Presidential Realty (PDNLA) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	PRESIDENTIAL REALTY CORP/DE/
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0000731245
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly 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
City Area Code	(914)
Local Phone Number	948-1300
Entity Interactive Data Current	Yes
Class A Common Stock par value $.00001
Document Information Line Items
Trading Symbol	PDNLA
Title of 12(b) Security	Class A Common Stock par value $.00001
Security Exchange Name	NONE
Class B Common Stock par value $.00001
Document Information Line Items
Trading Symbol	PDNLB
Title of 12(b) Security	Class B Common Stock par value $.00001
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 ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Real estate	$ 1,647,263	$ 1,626,860
Less: accumulated depreciation	974,569	959,637
Net real estate	672,694	667,223
Investment in Avalon Jubilee, LLC
Prepaid expenses	48,449	78,771
Other receivables (net of valuation allowance of $1,900 at March 31, 2023 and $3,500 at December 31, 2022)	36,618	28,001
Cash	144,747	154,331
Mortgage escrow	112,956	81,091
Other assets	12,857	12,857
Total Assets	1,028,321	1,022,274
Liabilities:
Mortgage payable, net	1,438,242	1,445,878
Accounts payable and accrued liabilities	569,155	540,013
Other liabilities	51,793	57,453
Total Liabilities	2,059,190	2,043,344
Presidential Stockholders’ Deficit:
Class A Issued and Outstanding	4	4
Class B Issued and Outstanding	47	47
Additional paid-in capital	8,122,108	8,122,108
Accumulated deficit	(9,153,028)	(9,143,229)
Total Stockholders’ Deficit	(1,030,869)	(1,021,070)
Total Liabilities and Stockholders’ Deficit	$ 1,028,321	$ 1,022,274

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other receivables net of valuation allowance (in Dollars)	$ 1,900	$ 3,500
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 Unaudited - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental	$ 290,983	$ 274,298
Total Revenue	290,983	274,298
Costs and Expenses:
General and administrative	71,168	169,415
Rental property:
Operating expenses	180,030	174,153
Interest expense and amortization of mortgage costs	26,229	26,677
Real estate taxes	8,440	9,739
Depreciation on real estate	14,931	14,440
Total Costs and Expenses	300,798	394,424
Other Income:
Investment income	16	3
Net loss	$ (9,799)	$ (120,123)
Net loss per Common Share -basic (in Dollars per share)	$ 0	$ (0.02)
Net loss per Common Share -diluted (in Dollars per share)	$ 0	$ (0.02)
Weighted Average Number of Shares Outstanding
basic (in Shares)	5,188,680	5,188,680
diluted (in Shares)	5,188,680	5,188,680

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Deficit (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 51	$ 8,122,108	$ (9,023,541)	$ (901,382)
Net loss			(120,123)	(120,123)
Balance at Mar. 31, 2022	51	8,122,108	(9,143,664)	(1,021,505)
Balance at Dec. 31, 2022	51	8,122,108	(9,143,229)	(1,021,070)
Net loss			(9,799)	(9,799)
Balance at Mar. 31, 2023	$ 51	$ 8,122,108	$ (9,153,028)	$ (1,030,869)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows Unaudited - USD ($)		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Net loss		$ (9,799)	$ (120,123)
Adjustments to reconcile net loss to net cash flow from operating activities:
Depreciation and amortization		18,865	18,373
Bad debt			3,527
Decrease (increase) in:
Other receivables		(8,617)	(16,413)
Prepaid expenses		30,322	30,692
Other assets			(3)
Increase (decreases) in:
Accounts payable and accrued liabilities		29,143	106,293
Other liabilities		(5,660)	(15,014)
Total adjustments		64,053	127,455
Net cash flow provided by operating activities		54,254	7,332
Cash Flows from Investing Activities:
Payments disbursed for capital improvements		(20,403)	(12,009)
Net cash flow used in investing activities		(20,403)	(12,009)
Cash Flows from Financing Activities:
Proceeds from SBA PPP loan
Principal payments on mortgage debt		(11,570)	(10,912)
Net cash flow used in financing activities		(11,570)	(10,912)
Net (decrease) increase in cash and restricted cash		22,281	(15,589)
Cash and restricted cash, Beginning of Year		235,422	284,632
Cash and restricted cash, End of Year	[1]	257,703	269,043
Supplemental cash flow information:
Interest paid in cash		$ 22,356	$ 22,744
[1]This line item includes restricted cash of $112,956 and $88,423 at March 31, 2023 and 2022, 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	3 Months Ended
	Mar. 31, 2023
Organization and Summary of Significant 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 March 31, 2023, 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 accompanying 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”). 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, 2022 filed on March 31, 2023. 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 March 31, 2023 and December 31, 2022, 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. The Company recognizes Revenue from Contracts with Customers in accordance with ( ASC 606), as the majority of the Company’s revenue is recognized under ASC 840, Leases, Leases The Company adopted 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 ASC 842 (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 assesses 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 March 31, 2023 and December 31, 2022, the allowance relating to tenant receivables was $1,900 and $3,500, 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 three months ended March 31, 2023 and 2022, 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 (“GAAP”). 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 three months ended March 31, 2023 and 2022 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 been taken or expects 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 jurisdictions until the applicable statutes of limitation expire. As of March 31, 2023, the tax years after 2020 remain subject to examination. The Company did not record any unrecognized tax positions for the three months ended March 31, 2023 and 2022. Mortgage costs The Company amortizes mortgage costs over the life of the loan. Recent Accounting Pronouncements Adopted 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	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate	2. Real Estate Real estate is comprised of the following: March 31, December 31, Land $ 79,100 $ 79,100 Buildings 1,499,366 1,478,963 Furniture and equipment 68,797 68,797 Total $ 1,647,263 $ 1,626,860 Rental revenue is from our Mapletree Property which constituted all of the rental revenue for the Company for the three months ended March 31, 2023 and 2022.

Investment in Partnership

Investment in Partnership	3 Months Ended
	Mar. 31, 2023
Investment In Partnership [Abstract]
Investment in Partnership	3. Investment in Partnership We own a 31.3333% interest in Avalon Jubilee, LLC (the Avalon Property) 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 March 31, 2023 and December 31, 2022 the Avalon Property consists of 19 finished, single-family subdivision lots and approximately 21.42 acres of subsequent phases of undeveloped land in Los Lunas, New Mexico.

Mortgage Debt

Mortgage Debt	3 Months Ended
	Mar. 31, 2023
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%. Loan proceeds of $934,794 were used to repay the prior mortgage loan and line of credit on the Mapletree Property. Loan proceeds of $123,757 were 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 Balance Costs Expense March 31, 2023 $ 1,474,621 $ 36,379 $ 22,296 December 31, 2022 $ 1,486,191 $ 40,313 $ 91,885 The Company is required to maintain certain financial covenants on the mortgage. The Company was in compliance with the covenants on March 31, 2023 and December 31, 2022. Future maturities of mortgage payments are as follows: 2023 $ 36,631 2024 $ 51,189 2025 $ 1,386,801

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the tax years that remain open to examination by the federal, state, and local taxing authorities are the 2020 – 2022 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 $21,280,000. 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 2018, 2019 and 2020 can carry them back five years. For the three months ended March 31, 2023, the Company had taxable income of approximately $3,300 and $.00 per share which was all ordinary income, before utilization of net operating loss carry forwards, which was all ordinary income.

Commitments, Contingencies, Con

Commitments, Contingencies, Concentrations and Related parties	3 Months Ended
	Mar. 31, 2023
Commitments, Contingencies, Concentrations and Related parties [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, 2022 and will automatically renew for one-year terms until it is terminated by either party upon written notice. The Company incurred management fees of $12,452 and $10,591, for the three months ended March 31, 2023 and 2022, respectively. The balance unpaid to Signature at March 31, 2023 and December 31, 2022, for management fees was $124,071 and $114,799, respectively and is recorded in accounts payable and accrued liabilities. 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, 2022 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 $3,736 and $3,177 for the three months ended March 31, 2023 and 2022, respectively. The balance unpaid to SCIG at March 31, 2023 and December 31, 2022 for asset management fees was $56,065 and $52,329, respectively, and is recorded in accounts payable and accrued liabilities. 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. There were no accounts receivable concentrations as of March 31, 2023. Four customers accounted for approximately 20% and 15%, 12% and 14% of the Company’s accounts receivable as of December 31, 2022. 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	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
Stock-based Compensation [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 March 31, 2023 and December 31, 2022: Shares Weighted Weighted Outstanding at December 31, 2022 550,000 $ 0.00 5 Granted - - Forfeited and expired - - Outstanding at March 31, 2023 550,000 $ 0.00 5

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - As of December 31, 2022 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 March 31, December 31, 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. March 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 March 31, 2023, the $1,459,774 estimated fair value of the Company’s mortgage payable is less than the $1,474,621 carrying value (before unamortized deferred financing costs of $36,379), assuming a blended market interest rate of 6.5% based on the 2.5 year remaining term to maturity of the mortgage At December 31, 2022, the $1,469,639 estimated fair value of the Company’s mortgage payable is less than the $1,486,191 carrying value (before unamortized deferred financing costs of $40,313), assuming a blended market interest rate of 6.5% based on the 2.8 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.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2023
Restricted Cash [Abstract]
Restricted Cash	10. 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	3 Months Ended
	Mar. 31, 2023
Future Minimum Annual Base Rents [Abstract]
Future Minimum Annual Base Rents	11. Future Minimum Annual Base Rents Future minimum annual base rental revenue for the next five years for commercial real estate owned at March 31, 2023, and subject to non-cancelable operating leases is as follows: Year ending December 31, 2023 $ 493,066 2024 206,425 2025 165,477 2026 86,199 2027 27,300 Total $ 978,467

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2023
Organization and Summary of Significant 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 March 31, 2023, 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 accompanying 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”). 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, 2022 filed on March 31, 2023.
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 March 31, 2023 and December 31, 2022, 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. The Company recognizes Revenue from Contracts with Customers in accordance with ( ASC 606), as the majority of the Company’s revenue is recognized under ASC 840, Leases, Leases The Company adopted 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 ASC 842 (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 assesses 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 March 31, 2023 and December 31, 2022, the allowance relating to tenant receivables was $1,900 and $3,500, 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 three months ended March 31, 2023 and 2022, 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 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	Management Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 three months ended March 31, 2023 and 2022 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 been taken or expects 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 jurisdictions until the applicable statutes of limitation expire. As of March 31, 2023, the tax years after 2020 remain subject to examination. The Company did not record any unrecognized tax positions for the three months ended March 31, 2023 and 2022.
Mortgage costs	Mortgage costs The Company amortizes mortgage costs over the life of the loan.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted 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)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of real estate is comprised	March 31, December 31, Land $ 79,100 $ 79,100 Buildings 1,499,366 1,478,963 Furniture and equipment 68,797 68,797 Total $ 1,647,263 $ 1,626,860

Mortgage Debt (Tables)

Mortgage Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Mortgage Debt [Abstract]
Schedule of mortgage and unamortized mortgage costs	Mortgage Unamortized Interest Balance Costs Expense March 31, 2023 $ 1,474,621 $ 36,379 $ 22,296 December 31, 2022 $ 1,486,191 $ 40,313 $ 91,885
Schedule of maturities of mortgage payments	2023 $ 36,631 2024 $ 51,189 2025 $ 1,386,801

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock-based Compensation [Abstract]
Schedule of summarizes the outstanding and vested stock option activity	Shares Weighted Weighted Outstanding at December 31, 2022 550,000 $ 0.00 5 Granted - - Forfeited and expired - - Outstanding at March 31, 2023 550,000 $ 0.00 5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Schedule of aggregate fair values of the non-financial assets by their levels in the fair value hierarchy	As of March 31, 2023 Total Level 1 Level 2 Level 3 Investment in Avalon Jubilee, LLC $ - $ - $ - $ - As of December 31, 2022 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 March 31, December 31, 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	March 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)	3 Months Ended
	Mar. 31, 2023
Future Minimum Annual Base Rents [Abstract]
Schedule of future minimum annual base rental revenue for the next five years for commercial real estate owned	Year ending December 31, 2023 $ 493,066 2024 206,425 2025 165,477 2026 86,199 2027 27,300 Total $ 978,467

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Tenant receivable	$ 1,900		$ 3,500
Weighted average shares outstanding	550,000	550,000
Stock-based compensation expense	$ 0	$ 0
Income tax benefits	50%
Buildings and Improvements [Member] | Minimum [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Assets estimated useful life	20 years
Buildings and Improvements [Member] | Maximum [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Assets estimated useful life	39 years
Furniture and Equipment [Member] | Minimum [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Assets estimated useful life	3 years
Furniture and Equipment [Member] | Maximum [Member]
Organization and Summary of Significant Accounting Policies (Details) [Line Items]
Assets estimated useful life	10 years

Real Estate (Details) - Schedul

Real Estate (Details) - Schedule of real estate is comprised - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of real estate is comprised [Abstract]
Land	$ 79,100	$ 79,100
Buildings	1,499,366	1,478,963
Furniture and equipment	68,797	68,797
Total	$ 1,647,263	$ 1,626,860

Investment in Partnership (Deta

Investment in Partnership (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Investment In Partnership [Abstract]
Interest owned	31.3333%
Aggregate fair value	$ 0
Avalon property, description	On March 31, 2023 and December 31, 2022 the Avalon Property consists of 19 finished, single-family subdivision lots and approximately 21.42 acres of subsequent phases of undeveloped land in Los Lunas, New Mexico.

Mortgage Debt (Details)

Mortgage Debt (Details)	1 Months Ended
	Jul. 28, 2015 USD ($)
Mortgage Debt [Abstract]
Principal amount	$ 1,750,000
Debt interest rate	6.031%
Loan proceeds	$ 934,794
Capital improvements and reserves	123,757
Net proceeds	585,125
Principal and interest payments	$ 11,308

Mortgage Debt (Details) - Sched

Mortgage Debt (Details) - Schedule of mortgage and unamortized mortgage costs - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Mortgage and Unamortized Mortgage Costs [Abstract]
Mortgage Balance	$ 1,474,621	$ 1,486,191
Unamortized Mortgage Costs	36,379	40,313
Interest Expense	$ 22,296	$ 91,885

Mortgage Debt (Details) - Sch_2

Mortgage Debt (Details) - Schedule of maturities of mortgage payments	Mar. 31, 2023 USD ($)
Schedule of Maturities of Mortgage Payments [Abstract]
2023	$ 36,631
2024	51,189
2025	$ 1,386,801

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Income Taxes [Abstract]
Real estate investment percentage	90%
Net operating loss carry forward	$ 21,280,000
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 2018, 2019 and 2020 can carry them back five years.
Taxable income	$ 3,300
Taxable income per share (in Dollars per share) | $ / shares	$ 0

Commitments, Contingencies, C_2

Commitments, Contingencies, Concentrations and Related parties (Details) - USD ($)		3 Months Ended
	Nov. 08, 2011	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Incurred management fees		$ 12,452	$ 10,591
Property management fee		$ 124,071		$ 114,799
Voting securities beneficial, percentage		5%
Property Management Agreement [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Monthly rental income from tenants, percentage	5%
Asset Management Arrangement [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Property management fee		$ 56,065		$ 52,329
Asset management fee percentage	1.50%
Description of agreement term		The Asset Management Agreement renewed for a one-year term on November 8, 2022 and will automatically renew for one-year terms until it is terminated by either party upon written notice.
Management fees		$ 3,736	$ 3,177
Accounts Receivable [Member] | Concentration of Credit Risk [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Concentration of risk, percentage		20%
Accounts Receivable [Member] | Customer Two [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Concentration of risk, percentage		15%
Accounts Receivable [Member] | Customer Three [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Concentration of risk, percentage		12%
Accounts Receivable [Member] | Customer Four [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Concentration of risk, percentage		14%
Mr. Jekogian [Member]
Commitments, Contingencies, Concentrations and Related parties (Details) [Line Items]
Attorneys fees		$ 1,500,000

Stock-based Compensation (Detai

Stock-based Compensation (Details) - 2012 Incentive Plan [Member]	Aug. 15, 2012 USD ($) shares
Stock-based Compensation (Details) [Line Items]
Reserves shares | 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	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Schedule of Summarizes the Outstanding and Vested Stock Option Activity [Abstract]
Shares Underling Options Outstanding Beginning Balance | shares	550,000
Weighted Average Exercise Price (per share) Outstanding Beginning Balance | $ / shares	$ 0
Weighted Average Remaining Contractual Term (in years) Outstanding Beginning Balance	5 years
Shares Underling Options Granted | shares
Weighted Average Exercise Price (per share) Granted | $ / shares
Shares Underling Options Forfeited and expired | shares
Weighted Average Exercise Price (per share) Forfeited and expired | $ / shares
Shares Underling Options Outstanding Ending Balance | shares	550,000
Weighted Average Exercise Price (per share) Outstanding Ending Balance | $ / shares	$ 0
Weighted Average Remaining Contractual Term (in years) Ending Balance	5 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements [Abstract]
Estimated fair value of mortgages payable	$ 1,459,774	$ 1,469,639
Mortgages carrying value	1,474,621	1,486,191
Unamortized deferred financing costs	$ 36,379	$ 40,313
Market interest rate	6.50%	6.50%
Mortgage maturity term	2 years 6 months	2 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 ($)	Mar. 31, 2023	Dec. 31, 2022
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	Mar. 31, 2023	Dec. 31, 2022
Minimum [Member]
Unobservable Quantitative Input
Discount rates	16%	16%
Maximum [Member]
Unobservable Quantitative Input
Discount rates	20%	20%

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 ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
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

Future Minimum Annual Base Re_3

Future Minimum Annual Base Rents (Details) - Schedule of future minimum annual base rental revenue for the next five years for commercial real estate owned	Mar. 31, 2023 USD ($)
Future minimum annual base rental revenue for the next five years for commercial real estate owned [Abstract]
2023	$ 493,066
2024	206,425
2025	165,477
2026	86,199
2027	27,300
Total	$ 978,467