Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Feb. 10, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'SECURITY LAND & DEVELOPMENT CORP | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000088572 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 5,243,107 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $24,981 | $24,599 |
Receivables from tenants, net of allowance of $19,938 at December 31, 2013 and september 30, 2013. | 358,528 | 497,324 |
Prepaid property taxes | 0 | 15,003 |
Total current assets | 383,509 | 536,926 |
INVESTMENT PROPERTIES | ' | ' |
Investment properties for lease, net of accumulated depreciation | 5,384,403 | 5,415,447 |
Land and improvements held for investment or development | 3,639,598 | 3,639,598 |
Total Investment Properties | 9,024,001 | 9,055,045 |
OTHER ASSETS | 74,294 | 76,188 |
Total Assets | 9,481,804 | 9,668,159 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 215,821 | 325,720 |
Income taxes payable | 155,147 | 183,236 |
Current maturities of notes payable | 594,891 | 584,491 |
Current maturities of deferred revenue | 24,652 | 24,652 |
Total current liabilities | 990,511 | 1,118,099 |
LONG-TERM LIABILITIES | ' | ' |
Notes payable, less current portion | 2,654,764 | 2,807,314 |
Deferred income taxes | 764,164 | 764,645 |
Deferred revenue, less current portion | 10,256 | 16,419 |
Total long-term liabilities | 3,429,184 | 3,588,378 |
Total liabilities | 4,419,695 | 4,706,477 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, par value $.10 per share; 30,000,000 shares authorized; 5,243,107 shares issued and outstanding. | 524,311 | 524,311 |
Additional paid-in capital | 333,216 | 333,216 |
Retained earnings | 4,204,582 | 4,104,155 |
Total shareholders' equity | 5,062,109 | 4,961,682 |
Total Liabilities and Stockholders' Equity | $9,481,804 | $9,668,159 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Parentheticals | ' | ' |
Net of Allowance from tenants | $19,938 | $19,938 |
Common Stock, Par Value | $0.10 | $0.10 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 5,243,107 | 5,243,107 |
Common Stock, shares outstanding | 5,243,107 | 5,243,107 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues: | ' | ' |
Rents REVENUES | $373,748 | $359,103 |
OPERATING EXPENSES | ' | ' |
Depreciation and amortization | 32,937 | 32,948 |
Property taxes | 67,863 | 64,625 |
Payroll and related costs | 20,133 | 22,479 |
Insurance and utilities | 7,635 | 14,019 |
Repairs and maintenance | 23,720 | 9,210 |
Professional services | 11,580 | 18,001 |
Bad debt | 0 | 4,405 |
Other | 604 | 4,726 |
Total Operating Expenses | 164,472 | 170,413 |
Operating income | 209,276 | 188,690 |
OTHER EXPENSE | ' | ' |
Interest | -47,399 | -55,612 |
Income before income taxes | 161,877 | 133,078 |
INCOME TAXES PROVISION | ' | ' |
Income tax expense | 61,931 | 49,493 |
Income tax deferred (benefit) provision | -481 | 643 |
TOTAL INCOME TAX PROVISION | 61,450 | 50,136 |
NET INCOME | 100,427 | 82,942 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 4,104,155 | 3,721,870 |
RETAINED EARNINGS, END OF PERIOD | $4,204,582 | $3,804,812 |
Net income per common share | $0.02 | $0.02 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $100,427 | $82,942 |
Adjustments to reconcile net income to Net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 32,938 | 32,948 |
Deferred income tax | -481 | 643 |
Changes in deferred and accrued amounts: | 9,648 | -9,408 |
Net cash provided by operating activities | 142,532 | 107,125 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayments to stockholder | 0 | -30,000 |
Proceeds from stockholder | 0 | 30,000 |
Principal payments on notes payable | -142,150 | -130,758 |
Net cash used in financing activities | -142,150 | -130,758 |
Net increase in cash and cash equivalents | 382 | -23,633 |
Cash and cash equivalents, beginning of period | 24,599 | 48,767 |
Cash and cash equivalents, end of period | 24,981 | 25,134 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Cash paid for interest | 47,399 | 55,612 |
Cash paid for income taxes | $0 | $25,000 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1 – Basis of Presentation | |
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q, Article 8 of Regulation S-X and accounting principles generally accepted in the United States of America; therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited financial statements appearing in our Form 10-K for the year ended September 30, 2013 when reviewing these interim financial statements. | |
The financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include the accounts of Security Land and Development Corporation and its four wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC 2, LLC and SLDC III, LLC (described on a consolidated basis as the “Company”). Significant intercompany transactions and accounts are eliminated in consolidation. | |
Critical Accounting Policies: | |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | |
Management has estimated useful lives of investment properties, except for land, that are leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. | |
Evaluation of Long-Lived Assets for Impairment | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than the carrying amount. | |
Estimates of Income Tax Rates Applicable to Deferred Taxes | |
The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. | |
Refer to the Company’s Form 10-K for the year ended September 30, 2013 for further information regarding its critical accounting policies. |
Investment_Properties
Investment Properties | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investment Properties | ' | ||||||||
Investment Properties | ' | ||||||||
Note 2 – Investment Properties | |||||||||
Investment properties leased or held for lease to others under operating leases consisted of the following at December 31, 2013 and September 30, 2013: | |||||||||
31-Dec-13 | September 30, 2013 | ||||||||
(unaudited) | |||||||||
National Plaza building, land and improvements | $ | 5,138,796 | $ | 5,138,796 | |||||
Evans Ground Lease, land and improvements | 2,382,673 | 2,382,673 | |||||||
Commercial land and improvements | 3,639,598 | 3,639,598 | |||||||
11,161,067 | 11,161,067 | ||||||||
Less accumulated depreciation | (2,251,443 | ) | (2,221,077 | ) | |||||
8,909,624 | 8,939,990 | ||||||||
Residential rental property | 145,847 | 145,847 | |||||||
Less accumulated depreciation | (31,470 | ) | (30,792 | ) | |||||
114,377 | 115,055 | ||||||||
Investment properties for lease, net of accumulated depreciation | $ | 9,024,001 | $ | 9,055,045 | |||||
Depreciation expense totaled approximately $31,000 for each of the three-month periods ended December 31, 2013 and 2012. | |||||||||
The National Plaza is a retail strip center located on Washington Road in Augusta Georgia. Approximately 81% of the rentable space at the National Plaza is leased to Publix Supermarkets, Inc., the National Plaza’s anchor tenant. | |||||||||
The Company entered into a long-term ground lease with a major national tenant and its developer in May 2006 on approximately 18 acres of land in Columbia County, Georgia. The agreement required monthly rental payments of $20,833 during the development period, which was completed in January 2007. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lessee has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes. The Company is recognizing rents on a straight-line basis over the lease term. In July 2013, the Company sold approximately .24 acres of the total Evans ground Lease tract for $156,000. The Company recognized a gain of approximately $108,000. The proceeds were used by the Company to pay down debt related to an outstanding note payable collateralized by the Evans Ground Lease and related land and to compensate the Evans Ground Lease tenant per the related agreement. | |||||||||
The Company holds several parcels of land for investment or development purposes, including 19.38 acres of land in North Augusta, South Carolina, purchased in parcels during 2007 and 2008. The Company also owns approximately 85 acres of land in south Richmond County, Georgia and a 1.1 acre parcel along Washington Road in Augusta, Georgia that adjoins the Company’s National Plaza investment property. The aggregate costs of these investment properties held for investment or development was $3,639,598 at December 31, 2013 and September 30, 2013. | |||||||||
Refer to the Company’s Form 10-K for the year ended September 30, 2013 for further information on operating lease agreements and land held for investment or development purposes. |
Notes_Payable
Notes Payable | 3 Months Ended | ||
Dec. 31, 2013 | |||
Notes Payable {1} | ' | ||
Notes Payable | ' | ||
Note 3 – Notes Payable | |||
Notes payable consisted of the following at: | |||
31-Dec-13 | 30-Sep-13 | ||
(unaudited) | |||
A line of credit with a regional financial institution for up to $251,934 procured in March 2008 with a floating interest rate based on prime and originally payable in full in April 2009. In April 2009 the Company refinanced the $243,019 line of credit with a regional financial institution. The Company entered into an agreement with the same regional financial institution to borrow the outstanding balance of $243,019, bearing interest based on the greater of prime or 6% with interest payments due monthly, maturing in April 2010. In January 2010 the Company renewed this line of credit and increased the open balance to $300,250. This agreement originally matured in February 2011. In December 2010, the Company renewed the line of credit to December 5, 2011, at the greater of prime plus 1% or 6%. In December 2011, the Company renewed the line of credit to December 12, 2012, at the greater of prime plus 1% or 6%. In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017. The new term loan accrues interest at a 5.5% annually with monthly installments of $3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia. | 278,592 | 284,531 | |
A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $35,633, including interest, through June 2015, and bears interest at a fixed rate of 7.875%. | 603,100 | 696,892 | |
A note payable to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The note is payable in monthly installments of $7,563, including principal and interest, through July 2018, and bears interest at a fixed rate of 5%. | 374,872 | 392,945 | |
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,993,091 | 2,017,437 | |
3,249,655 | 3,391,805 | ||
Less current maturities | -594,891 | -584,491 | |
$2,654,764 | $2,807,314 | ||
Management of the Company expects future liquidity needs of the Company to be funded from rent revenues, refinancing and the appreciation in investment properties (which can be sold or mortgaged, if necessary). Additionally, funding can be obtained from members of the Company’s Board of Directors. | |||
Current maturities of notes payable will require the Company to make payments over the next 12 months totaling $594,891. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur. | |||
If the Company is unsuccessful in their efforts described above, the Company intends to seek additional financing or sell certain of its assets. |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2013 | |
Income Taxes: | ' |
Income Taxes | ' |
Note 4 – Income Taxes | |
The Company has a total outstanding income tax payable in the amount of $155,147 at December 31, 2013. Of this amount, $61,931 is related to the first quarter of fiscal year 2014 and $93,216 is related to 2013 tax expense. |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2013 | |
Concentrations | ' |
Concentrations | ' |
Note 5 – Concentrations | |
Substantially all of the Company’s assets consist of real estate located in Richmond and Columbia Counties in the state of Georgia and in North Augusta, South Carolina. Approximately 99% of the Company’s revenues are earned from two of the Company’s investment properties, National Plaza and the Evans Ground Lease, which comprise approximately 52% and 47% of the Company’s revenues, respectively. The anchor tenant for National Plaza, Publix Supermarkets, Inc. (“Publix”), a regional food supermarket chain, leases approximately 81% of the space at National Plaza. The Company generates approximately 37% of its revenues though its lease with Publix. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
Note 6 – Related Party Transactions | |
The Company hired an attorney who sits on the Company’s Board of Directors and who also serves a Vice President of the Company, to represent the Company in a legal matter regarding a tenant’s claim for reimbursement of certain expenses charged. It is the opinion of the Company’s management that the Company is not liable for this claim. | |
During the first quarter of fiscal 2013, the Company borrowed $30,000 from a member of the Company’s Board of Directors, who is also a member of the Flanagin family, to meet cash flow needs. The amount was repaid during the quarter also with interest at a rate of 6%. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2013 | |
ACCOUNTING POLICIES | ' |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | ' |
Critical Accounting Policies: | |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | |
Management has estimated useful lives of investment properties, except for land, that are leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. | |
Evaluation of Long-Lived Assets for Impairment | ' |
Evaluation of Long-Lived Assets for Impairment | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than the carrying amount. | |
Estimates of Income Tax Rates Applicable to Deferred Taxes | ' |
Estimates of Income Tax Rates Applicable to Deferred Taxes | |
The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. | |
Refer to the Company’s Form 10-K for the year ended September 30, 2013 for further information regarding its critical accounting policies. | |
Investment_properties_leased_o
Investment properties leased or held for leases (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investment properties leased or held for leases TABLE | ' | ||||||||
Investment properties leased or held for leases TABLE | ' | ||||||||
December 31, | September 30, | ||||||||
2013 | 2013 | ||||||||
(unaudited) | |||||||||
National Plaza building, land and improvements | $ | 5,138,796 | $ | 5,138,796 | |||||
Evans Ground Lease, land and improvements | 2,382,673 | 2,382,673 | |||||||
Commercial land and improvements | 3,639,598 | 3,639,598 | |||||||
11,161,067 | 11,161,067 | ||||||||
Less accumulated depreciation | (2,251,443 | ) | (2,221,077 | ) | |||||
8,909,624 | 8,939,990 | ||||||||
Residential rental property | 145,847 | 145,847 | |||||||
Less accumulated depreciation | (31,470 | ) | (30,792 | ) | |||||
114,377 | 115,055 | ||||||||
Investment properties for lease, net of accumulated depreciation | $ | 9,024,001 | $ | 9,055,045 | |||||
Notes_Payable_Table
Notes Payable (Table) | 3 Months Ended | ||
Dec. 31, 2013 | |||
Notes Payable TABLE | ' | ||
Notes Payable TABLE | ' | ||
Notes payable consisted of the following at: | |||
31-Dec-13 | 30-Sep-13 | ||
(unaudited) | |||
A line of credit with a regional financial institution for up to $251,934 procured in March 2008 with a floating interest rate based on prime and originally payable in full in April 2009. In April 2009 the Company refinanced the $243,019 line of credit with a regional financial institution. The Company entered into an agreement with the same regional financial institution to borrow the outstanding balance of $243,019, bearing interest based on the greater of prime or 6% with interest payments due monthly, maturing in April 2010. In January 2010 the Company renewed this line of credit and increased the open balance to $300,250. This agreement originally matured in February 2011. In December 2010, the Company renewed the line of credit to December 5, 2011, at the greater of prime plus 1% or 6%. In December 2011, the Company renewed the line of credit to December 12, 2012, at the greater of prime plus 1% or 6%. In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017. The new term loan accrues interest at a 5.5% annually with monthly installments of $3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia. | 278,592 | 284,531 | |
A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $35,633, including interest, through June 2015, and bears interest at a fixed rate of 7.875%. | 603,100 | 696,892 | |
A note payable to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The note is payable in monthly installments of $7,563, including principal and interest, through July 2018, and bears interest at a fixed rate of 5%. | 374,872 | 392,945 | |
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,993,091 | 2,017,437 | |
3,249,655 | 3,391,805 | ||
Less current maturities | -594,891 | -584,491 | |
$2,654,764 | $2,807,314 |
Investment_properties_leased_D
Investment properties leased (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Investment properties leased | ' | ' |
National Plaza building, land and improvements | $5,138,796 | $5,138,796 |
Evans Ground Lease, land and improvements | 2,382,673 | 2,382,673 |
Commercial land and improvements | 3,639,598 | 3,639,598 |
Total Investments | 11,161,067 | 11,161,067 |
Less accumulated depreciation | -2,251,443 | -2,221,077 |
Net Investments | 8,909,624 | 8,939,990 |
Residential rental property | 145,847 | 145,847 |
Less accumulated depreciation | -31,470 | -30,792 |
Total Residential rental Property | 114,377 | 115,055 |
Investment properties for lease, net of accumulated depreciation | $9,024,001 | $9,055,045 |
Investment_properties_for_leas
Investment properties for lease, net of accumulated depreciation Parentheticals (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Investment properties for lease, net of accumulated depreciation Parentheticals | ' | ' | ' |
Depreciation expenses total | $31,000 | ' | $31,000 |
Percentage of rentable space at National Plaza leased to Publix Supermarkets Inc | 81.00% | ' | ' |
Area of land sold of Evans Ground Lease in Columbia County, Georgia | 18 | ' | ' |
Monthly rental payments, development period | 20,833 | ' | ' |
Annual rental payments for the first 5 years | 500,000 | ' | ' |
Percentage of rent increasing in years 6, 11, and 16 | 5.00% | ' | ' |
Renewal period | 21 | ' | ' |
Renewal period description | 5 | ' | ' |
Total lease term | 50 | ' | ' |
Land and improvements held for investment or development, | 3,639,598 | 3,639,598 | ' |
Area of land sold of Evans Ground Lease tract in July 2013 | 0.24 | ' | ' |
Value of the land sold Evans Ground | 156,000 | ' | ' |
Gain Recognized by the company | $108,000 | ' | ' |
Area of land for investment or development purposes, in North Augusta, South Carolina, purchased in parcels during 2007 and 2008 | 19.38 | ' | ' |
The Company also owns approximately land in south Richmond County, Georgia in acres | 85 | ' | ' |
Parcel along Washington Road in Augusta, Georgia that adjoins the Company's National Plaza investment property in acres | 1.1 | ' | ' |
NOTES_PAYABLE_CONSISTS_OF_Deta
NOTES PAYABLE CONSISTS OF (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
NOTES PAYABLE CONSISTS OF | ' | ' |
Long-term debt Secured Debt 5.5% Interest on Note Payable. | $278,592 | $284,531 |
Long-term debt Secured Debt 7.875% Interest on Note Payable, | 603,100 | 696,892 |
Long-term debt Secured Debt 5% Interest on Note Payable ' | 374,872 | 392,945 |
Long-term debt Secured Debt 5.85% Interest on Note Payable; | 1,993,091 | 2,017,437 |
Long-term debt, | 3,249,655 | 3,391,805 |
Less current maturities, | -594,891 | -584,491 |
Notes payable, less current maturities, | $2,654,764 | $2,807,314 |
Notes_payable_consisted_of_the
Notes payable consisted of the following at Parentheticals (Details) (USD $) | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2010 | Jan. 31, 2010 | Apr. 30, 2009 | Mar. 31, 2008 |
Notes payable consisted of the following at parentheticals | ' | ' | ' | ' | ' | ' |
Line of credit with a regional financial institution | ' | ' | ' | ' | ' | $251,934 |
Refinanced line of credit with a regional financial institution | ' | ' | ' | ' | 243,019 | ' |
The Company entered into an agreement with the same regional financial institution to borrow the outstanding balance of | ' | ' | ' | ' | 243,019 | ' |
Interest rate based on the greater of prime | ' | ' | ' | ' | 6.00% | ' |
Renewed this line of credit and increased the open balance to | ' | ' | ' | 300,250 | ' | ' |
Renewed the line of credit rate the greater of prime plus minimum | ' | ' | 1.00% | ' | ' | ' |
Renewed the line of credit rate at the greater of prime plus maximum | ' | ' | 6.00% | ' | ' | ' |
New term loan accrues interest at | ' | 5.50% | ' | ' | ' | ' |
New term loan accrues interest annually with monthly installments | ' | 3,287 | ' | ' | ' | ' |
Note is payable in monthly installments | 35,633 | ' | ' | ' | ' | ' |
Note is payable in monthly installments at a fixed rate | 7.88% | ' | ' | ' | ' | ' |
Note payable to a regional financial institution collateralized with land in North Augusta, South Carolina in acres | 17.54 | ' | ' | ' | ' | ' |
The note is payable in monthly installments including principal and interest | 7,563 | ' | ' | ' | ' | ' |
The note is payable in monthly installments and bears interest at a fixed rate of | 5.00% | ' | ' | ' | ' | ' |
A note payable to an insurance company collateralized with approximately land in Columbia County, Georgia in acres | 18 | ' | ' | ' | ' | ' |
A note payable to an insurance company collateralized with approximately land in Columbia County, Georgia in monthly installments | $17,896 | ' | ' | ' | ' | ' |
A note payable to an insurance company collateralized with approximately land in Columbia County, Georgia and bears interest at a fixed rate of | 5.85% | ' | ' | ' | ' | ' |
INCOME_TAXES_AS_FOLLOWS_Detail
INCOME TAXES AS FOLLOWS (Details) (USD $) | Dec. 31, 2013 |
Deferred income tax liabilities: | ' |
Total Income Tax payable | $155,147 |
Tax Payable related to the first quarter of fiscal year 2014 | 61,931 |
Amount related to 2013 tax expense | $93,216 |
Concentrations_Details
Concentrations (Details) | Dec. 31, 2013 |
Concentrations AS Follows | ' |
Percentage of revenues earned from two of the company's investment properties | 99.00% |
National Plaza Contribution to revenues | 52.00% |
Contribution to revenues from Evans Ground Lease | 47.00% |
Percentage of space leased out to Publix Supermarkets Inc | 81.00% |
Revenues percentage generated through its lease with Publix | 37.00% |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | Dec. 31, 2013 |
Related party transaction Details | ' |
Loan Proceeds from shareholder during the first quarter of the fiscal | $30,000 |
Interest rate for repayments | 6.00% |
Amount repaid during the quarter | $30,000 |