receivables	26,148	1,454
Discontinued operations assets	0	45,793
Prepaid expenses	(8,668)	28,161
Other assets	(218,051)	89,022
Increase (decrease) in:
Accounts payable and accrued liabilities	119,394	139,043
Discontinued operations liabilities	0	(48,368)
Other liabilities	(143,137)	(13,891)
Total adjustments	(406,823)	836,651
Net cash used in operating activities	(657,145)	(88,181)
Cash Flows from Investing Activities:
Return of Investment Broadway Partners Fund II	2,750	86,245
Payments received on notes receivable	405	643
Payments disbursed for capital improvements	(5,157)	(3,094)
Net cash used in investing activities	(2,002)	83,794
Cash Flows from Financing Activities:
Proceeds from mortgage	1,750,000
Payment of line of credit	(500,000)	0
Principal payments on mortgage debt	(442,874)	(18,359)
Net cash provided by (used in) financing activities	807,126	(18,359)
Net increase (decrease) in Cash and Cash Equivalents	147,979	(22,746)
Cash and Cash Equivalents, Beginning of period	442,613	477,077
Cash and Cash Equivalents, End of period	590,592	454,331
Supplemental cash flow information:
Interest paid in cash	45,535	32,643
Schedule of non-cash investing and financing activities
Issuance of stock options for accrued compensation	0	425,000
Issuance of stock options for deferred compensation	$ 185,489	$ 0

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 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. For the nine months ended September 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. 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. 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. 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 September 30, 2015 734 9,835 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 nine months ended September 30, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 1,700,000 Cash includes cash on hand, cash in banks and cash in money market funds. 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. 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. In April 2015, the FASB issued ASU 2015-3, to simplify the presentation of debt issuance costs. This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the required presentation for debt discounts. This update is effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard will change the Company’s current practice of presenting debt issuance costs as an asset and will result in the reduction of total assets and total liabilities in an amount equal to the balance of unamortized debt issuance costs at each balance sheet date. Debt issuance costs are currently presented separately on the Company’s condensed consolidated balance sheets and amounted to $ 154,506 14,195

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Real Estate September 30, 2015 December 31, 2014 Land $ 79,100 $ 79,100 Buildings 991,373 989,340 Furniture and equipment 39,417 52,372 Total $ 1,109,890 $ 1,120,812 Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company during the three and nine months ended September 30, 2015 and 2014.

Investments in Joint Ventures a

Investments in Joint Ventures and Partnerships	9 Months Ended
	Sep. 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 We received a distribution from Broadway Partners Fund II in the amount of $ 2,750 86,245 .

Mortgage Debt

Mortgage Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Mortgage Debt a. On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $ 1,000,000 500,000 5 5 years interest was adjusted 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. 0 500,000 0 440,654 The mortgage and line of credit were refinanced by the new mortgage on July 28, 2015. b. On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of the 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 1,747,780

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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% 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 September 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 nine months ended September 30, 2015, the Company had a tax loss of approximately $ 310,000 239,000

Commitments, Contingencies and

Commitments, Contingencies and Related Parties	9 Months Ended
	Sep. 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 - the consummation of an underwritten registered public offering of equity not less than twenty million dollars ($ 20,000,000 200,000 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 officers 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 50,000 each and issued the option agreements to each of the three former officers. The options call for the issuance of restricted stock based on number of shares valued at the public offering price equal to the balance due of $413,750. These options were valued using a monte carlo model valuation methodology. The model embodies relevant assumptions that address the features underlying these instruments. Significant assumption used in the monte carlo model were, the public offering price of the stock, the probability that a capital event will take place. The Company recorded an extinguishment gain of $ 228,261 413,750 185,489 During 2014 we paid the former officers of the Company $ 10,000 30,000 0 563,750 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 30,000 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 9,000 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 9,900

Stock Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Stock Compensation During January 2014, the Company issued 615,000 123,000

Stock Options and Warrants

Stock Options and Warrants	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options [Text Block]	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. On July 28, 2015 the Company issued option agreements to each of the three former officers totaling $ 413,750 20,000,000

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 September 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.

Organization and Summary of S15

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2015 734 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 nine months ended September 30, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 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 In April 2015, the FASB issued ASU 2015-3, to simplify the presentation of debt issuance costs. This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the associated debt liability, consistent with the required presentation for debt discounts. This update is effective for interim and annual periods beginning after December 15, 2015. The adoption of this standard will change the Company’s current practice of presenting debt issuance costs as an asset and will result in the reduction of total assets and total liabilities in an amount equal to the balance of unamortized debt issuance costs at each balance sheet date. Debt issuance costs are currently presented separately on the Company’s condensed consolidated balance sheets and amounted to $ 154,506 14,195

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Real estate is comprised of the following: September 30, 2015 December 31, 2014 Land $ 79,100 $ 79,100 Buildings 991,373 989,340 Furniture and equipment 39,417 52,372 Total $ 1,109,890 $ 1,120,812

Organization and Summary of S17

Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounting Policies [Line Items]
Allowance For Doubtful Other Receivables, Current	$ 734		$ 734		$ 9,835
Debt Instrument, Unamortized Discount	$ 154,506		$ 154,506		$ 14,195
Warrant [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,700,000	1,700,000	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	740,000	740,000

Real Estate (Details)

Real Estate (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate [Line Items]
Land	$ 79,100	$ 79,100
Buildings	991,373	989,340
Furniture and equipment	39,417	52,372
Total	$ 1,109,890	$ 1,120,812

Investments in Joint Ventures19

Investments in Joint Ventures and Partnerships (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions	$ 2,750	$ 86,245

Mortgage Debt (Details Textual)

Mortgage Debt (Details Textual) - USD ($)	Jun. 08, 2012	Jul. 28, 2015	Sep. 30, 2015	Dec. 31, 2014
Mortgage Debt [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 500,000		$ 0	$ 440,654
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 was adjusted 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		0	$ 500,000
Line of Credit Facility, Interest Rate Description	with an interest rate of 1% over the banks Prime Rate.
Palmer-Mapletree LLC [Member] | Loans Agreement [Member]
Mortgage Debt [Line Items]
Debt Instrument, Face Amount		$ 1,750,000
Debt Instrument, Interest Rate, Stated Percentage		6.031%
Repayments of Debt		$ 934,794
Debt Instrument, Maturity Date		Aug. 5, 2025
Debt Instrument, Periodic Payment, Total		$ 11,308
Loans Payable, Total			$ 1,747,780
Proceeds from Issuance of Debt		585,125
Amount Transferred to Property Reserve		$ 123,757

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax [Line Items]
Real Estate Investment Trust Taxable Income (Loss)	$ 310,000	$ 239,000
Real Estate Investment Trust Taxable Income Loss Per Share	$ 0.07	$ 0.06
Real Estate Investment Trust Taxable Income Distributable To Shareholder	90.00%

Commitments, Contingencies an22

Commitments, Contingencies and Related Parties (Details Textual) - USD ($)	May. 12, 2015	Jan. 08, 2014	Nov. 08, 2011	Jul. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	9,000	$ 9,000
Operating Leases, Rent Expense					3,300	3,300	9,900	9,900
Finance Fee Percentage			1.00%
Disposition Fee Percentage			1.00%
Property Management Fee					10,000	10,000	30,000	30,000
Asset Management Fee Percentage			1.50%
Total potential cash payment on possible refinancing	$ 150,000
Related Party Transaction, Amounts of Transaction									$ 30,000
Due to Related Parties	563,750				0		0		563,750
Potential Cash Payment to Each Former Officers	50,000
Related Party Transaction, Amount of Transaction with Each Former Officer									$ 10,000
Minimum Consummation Amount Of Equity							20,000,000
Gains (Losses) on Extinguishment of Debt, Total	228,261				$ 228,261	$ 0	$ 228,261	$ 0
Deferred Compensation Liability, Current and Noncurrent	413,750
Fair Value Of Stock Options Issued	$ 185,489
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]
Commitments, Contingencies and Related parties [Line Items]
Repayments of Related Party Debt				$ 50,000

Stock Compensation (Details Tex

Stock Compensation (Details Textual) - Common Class B [Member]	1 Months Ended
	Jan. 31, 2014USD ($)shares
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	Jul. 28, 2015	Sep. 30, 2015	Sep. 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	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		740,000
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.
Former Officers [Member]
Warrants and Stock Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			413,750
Share Based Compensation Arrangements By Share Based Payment Award Options Exercisable Upon Registered Public Offering Value			$ 20,000,000
Employee Stock Option [Member] | Former Officers [Member]
Warrants and Stock Options [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			5 years
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
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.10