Presidential Realty (PDNLA) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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, 2016	Dec. 31, 2015
Assets
Real estate (Note 2)	$ 1,169,459	$ 1,118,345
Less: accumulated depreciation	635,251	602,220
Net real estate	534,208	516,125
Prepaid expenses	105,309	139,587
Other receivables (net of valuation allowance of $1,098 in 2016 and $790 in 2015 )	18,425	27,784
Cash	216,770	442,922
Mortgage escrow	94,966	116,581
Other assets	5,483	5,453
Total Assets	975,161	1,248,452
Liabilities:
Mortgage payable, net of mortgage costs	1,579,779	1,590,024
Accounts payable and accrued liabilities	881,744	635,865
Other liabilities	48,044	38,841
Total Liabilities	2,509,567	2,264,730
Stockholders' Deficit:
Additional paid-in capital	3,108,471	3,108,471
Accumulated deficit	(4,642,919)	(4,124,791)
Total Stockholders' Deficit	(1,534,406)	(1,016,278)
Total Liabilities and Stockholders' Deficit	975,161	1,248,452
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, 2016	Dec. 31, 2015
Valuation allowance for other receivables (in dollars)	$ 1,098	$ 790
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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental	$ 226,106	$ 228,300	$ 730,676	$ 699,803
Interest on mortgages - notes receivable	0	0	0	200
Total	226,106	228,300	730,676	700,003
Costs and Expenses:
General and administrative	229,511	206,608	678,487	626,118
Rental property:
Operating expenses	132,439	141,006	416,113	425,198
Interest expense and amortization of mortgage costs	30,454	37,959	91,128	62,545
Real estate taxes	10,270	9,962	31,427	31,109
Depreciation on real estate	8,926	12,549	33,031	37,913
Total	411,600	408,084	1,250,186	1,182,883
Other Income:
Gain on extinguishment of debt		228,261		228,261
Investment income	283	294	1,382	4,297
Net Income ( loss)	$ (185,211)	$ 48,771	$ (518,128)	$ (250,322)
Earnings per Common Share basic and diluted:
Net Income (loss)	$ (0.04)	$ 0.01	$ (0.12)	$ (0.06)
Weighted Average Number of Shares Outstanding - basic and diluted	4,288,680	4,288,680	4,288,680	4,288,680

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net Loss	$ (518,128)	$ (250,322)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	44,830	54,923
Non-cash compensation	0	2,680
Bad debt (recovery)	0	(9,101)
Investment income	0	(2,750)
Bad debt	368	0
Gain on extinguishment		(228,261)
(Increase) decrease in:
Other receivables	8,991	26,148
Prepaid expenses	34,278	(8,668)
Mortgage escrow	21,615	0
Other assets	(30)	(218,051)
Increase (decrease) in:
Accounts payable and accrued liabilities	245,879	119,394
Other liabilities	9,203	(143,137)
Total adjustments	365,134	(406,823)
Net cash used in operating activities	(152,994)	(657,145)
Cash Flows from Investing Activities:
Return of Investment Braodway Partners Fund II	0	2,750
Payments received on notes receivable	0	405
Payments disbursed for capital improvements	(51,114)	(5,157)
Net cash used in investing activities	(51,114)	(2,002)
Cash Flows from Financing Activities:
Proceeds from mortgage	0	1,750,000
Payment of line of credit	0	(500,000)
Principal payments on mortgage debt	(22,044)	(442,874)
Net cash (used in) provided by financing activities	(22,044)	807,126
Net (decrease) increase in Cash and Cash Equivalents	(226,152)	147,979
Cash and Cash Equivalents, Beginning of period	442,922	442,613
Cash and Cash Equivalents, End of period	216,770	590,592
Supplemental cash flow information:
Interest paid in cash	$ 79,394	45,535
Issuance of stock optionns for deferred conpensation		$ 185,489

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
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, 2016, 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 strategies to achieve profitability, and increase working capital by raising 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, 2015 filed on April 12, 2016. Real estate is stated at cost. Generally, depreciation is provided on the straight-line method over the assets estimated useful lives, which range from twenty to thirty-nine years for buildings and improvements and from three to ten years for furniture and equipment. Maintenance and repairs are charged to operations as incurred and renewals and replacements are capitalized. The Company reviews each of its property investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of properties is determined to exist when estimated amounts recoverable through future operations on an undiscounted basis are below the properties carrying value. If a property is determined to be impaired, it is written down to its estimated fair value. Presidential follows the guidance of the Property, Plant and Equipment Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) as it pertains to sales of real estate. Accordingly, the gains on certain transactions maybe deferred and recognized on the installment method until such transactions comply with the criteria for full profit recognition. At September 30, 2016 and 2015, the Company had no deferred gains. 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 straight-line basis 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. As of September 30, 2016 and December 31, 2015, the allowance relating to tenant obligations was $ 1,098 790 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 period. 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, 2016 and 2015, 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 ASC Topic 718 in accounting for stock-based compensation. Shares of Class B common stock granted are fully vested upon the grant date. The Company recorded the market value of any grants that were earned and vested in 2016 and 2015 to expense in each period. 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 Company adopted ASU 2015-03 January 1, 2016. The adoption of this standard resulted in the reclassification of $ 150,438 Accumulated amortization as of September 30, 2016 and December 31, 2015 was $ 18,683 6,884 Amortization expenses of mortgage costs was $ 3,933 14,171 11,799 17,010 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. In March 2016, FASB issued ASU No. 2016-09, “Improvements to Employee Share-based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the standard and the impact on its consolidated financial statements and footnote disclosures In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), which provides guidance on management’s responsibility in evaluating whether there is substantial doubt an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. The adoption of ASU 2014-15 is not expected to have a material impact on our financial position, results of operations or cash flows.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	2. Real Estate September December Land $ 79,100 $ 79,100 Buildings 1,039,984 995,215 Furniture and equipment 50,375 44,030 Total $ 1,169,459 $ 1,118,345 Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company for the three and nine months ended September 30, 2016 and 2015.

Investments in Partnership

Investments in Partnership	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	Investments in Partnership We received distributions from Broadway Partners Fund II in the amount of $ 0 2,750 .

Mortgage Debt

Mortgage Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	4. 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 5 459,620 500,000 b. On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of the Company entered into a Loan Agreement (the “Loan Agreement”) with Natixis Real Estate Capital LLC providing for a mortgage loan in the principal amount of $ 1,750,000 6.031 934,794 123,757 585,125 11,308 1,718,418 138,639 1,740,462 150,438

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016, the tax years that remain open to examination by the federal, state and local taxing authorities are the 2012 – 2016 tax years and the Company was not required to accrue any liability for those tax years. The Company has accumulated a net operating loss carry forward of approximately $ 20,450,000 For the nine months ended September 30, 2016, the Company had a tax loss of approximately $ 349,000 08 For the nine months ended September 30, 2015, the Company had a tax loss of approximately $ 310,000 07

Commitments, Contingencies and

Commitments, Contingencies and Related Parties	9 Months Ended
	Sep. 30, 2016
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 – 225,000 200,000 1,700,000 425,000 Mr. Jekogian’s employment agreement, as amended, expired at December 31, 2015 but the board agreed to continue Mr. Jekogian’s employment on the same terms as the agreement until otherwise terminated by the board. b. Alexander Ludwig – 225,000 200,000 Mr. Ludwig’s employment agreement, as amended, expired at December 31, 2015 but the board agreed to continue Mr. Ludwig’s employment on the same terms as the agreement until otherwise terminated by the board. 2) 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 Property. Signature receives compensation of 5 10,000 30,000 3) 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 will receive an asset management fee of 1.5 3,000 9,000 4) Sublease The Company subleases 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 On September 22, 2016 the Company signed a new sublease for their executive office space under a month to month lease with Nexelus for a monthly rental payment of $ 1,500 18,000 C) Other liabilities On July 28, 2015 the Company successfully refinanced the Mapletree Property and made payments of $ 50,000 20,000,000 5 228,261 413,750 185,489 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 to value these options were, the following: Exercises price - $ 1.00 5 29.19 108.6 1.61 0

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2016
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	7. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash. The Company generally maintains its cash in money market funds with financial institutions. Although the Company may maintain balances at these institutions in excess of the FDIC insurance limit, the Company does not anticipate and has not experienced any losses.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2016
Stockholders Equity Note [Abstract]
Stockholders Equity Note Disclosure [Text Block]	8. Common Stock The Class A and Class B common stock of Presidential have identical rights except that the holders of Class A common stock are entitled to elect two-thirds of the Board of Directors and the holders of the Class B common stock are entitled to elect one-third of the Board of Directors. Other than as described in Note 9, no shares of common stock of Presidential are reserved.

Warrants and Options

Warrants and Options	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options [Text Block]	9. Warrants and Options On November 8, 2011, the Company issued 740,000 1.25 148,000 0.00 592,000 0 592,000

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	10. Estimated Fair Value of Financial Instruments At September 30, 2016 and December 31, 2015, the carrying amounts of the Company’s financial instruments, which include cash, accounts receivable and accounts payable and accrued expenses, approximate their fair value due to their generally short maturities.

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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, 2016, 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 strategies to achieve profitability, and increase working capital by raising 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, 2015 filed on April 12, 2016.
Real Estate, Policy [Policy Text Block]	Real Estate Real estate is stated at cost. Generally, depreciation is provided on the straight-line method over the assets estimated useful lives, which range from twenty to thirty-nine years for buildings and improvements and from three to ten years for furniture and equipment. Maintenance and repairs are charged to operations as incurred and renewals and replacements are capitalized. The Company reviews each of its property investments for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of properties is determined to exist when estimated amounts recoverable through future operations on an undiscounted basis are below the properties carrying value. If a property is determined to be impaired, it is written down to its estimated fair value.
Real Estate Held for Development and Sale, Policy [Policy Text Block]	Sale of Real Estate Presidential follows the guidance of the Property, Plant and Equipment Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) as it pertains to sales of real estate. Accordingly, the gains on certain transactions maybe deferred and recognized on the installment method until such transactions comply with the criteria for full profit recognition. At September 30, 2016 and 2015, the Company had no deferred gains.
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 straight-line basis 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. As of September 30, 2016 and December 31, 2015, the allowance relating to tenant obligations was $ 1,098 790
Earnings Per Share, Policy [Policy Text Block]	Net Income (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 period. 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, 2016 and 2015, 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.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Accounting for Stock Awards The Company follows the guidance of ASC Topic 718 in accounting for stock-based compensation. Shares of Class B common stock granted are fully vested upon the grant date. The Company recorded the market value of any grants that were earned and vested in 2016 and 2015 to expense in each period.
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]	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 Company adopted ASU 2015-03 January 1, 2016. The adoption of this standard resulted in the reclassification of $ 150,438 Accumulated amortization as of September 30, 2016 and December 31, 2015 was $ 18,683 6,884 Amortization expenses of mortgage costs was $ 3,933 14,171 11,799 17,010 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial position or results of operations. In March 2016, FASB issued ASU No. 2016-09, “Improvements to Employee Share-based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the standard and the impact on its consolidated financial statements and footnote disclosures In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), which provides guidance on management’s responsibility in evaluating whether there is substantial doubt an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. The adoption of ASU 2014-15 is not expected to have a material impact on our financial position, results of operations or cash flows.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Real estate is comprised of the following: September December Land $ 79,100 $ 79,100 Buildings 1,039,984 995,215 Furniture and equipment 50,375 44,030 Total $ 1,169,459 $ 1,118,345

Organization and Summary of S18

Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accounting Policies [Line Items]
Allowance For Doubtful Other Receivables, Current	$ 1,098		$ 1,098		$ 790
Debt Instrument, Unamortized Discount					150,438
Accumulated Amortization, Deferred Finance Costs	18,683		18,683		$ 6,884
Amortization of Financing Costs	$ 3,933	$ 14,171	$ 11,799	$ 17,010
Warrant [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			740,000	1,700,000

Real Estate (Details)

Real Estate (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real Estate [Line Items]
Land	$ 79,100	$ 79,100
Buildings	1,039,984	995,215
Furniture and equipment	50,375	44,030
Total	$ 1,169,459	$ 1,118,345

Investments in Partnership (Det

Investments in Partnership (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions	$ 0	$ 2,750

Mortgage Debt (Details Textual)

Mortgage Debt (Details Textual) - USD ($)	Jun. 08, 2012	Jul. 28, 2015	Sep. 30, 2016	Dec. 31, 2015
Mortgage Debt [Line Items]
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 adjusted monthly equal to the bank’s 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
Line of Credit Facility, Interest Rate Description	with an interest rate of 1% over the bank’s Prime Rate
Secured Debt	$ 500,000		$ 1,579,779	$ 1,590,024
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			1,718,418	1,740,462
Proceeds from Issuance of Debt		585,125
Amount Transferred to Property Reserve		$ 123,757
Deferred Finance Costs, Net			$ 138,639	$ 150,438

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax [Line Items]
Real Estate Investment Trust Taxable Loss	$ 349,000	$ 310,000
Real Estate Investment Trust Ordinary Income Loss Per Share	$ 0.08	$ 0.07
Operating Loss Expiration Term	expiring from 2028 through 2034 
Operating Loss Carryforwards	$ 20,450,000
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	Sep. 22, 2016	Jul. 28, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Commitments, Contingencies and Related parties [Line Items]
Operating Leases, Rent Expense, Sublease Rentals 1			$ 18,000				$ 13,200
Operating Leases Rent Expense Sublease Rentals Per Monthly			$ 1,500				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
Property Management Fee					10,000	10,000	30,000	30,000
Asset Management Fee Percentage		1.50%
Gains (Losses) on Extinguishment of Debt, Total				$ 228,261		$ 228,261		$ 228,261
Deferred Compensation Liability, Current and Noncurrent				413,750
Fair Value Of Stock Options Issued				$ 185,489
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				5 years
Proceeds from Issuance Initial Public Offering				$ 20,000,000
Fair Value Assumptions, Exercise Price					$ 1		$ 1
Fair Value Assumptions, Expected Term							5 years
Fair Value Assumptions Expected Marketability							29.19%
Fair Value Assumptions, Expected Volatility Rate							108.60%
Fair Value Assumptions, Risk Free Interest Rate							1.61%
Fair Value Assumptions, Expected Dividend Rate							0.00%
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
Director, President, Chief Operating Officer and Principal Financial Officer [Member]
Commitments, Contingencies and Related parties [Line Items]
Base Salary	225,000
Removal of Cap	200,000
Chairman 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] | Officer One [Member]
Commitments, Contingencies and Related parties [Line Items]
Repayments of Related Party Debt				50,000
Palmer Mapletree Property [Member] | Officer Two [Member]
Commitments, Contingencies and Related parties [Line Items]
Repayments of Related Party Debt				50,000
Palmer Mapletree Property [Member] | Officer Three [Member]
Commitments, Contingencies and Related parties [Line Items]
Repayments of Related Party Debt				$ 50,000

Warrants and Options (Details T

Warrants and Options (Details Textual) - USD ($)	Nov. 08, 2011	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
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	$ 0	$ 0
Compensation Expense Recognition Upon Achievement Of Performance Milestones				$ 592,000	$ 592,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	740,000