Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Document Information Line Items | |||
Entity Registrant Name | PRESIDENTIAL REALTY CORPORATION | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 176,040 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000731245 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-08594 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-1954619 | ||
Entity Address, Address Line One | 530 Seventh Avenue | ||
Entity Address, Address Line Two | Suite 407 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10018 | ||
Entity Interactive Data Current | No | ||
Auditor Name | Baker Tilly US LLP | ||
Auditor Location | Tysons, Virginia | ||
Auditor Firm ID | 32 | ||
City Area Code | (914) | ||
Local Phone Number | 948-1300 | ||
Class A Common Stock | |||
Document Information Line Items | |||
Entity Common Stock, Shares Outstanding | 442,533 | ||
Class B Common Stock | |||
Document Information Line Items | |||
Entity Common Stock, Shares Outstanding | 4,746,147 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Real estate | $ 1,545,347 | $ 1,502,314 |
Less: accumulated depreciation | 901,047 | 843,239 |
Net real estate | 644,300 | 659,075 |
Investment in Avalon Jubilee, LLC | ||
Prepaid expenses | 89,411 | 88,538 |
Other receivables (net of valuation allowance of $6,235 in 2021 and $6,764 in 2020) | 25,982 | 41,202 |
Cash | 225,029 | 206,112 |
Mortgage escrow | 59,603 | 58,064 |
Other assets | 5,304 | 5,291 |
Total Assets | 1,049,629 | 1,058,282 |
Liabilities: | ||
Mortgage payable, net | 1,473,525 | 1,498,606 |
Accounts payable and accrued liabilities | 399,985 | 328,623 |
Other liabilities | 77,501 | 84,685 |
Total Liabilities | 1,951,011 | 1,911,914 |
Presidential Stockholders’ Deficit: | ||
Additional paid-in capital | 8,122,108 | 8,122,108 |
Accumulated deficit | (9,023,541) | (8,975,791) |
Total Stockholders’ Deficit | (901,382) | (853,632) |
Total Liabilities and Stockholders’ Deficit | 1,049,629 | 1,058,282 |
Class A Common Stock | ||
Presidential Stockholders’ Deficit: | ||
Issued and Outstanding: | 4 | 4 |
Class B Common Stock | ||
Presidential Stockholders’ Deficit: | ||
Issued and Outstanding: | $ 47 | $ 47 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Net of valuation allowance (in Dollars) | $ 6,235 | $ 6,764 |
Class A Common Stock | ||
Common stock par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock share authorized | 700,000 | 700,000 |
Common stock share issued | 442,533 | 442,533 |
Common stock share outstanding | 442,533 | 442,533 |
Class B Common Stock | ||
Common stock par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock share authorized | 999,300,000 | 999,300,000 |
Common stock share issued | 4,746,147 | 4,746,147 |
Common stock share outstanding | 4,746,147 | 4,746,147 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Rental | $ 1,030,141 | $ 1,017,613 |
Total Revenue | 1,030,141 | 1,017,613 |
Costs and Expenses: | ||
General and administrative | 348,184 | 213,540 |
Rental property: | ||
Operating expenses | 559,853 | 600,335 |
Interest expense and amortization of mortgage costs | 110,621 | 112,739 |
Real estate taxes | 43,541 | 44,671 |
Depreciation on real estate | 57,808 | 54,240 |
Total Costs and Expenses | 1,120,007 | 1,025,525 |
Other Income: | ||
SBA PPP Loan forgiveness | 42,100 | |
Investment income | 16 | 31 |
Net loss | $ (47,750) | $ (7,881) |
Net loss per Common Share -basic (in Dollars per share) | $ (0.01) | $ 0 |
Net loss per Common Share -diluted (in Dollars per share) | $ (0.01) | $ 0 |
Weighted Average Number of Shares Outstanding | ||
basic (in Shares) | 5,188,718 | 5,188,718 |
diluted (in Shares) | 5,188,718 | 5,188,718 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 51 | $ 8,122,108 | $ (8,967,910) | $ (845,751) |
Net loss | (7,881) | (7,881) | ||
Balance at Dec. 31, 2020 | 51 | 8,122,108 | (8,975,791) | (853,632) |
Net loss | (47,750) | (47,750) | ||
Balance at Dec. 31, 2021 | $ 51 | $ 8,122,108 | $ (9,023,541) | $ (901,382) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Statement of Cash Flows [Abstract] | ||||
Net loss | $ (47,750) | $ (7,881) | ||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||
Depreciation and amortization | 73,540 | 69,972 | ||
Bad debt | 2,504 | 8,697 | ||
Loan forgiveness SBA PPP | (42,100) | |||
Decrease (increase) in: | ||||
Other receivables | 12,716 | (29,433) | ||
Prepaid expenses | (873) | (21,333) | ||
Other assets | (13) | (24) | ||
Increase (decreases) in: | ||||
Accounts payable and accrued liabilities | 113,462 | 45,145 | ||
Other liabilities | (7,184) | (5,839) | ||
Total adjustments | 152,052 | 67,185 | ||
Net cash flow provided by operating activities | 104,302 | 59,304 | ||
Cash Flows from Investing Activities: | ||||
Payments disbursed for capital improvements | (43,033) | (109,449) | ||
Net cash flow (used in) investing activities | (43,033) | (109,449) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from SBA PPP loan | 42,100 | |||
Principal payments on mortgage debt | (40,813) | (38,133) | ||
Net cash flow (used in) provided by financing activities | (40,813) | 3,967 | ||
Net increase (decrease) in cash and restricted cash | 20,456 | (46,178) | ||
Cash and restricted cash, Beginning of Year | 264,176 | [1] | 310,354 | |
Cash and restricted cash, End of Year | [1] | 284,632 | 264,176 | |
Supplemental cash flow information: | ||||
Interest paid in cash | $ 94,889 | $ 97,006 | ||
[1] | This line item includes restricted cash of $59,603 and $58,064 at December 31, 2021 and 2020, respectively. these amount are presented in the “mortgage escrow” caption on the accompanying consolidated balance sheets. |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 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 At December 31, 2021, 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. 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. As of December 31, 2021, and 2020, the Company did not identify any indicators of impairment. Principles of Consolidation The Company consolidates variable interest entities (VIEs) for which it is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interest that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The accompanying consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in Joint Venture The Company has an equity investment in a joint venture and accounts for this investment using the fair value method of accounting. Revenue Recognition Rental revenues include revenues from the leasing of space at our Mapletree Property, which primarily consist of monthly base rents in addition to the reimbursement of utilities. Other rental revenues, which are included as a component of rental revenue, primarily include fees related to build-out or other services performed by the Company on the property. Revenue Recognition (continued) The Company adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606) effective January 1, 2018, and its adoption did not have a material effect on the consolidated financial statements, as the majority of the Company’s revenue is recognized under ASC 840, Leases, Leases, The Company adopted ASU 2016-02, Leases (ASC 842) effective January 1, 2019, and its adoption did not have a material effect on the consolidated financial statements. As a lessor, the adoption of ASU 2016-02 (as amended by subsequent ASUs) did not change the timing of revenue recognition of the Company’s rental revenues. Revenues from the leasing of space at our property to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of electric expense and (ii) reimbursement of real estate taxes. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes and electric expense are generally recognized in the same period as the related expenses are incurred, which did not change as a result of the adoption of ASC 842. The Company assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. 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. Any subsequent recovery of tenant receivable that were previously reserved is recorded as a reduction in the allowance of bad debt. As of December 31, 2021 and 2020, the allowance relating to tenant receivables was $6,235 and $6,764, respectively. Net Income (Loss) Per Share Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each period. Diluted net income (loss) 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 years ended December 31, 2021 and 2020 the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 550,000, of outstanding stock options, as their inclusion would be antidilutive. Cash and cash equivalents Cash includes cash on hand, cash in banks and cash in money market funds. Cash equivalents represent short-term, highly liquid investment which are readily convertible to cash and have maturities of three months or less. 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 Stock Awards The Company recognizes the cost of employee and non-employee services received in exchange for awards of equity instruments as stock-based compensation expense. Stock-based compensation expense is measured at the grant date based on the fair value of the stock award and options, is recognized as an expense, less expected forfeitures, over the requisite service period, which typically equals the vesting period. Stock-based compensation expense for the years ended December 31, 2021 and 2020 was $0. Accounting for Income Taxes The Company accounts for income taxes utilizing the asset and liability approach requiring the recognition of deferred tax assets and liabilities for the expected future tax consequences of net operating loss carryforwards and temporary differences between the basis of assets and liabilities for financial reporting purposes and tax purposes and for net operating loss and other carryforwards. A valuation allowance is provided for deferred tax assets based on the likelihood of realization. The Company recognizes the benefit of an uncertain tax position that it has taken or expect to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company operates in multiple tax jurisdictions within the United States of America. The Company remains subject to examination in all tax jurisdiction until the applicable statutes of limitation expire. As of December 31, 2021, the tax years after 2018 remain subject to examination. The Company did not record unrecognized tax positions for the years ended December 31, 2021 and 2020. Mortgage costs The Company amortizes mortgage costs over the life of the loan. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate | 2. Real Estate Real estate is comprised of the following: December 31, December 31, Land $ 79,100 $ 79,100 Buildings 1,401,611 1,360,460 Furniture and equipment 64,636 62,754 Total $ 1,545,347 $ 1,502,314 Rental revenue from our Mapletree Property constituted all of the rental revenue for the Company for the years ended December 31, 2021, and 2020. |
Investment in Partnership
Investment in Partnership | 12 Months Ended |
Dec. 31, 2021 | |
Investment In Partnership [Abstract] | |
Investment in Partnership | 3. Investment in Partnership We own a 31.3333% interest in Avalon Jublee, LLC partnership with an aggregate fair value of $0. The Company has elected the fair value option versus accounting under the equity method as the fair value better represents the Company’s expected realization of this investment. On December 31, 2021 the Avalon Property consisted of 34 finished, single-family subdivision lots and approximately 21.42 acres of subsequent phases of undeveloped land in Los Lunas, New Mexico. Summary financial information for Avalon Property (31.3333% owned) accounted for by the fair value method is as follows: December 31, 2021 2020 Condensed balance sheet Cash $ 123,198 $ 114,223 Accounts receivable 16,575 394,158 Inventory 2,165,837 2,266,107 Fixed assets net - 320 Other assets - 68,690 Total assets $ 2,305,610 $ 2,843,498 Accounts payable $ 504,547 $ 1,054,716 Other liabilities 690,978 378,563 Loans from partners 555,104 320,000 Mortgages - 485,104 Partners’ capital 554,981 605,115 Total liabilities and capital $ 2,305,610 $ 2,843,498 Condensed statement of operations Gross receipts $ 1,504,299 $ 554,692 Cost of goods sold 1,033,214 281,932 Gross profit 471,085 272,760 Other expenses(income) 537,916 262,263 Net income (loss) (66,831 ) 10,497 Net income (loss) attributed to Presidential Realty Corporation $ (20,940 ) 3,289 |
Mortgage Debt
Mortgage Debt | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Debt [Abstract] | |
Mortgage Debt | 4. Mortgage Debt 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 (the “Loan”) at an interest rate of 6.031%. $934,794 of the loan proceeds were used to repay the prior mortgage loan and line of credit on the Mapletree Property. $123,757 of the Loan proceeds was set aside for capital improvements and reserves for the property. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly principal and interest payments of $11,308 and escrows for insurance, taxes and capital improvements. Escrow balances are considered restricted cash. The mortgage is presented net of unamortized Mortgage costs, the outstanding balance of the loan and loan costs were as follows: Mortgage Unamortized Interest December 31, 2021 $ 1,529,570 $ 56,045 $ 94,889 December 31, 2020 $ 1,570,383 $ 71,777 $ 97,006 The Company is required to maintain certain financial covenants. The Company was in compliance with the covenants on December 31, 2021, and 2020. Maturities of Mortgage payments for the next five years are as follows: 2022 $ 45,386 2023 $ 48,201 2024 $ 51,189 2025 $ 1,384,794 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 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 any of its taxable income as long as they distribute the required amounts 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 December 31, 2021, the tax years that remain open to examination by the federal, state, and local taxing authorities are the 2019 – 2021 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 $21,038,000. These net operating losses may be available in future years to reduce taxable income when and if it is generated. These loss carryforwards begin to expire in 2027 and are available to offset 100% of taxable income. Net operating losses generated in 2018 and thereafter will be available to offset 80% of taxable income beginning in 2021. Under the Cares Act, taxpayers with NOLs arising in tax years beginning in 2019 and 2020 can carry them back five years. For the year ended December 31, 2021, the Company had taxable Income of approximately $14,000 ($.00 per share), before utilization of net operating loss carry forwards, which was all ordinary income. For the year ended December 31, 2020, the Company had a taxable income of approximately $46,000 ($.00 per share), before utilization of net operating loss carry forwards, which was all ordinary income. |
Commitments, Contingencies, Con
Commitments, Contingencies, Concentrations and Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Concentrations and Related parties | 6. Commitments, Contingencies, Concentrations and Related parties A) Related Parties 1) Executive Employment Agreements Nickolas W. Jekogian III Alexander Ludwig 2) Property Management Agreement On November 8, 2011, the Company and Signature Community Management LLC (“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% of monthly rental income actually received from tenants at the Mapletree Property. The Property Management Agreement renewed for a one-year term on November 8, 2021 and will automatically renew for one-year terms until it is terminated by either party upon written notice. The Company incurred management fees of $45,587 and $40,291 for the years ended December 31, 2021 and 2020, respectively. The balance unpaid to Signature at December 31, 2021 and 2020 for property management fees was $80,397 and $47,170, respectively and is recorded in accrued expenses. 3) Asset Management Agreement On November 8, 2011, the Company entered into an Asset Management Agreement with Signature Community Investment Group LLC (“SCIG”), (an entity owned by our CEO) pursuant to which the Company engaged SCIG to oversee the Mapletree Property. SCIG receives an asset management fee of 1.5% of the monthly gross rental revenues collected for the Mapletree Property. The Asset Management Agreement renewed for a one-year term on November 8, 2021 and will automatically renew for one-year terms until it is terminated by either party upon written notice. The Company incurred asset management fees of $13,639 and $12,090 for the year ended December 31, 2021 and 2020, respectively. The balance unpaid to SCIG at December 31, 2021 and 2020, for asset management fees was $38,122 and $24,482, respectively, and is recorded in accrued expenses. B) Legal Proceedings In the ordinary course of business, we may be subject to litigation from time to time. Except as discussed below, there is no current, pending or, to our knowledge, threatened litigation or administrative action to which we are a party or of which our property is the subject (including litigation or actions involving our officers, directors, affiliates, or other key personnel, or holders of record or beneficially of more than 5% of any class of our voting securities, or any associate of such party) which in our opinion has, or is expected to have, a material adverse effect upon our business, prospects, financial condition or operations. There is pending in the Supreme Court of the state of New York county of New York (Index No. 656191/2017) an action entitled MLF3 NWJ LLC filed in October of 2017, against Nickolas W. Jekogian, III, Presidential Realty Corporation, Presidential Realty Operating Partnership LP, First Capital Real Estate Trust Incorporated, First Capital Real Estate Operating Partnership, Nickolas W. Jekogian, JR. as trustee of The BBJ Family Irrevocable Trust, Alexander Ludwig, Signature Group Advisors LLC, Richard Brandt, Marjorie Feder as Executrix of the Estate of Robert Feder, Jeffrey F. Joseph, Jeffrey Rogers. The litigation is related to actions taken by Mr. Jekogian individually on a real estate project and personal guarantee that predated his involvement with the Company. The Plaintiff had received a judgment against Mr. Jekogian for approximately $1,500,000, in addition to attorneys’ fees, and had filed a lien on assets owned individually by Mr. Jekogian including certain options and warrants to purchase stock in the Company. When the Company entered into the Contribution Agreement with FC REIT in January of 2017, Mr. Jekogian surrendered these options and warrants to purchase stock in the Company as part of the transaction. The Plaintiff is arguing that they had a lien on Mr. Jekogian’s options and warrants in the Company and that the actions taken by the Company, its Officers and Directors, in entering into the Contribution Agreement with FC REIT fraudulently conveyed their interests in the options and warrants owned by Mr. Jekogian and damaged their position. The Company, its Officers and Directors, named in this action had no involvement in this personal matter relating to Mr. Jekogian and answered the complaint in February of 2018 stating that it had no merit. Since that time, the Company has received no additional notification that the action against the Company, its Officers and Directors is moving forward. The Company believes that as to the Company, Officers and Directors, the claims have no merit. C) Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash. Two customers accounted for approximately 23%, and 29% of the Company’s accounts receivable as of December 31, 2021. Three customers accounted for approximately 12%, 19% and 24% of the Company’s accounts receivable as of December 31, 2020. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Common Stock [Abstract] | |
Common Stock | 7. Common Stock The Class A and Class B common stock of Presidential has 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. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation On August 15, 2012, the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Compensation Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan. The following summarizes the outstanding and vested stock option activity as of December 31, 2021, and 2020: Shares Weighted Weighted Outstanding at December 31, 2019 550,000 $ 0.00 7 Granted - - Forfeited and expired - - Outstanding at December 31, 2020 550,000 $ 0.00 6 Granted - - Forfeited and expired - - Outstanding at December 31, 2021 550,000 $ 0.00 5 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). The standards generally require the use of one or more valuation techniques that include the market, income or cost approaches. The standards also establish market or observable inputs as the preferred source of values when using such valuation techniques, followed by assumptions based on hypothetical transactions in the absence of market inputs. ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or disposition of these assets. Non-Financial Assets Measured at Fair Value on a Recurring Basis The Non-Financial asset that is measured at fair value on our consolidated balance sheet consists of a real estate partnership investment. The tables below aggregate the fair values of the non-financial assets by their levels in the fair value hierarchy. As of December 31, 2021 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - As of December 31, 2020 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - Investment in Avalon Jubilee, LLC Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions, and industry publications. Significant unobservable quantitative inputs in the table below were utilized in determining the fair value of this real estate partnership investment. Range December 31, December 31, 2020 Unobservable Quantitative Input Discount rates 16% to 20% 16% to 20% The inputs above are subject to change based on changes in economic and market conditions and/or changes in use or timing of exit. Changes in discount rates and terminal capitalization rates result in increases or decreases in the fair values of the investment. The discount rates encompass, among other things, uncertainties in the valuation models with respect to terminal capitalization rates and the amount and timing of cash flows. Therefore, a change in the fair value of the investment resulting from a change in the terminal capitalization rate may be partially offset by a change in the discount rate. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. The table below summarizes the changes in the fair value of real estate investments that are classified as Level 3. December 31, December 31, Beginning Balance $ -0- $ -0- Net unrealized gain(loss) on held investment -0- -0- Purchase /additional funding -0- -0- Ending balance $ -0- $ -0- The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables and accrued expenses and other liabilities are not measured at fair value on a recurring basis but are considered to be recorded at amounts that approximate fair value. At December 31, 2021, the $1,598,382 estimated fair value of the Company’s mortgage payable is greater than the $1,529,570 carrying value (before unamortized deferred financing costs of $56,045), assuming a blended market interest rate of 4.62% based on the 3.8 year remaining term to maturity of the mortgage. At December 31, 2020, the $1,675,296 estimated fair value of the Company’s mortgage payable is greater than the $1,570,383 carrying value (before unamortized deferred financing costs of $71,777), assuming a blended market interest rate of 4.34% based on the 4.8 year remaining term to maturity of the mortgage. The fair value of the Company’s mortgages payable is estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. |
Loans payable
Loans payable | 12 Months Ended |
Dec. 31, 2021 | |
Loans Payable [Abstract] | |
Loans payable | 10. Loans payable 2020 Paycheck Protection Program Term Note In April 2020, the Company entered into a Paycheck Protection Program Term Note (the “PPP Note”) with CountryBank in the amount of $42,100. The PPP Note was issued to the Company pursuant to the Coronavirus Aid, Relief, and Economic Security Act’s (the “CARES Act”) (P.L. 116-136) Paycheck Protection Program (the “Program”). On July 21, 2021, we were notified that the SBA had forgiven the PPP Note in full, the amount was recorded as other income in 2021. The loan balance at December 31, 2020 was $42,100 and was included in Other liabilities on the consolidated balance sheet. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash | 11. Restricted Cash Restricted cash represents funds held for specific purposes and are therefore not available for general corporate purposes. The mortgage escrow reflected on the consolidated balance sheets represents funds that are held by the Company specifically for capital improvements, insurance and real estate taxes on the Mapletree Property. |
Future Minimum Annual Base Rent
Future Minimum Annual Base Rents | 12 Months Ended |
Dec. 31, 2021 | |
Future Minimum Annual Base Rents [Abstract] | |
Future Minimum Annual Base Rents | 12. Future Minimum Annual Base Rents Future minimum annual base rental revenue for the next five years for commercial real estate owned at December 31, 2021, and subject to non-cancelable operating leases is as follows: Year Ending December 31, 2022 $ 576,704 2023 204,623 2024 106,453 2025 104,563 2026 38,532 Thereafter - Total $ 1,030,875 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | 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 | Basis of Presentation At December 31, 2021, 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. |
Real Estate | 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. As of December 31, 2021, and 2020, the Company did not identify any indicators of impairment. |
Principles of Consolidation | Principles of Consolidation The Company consolidates variable interest entities (VIEs) for which it is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interest that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The accompanying consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Investments in Joint Venture | Investments in Joint Venture The Company has an equity investment in a joint venture and accounts for this investment using the fair value method of accounting. |
Revenue Recognition | Revenue Recognition Rental revenues include revenues from the leasing of space at our Mapletree Property, which primarily consist of monthly base rents in addition to the reimbursement of utilities. Other rental revenues, which are included as a component of rental revenue, primarily include fees related to build-out or other services performed by the Company on the property. Revenue Recognition (continued) The Company adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606) effective January 1, 2018, and its adoption did not have a material effect on the consolidated financial statements, as the majority of the Company’s revenue is recognized under ASC 840, Leases, Leases, The Company adopted ASU 2016-02, Leases (ASC 842) effective January 1, 2019, and its adoption did not have a material effect on the consolidated financial statements. As a lessor, the adoption of ASU 2016-02 (as amended by subsequent ASUs) did not change the timing of revenue recognition of the Company’s rental revenues. Revenues from the leasing of space at our property to tenants includes (i) lease components, including fixed and variable lease payments, and nonlease components which include reimbursement of electric expense and (ii) reimbursement of real estate taxes. As lessor, we have elected to combine the lease and nonlease components of our operating lease agreements and account for the components as a single lease component in accordance with ASC 842. Revenues derived from fixed lease payments are recognized on a straight-line basis over the non-cancelable period of the lease, together with renewal options that are reasonably certain of being exercised. We commence rental revenue recognition when the underlying asset is available for use by the lessee. Revenue derived from the reimbursement of real estate taxes and electric expense are generally recognized in the same period as the related expenses are incurred, which did not change as a result of the adoption of ASC 842. The Company assess the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If our assessment of collectability changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenue. Rental revenue associated with leases where collectability has been deemed less than probable is recognized on a cash basis in accordance with ASC 842. |
Allowance for Doubtful Accounts | 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. Any subsequent recovery of tenant receivable that were previously reserved is recorded as a reduction in the allowance of bad debt. As of December 31, 2021 and 2020, the allowance relating to tenant receivables was $6,235 and $6,764, respectively. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share data is computed by dividing net income (loss) by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each period. Diluted net income (loss) 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 years ended December 31, 2021 and 2020 the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 550,000, of outstanding stock options, as their inclusion would be antidilutive. |
Cash and cash equivalents | Cash and cash equivalents |
Management Estimates | 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 Stock Awards | Accounting for Stock Awards The Company recognizes the cost of employee and non-employee services received in exchange for awards of equity instruments as stock-based compensation expense. Stock-based compensation expense is measured at the grant date based on the fair value of the stock award and options, is recognized as an expense, less expected forfeitures, over the requisite service period, which typically equals the vesting period. Stock-based compensation expense for the years ended December 31, 2021 and 2020 was $0. |
Accounting for Income Taxes | Accounting for Income Taxes The Company accounts for income taxes utilizing the asset and liability approach requiring the recognition of deferred tax assets and liabilities for the expected future tax consequences of net operating loss carryforwards and temporary differences between the basis of assets and liabilities for financial reporting purposes and tax purposes and for net operating loss and other carryforwards. A valuation allowance is provided for deferred tax assets based on the likelihood of realization. The Company recognizes the benefit of an uncertain tax position that it has taken or expect to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. |
Mortgage costs | Mortgage costs The Company amortizes mortgage costs over the life of the loan. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of real estate is comprised | December 31, December 31, Land $ 79,100 $ 79,100 Buildings 1,401,611 1,360,460 Furniture and equipment 64,636 62,754 Total $ 1,545,347 $ 1,502,314 |
Investment in Partnership (Tabl
Investment in Partnership (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment In Partnership [Abstract] | |
Schedule of financial information for Avalon Property | December 31, 2021 2020 Condensed balance sheet Cash $ 123,198 $ 114,223 Accounts receivable 16,575 394,158 Inventory 2,165,837 2,266,107 Fixed assets net - 320 Other assets - 68,690 Total assets $ 2,305,610 $ 2,843,498 Accounts payable $ 504,547 $ 1,054,716 Other liabilities 690,978 378,563 Loans from partners 555,104 320,000 Mortgages - 485,104 Partners’ capital 554,981 605,115 Total liabilities and capital $ 2,305,610 $ 2,843,498 Condensed statement of operations Gross receipts $ 1,504,299 $ 554,692 Cost of goods sold 1,033,214 281,932 Gross profit 471,085 272,760 Other expenses(income) 537,916 262,263 Net income (loss) (66,831 ) 10,497 Net income (loss) attributed to Presidential Realty Corporation $ (20,940 ) 3,289 |
Mortgage Debt (Tables)
Mortgage Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Debt [Abstract] | |
Schedule of mortgage and unamortized mortgage costs | Mortgage Unamortized Interest December 31, 2021 $ 1,529,570 $ 56,045 $ 94,889 December 31, 2020 $ 1,570,383 $ 71,777 $ 97,006 |
Schedule of maturities of mortgage payments | 2022 $ 45,386 2023 $ 48,201 2024 $ 51,189 2025 $ 1,384,794 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of summarizes the outstanding and vested stock option activity | Shares Weighted Weighted Outstanding at December 31, 2019 550,000 $ 0.00 7 Granted - - Forfeited and expired - - Outstanding at December 31, 2020 550,000 $ 0.00 6 Granted - - Forfeited and expired - - Outstanding at December 31, 2021 550,000 $ 0.00 5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy | As of December 31, 2021 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - As of December 31, 2020 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - |
Schedule of determining the fair value of this real estate partnership investment | Range December 31, December 31, 2020 Unobservable Quantitative Input Discount rates 16% to 20% 16% to 20% |
Schedule of changes in the fair value of real estate investments that are classified as level 3 | December 31, December 31, Beginning Balance $ -0- $ -0- Net unrealized gain(loss) on held investment -0- -0- Purchase /additional funding -0- -0- Ending balance $ -0- $ -0- |
Future Minimum Annual Base Re_2
Future Minimum Annual Base Rents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Future Minimum Annual Base Rents [Abstract] | |
Future minimum annual base rental revenue for the next five years for commercial real estate owned | Year Ending December 31, 2022 $ 576,704 2023 204,623 2024 106,453 2025 104,563 2026 38,532 Thereafter - Total $ 1,030,875 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Tenant receivable (in Dollars) | $ 6,235 | $ 6,764 |
Weighted average shares outstanding (in Shares) | 550,000 | 550,000 |
Stock-based compensation expense (in Dollars) | $ 0 | |
Income tax benefits | 50.00% | |
Minimum [Member] | Buildings and Improvements [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property estimated useful life | 20 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property estimated useful life | 3 years | |
Maximum [Member] | Buildings and Improvements [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property estimated useful life | 39 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property estimated useful life | 10 years |
Real Estate (Details) - Schedul
Real Estate (Details) - Schedule of real estate is comprised - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of real estate is comprised [Abstract] | ||
Land | $ 79,100 | $ 79,100 |
Buildings | 1,401,611 | 1,360,460 |
Furniture and equipment | 64,636 | 62,754 |
Total | $ 1,545,347 | $ 1,502,314 |
Investment in Partnership (Deta
Investment in Partnership (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Investment In Partnership [Abstract] | |
Interest owned | 31.3333% |
Aggregate fair value (in Dollars) | $ 0 |
Avalon property, description | On December 31, 2021 the Avalon Property consisted of 34 finished, single-family subdivision lots and approximately 21.42 acres of subsequent phases of undeveloped land in Los Lunas, New Mexico. |
Owned fair value percentage | 31.3333% |
Investment in Partnership (De_2
Investment in Partnership (Details) - Schedule of financial information for Avalon Property - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed balance sheet | ||
Cash | $ 123,198 | $ 114,223 |
Accounts receivable | 16,575 | 394,158 |
Inventory | 2,165,837 | 2,266,107 |
Fixed assets net | 320 | |
Other assets | 68,690 | |
Total assets | 2,305,610 | 2,843,498 |
Accounts payable | 504,547 | 1,054,716 |
Other liabilities | 690,978 | 378,563 |
Loans from partners | 555,104 | 320,000 |
Mortgages | 485,104 | |
Partners’ capital | 554,981 | 605,115 |
Total liabilities and capital | 2,305,610 | 2,843,498 |
Condensed statement of operations | ||
Gross receipts | 1,504,299 | 554,692 |
Cost of goods sold | 1,033,214 | 281,932 |
Gross profit | 471,085 | 272,760 |
Other expenses(income) | 537,916 | 262,263 |
Net income (loss) | (66,831) | 10,497 |
Net income (loss) attributed to Presidential Realty Corporation | $ (20,940) | $ 3,289 |
Mortgage Debt (Details)
Mortgage Debt (Details) | 1 Months Ended |
Jul. 28, 2015USD ($) | |
Mortgage Debt [Abstract] | |
Debt instrument | $ 1,750,000 |
Debt interest rate | 6.031% |
Repayments of debt | $ 934,794 |
Capital improvements and reserves | 123,757 |
Proceeds from issuance of debt | 585,125 |
Interest payment | $ 11,308 |
Mortgage Debt (Details) - Sched
Mortgage Debt (Details) - Schedule of mortgage and unamortized mortgage costs - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of mortgage and unamortized mortgage costs [Abstract] | ||
Mortgage Balance | $ 1,529,570 | $ 1,570,383 |
Unamortized Mortgage Costs | 56,045 | 71,777 |
Interest Expense | $ 94,889 | $ 97,006 |
Mortgage Debt (Details) - Sch_2
Mortgage Debt (Details) - Schedule of maturities of mortgage payments | Dec. 31, 2021USD ($) |
Schedule of maturities of mortgage payments [Abstract] | |
2022 | $ 45,386 |
2023 | 48,201 |
2024 | 51,189 |
2025 | $ 1,384,794 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Real estate investment percentage | 90.00% | |
Net operating loss carry forward | $ 21,038,000 | |
Operating loss taxable income description | These net operating losses may be available in future years to reduce taxable income when and if it is generated. These loss carryforwards begin to expire in 2027 and are available to offset 100% of taxable income. Net operating losses generated in 2018 and thereafter will be available to offset 80% of taxable income beginning in 2021. Under the Cares Act, taxpayers with NOLs arising in tax years beginning in 2019 and 2020 can carry them back five years. | |
Real estate investment trust taxable income (loss) | $ 14,000 | $ 46,000 |
Taxable income per share (in Dollars per share) | $ 0 | $ 0 |
Commitments, Contingencies, C_2
Commitments, Contingencies, Concentrations and Related parties (Details) | Nov. 08, 2011 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Property management fee (in Dollars) | $ 80,397 | ||
Voting securities beneficial, percentage | 5.00% | ||
Property Management Agreement [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Monthly rental income from tenants, percentage | 5.00% | ||
Management fees (in Dollars) | $ 45,587 | $ 40,291 | |
Property management fee (in Dollars) | 38,122 | 47,170 | |
Asset Management Arrangement [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Management fees (in Dollars) | $ 13,639 | 12,090 | |
Property management fee (in Dollars) | $ 24,482 | ||
Asset management fee percentage | 1.50% | ||
Description of agreement term | The Asset Management Agreement renewed for a one-year term on November 8, 2021 and will automatically renew for one-year terms until it is terminated by either party upon written notice. | ||
Accounts Receivable [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Number of customers | 2 | 3 | |
Mr. Jekogian [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Attorneys fees (in Dollars) | $ 1,500,000 | ||
Customer One [Member] | Accounts Receivable [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Concentration of risk, percentage | 23.00% | 12.00% | |
Customer Two [Member] | Accounts Receivable [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Concentration of risk, percentage | 29.00% | 19.00% | |
Customer Three [Member] | Accounts Receivable [Member] | |||
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items] | |||
Concentration of risk, percentage | 24.00% |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - 2012 Incentive Plan [Member] | Aug. 15, 2021USD ($)shares |
Stock-based Compensation (Details) [Line Items] | |
Shares issued | shares | 1,000,000 |
Fair market value | $ | $ 100,000 |
Stock-based Compensation (Det_2
Stock-based Compensation (Details) - Schedule of summarizes the outstanding and vested stock option activity - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of summarizes the outstanding and vested stock option activity [Abstract] | ||
Shares Underling Options Outstanding Beginning Balance | 550,000 | 550,000 |
Weighted Average Exercise Price (per share) Outstanding Beginning Balance | $ 0 | $ 0 |
Weighted Average Remaining Contractual Term (in years) Outstanding Beginning Balance | 7 years | |
Shares Underling Options Granted | ||
Weighted Average Exercise Price (per share) Granted | ||
Shares Underling Options Forfeited and expired | ||
Weighted Average Exercise Price (per share) Forfeited and expired | ||
Shares Underling Options Outstanding Ending Balance | 550,000 | 550,000 |
Weighted Average Exercise Price (per share) Outstanding Ending Balance | $ 0 | $ 0 |
Weighted Average Remaining Contractual Term (in years) Ending Balance | 5 years | 6 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | ||
Estimated fair value of mortgages payable | $ 1,598,382 | $ 1,675,296 |
Mortgages carrying value | 1,529,570 | 1,570,383 |
Unamortized deferred financing costs | $ 56,045 | $ 71,777 |
Market interest rate | 4.62% | 4.34% |
Mortgage maturity term | 3 years 9 months 18 days | 4 years 9 months 18 days |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Measurements (Details) - Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy [Line Items] | ||
Investment in Avalon Jubilee, LLC | ||
Level 1 [Member] | ||
Fair Value Measurements (Details) - Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy [Line Items] | ||
Investment in Avalon Jubilee, LLC | ||
Level 2 [Member] | ||
Fair Value Measurements (Details) - Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy [Line Items] | ||
Investment in Avalon Jubilee, LLC | ||
Level 3 [Member] | ||
Fair Value Measurements (Details) - Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy [Line Items] | ||
Investment in Avalon Jubilee, LLC |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of determining the fair value of this real estate partnership investment | Dec. 31, 2021 | Dec. 31, 2020 |
Minimum [Member] | ||
Unobservable Quantitative Input | ||
Discount rates | 16.00% | 16.00% |
Maximum [Member] | ||
Unobservable Quantitative Input | ||
Discount rates | 20.00% | 20.00% |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of changes in the fair value of real estate investments that are classified as level 3 - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of changes in the fair value of real estate investments that are classified as level 3 [Abstract] | ||
Beginning Balance | $ 0 | $ 0 |
Net unrealized gain(loss) on held investment | 0 | 0 |
Purchase /additional funding | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Loans payable (Details)
Loans payable (Details) - Paycheck Protection Program Term Note [Member] - USD ($) | Dec. 31, 2020 | Apr. 30, 2020 |
Loans payable (Details) [Line Items] | ||
Debt instrument amount | $ 42,100 | |
Loan balance | $ 42,100 |
Future Minimum Annual Base Re_3
Future Minimum Annual Base Rents (Details) - Future minimum annual base rental revenue for the next five years for commercial real estate owned | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Future minimum annual base rental revenue for the next five years for commercial real estate owned [Abstract] | |
2022 | $ 576,704 |
2023 | 204,623 |
2024 | 106,453 |
2025 | 104,563 |
2026 | 38,532 |
Thereafter | |
Total | $ 1,030,875 |