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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Interest Incurred, Capitalized and Expensed for Units Settled

The following table is a summary of interest and real estate taxes incurred, capitalized and expensed for units settled:


	Twelve Months Ended December 31
	2017		2016
Total interest incurred and capitalized	$	4,223	$	3,227
Total real estate taxes incurred and capitalized		354		240

Total interest and real estate taxes incurred and capitalized	$	4,577	$	3,467

Interest expensed as a component of cost of sales	$	2,604	$	1,833
Real estate taxes expensed as a component of cost of sales		267		235

Interest and real estate taxes expensed as a component of cost of sales	$	2,871	$	2,068

Summary of Interest and Real Estate Taxes Expensed in Consolidated Statement of Operations

The following is a breakdown of the interest and real estate taxes expensed in the consolidated statement of operations for the periods presented:


	Twelve Months Ended December 31,
	2017		2016
Interest incurred and expensed from entity level borrowings	$	—	$	876
Interest incurred and expensed for inactive projects		41		5
Real estate taxes incurred and expensed for inactive projects		—		5

	$	41	$	886

Fixed Assets are Carried at Cost Less Accumulated Depreciation

Fixed assets are carried at cost less accumulated depreciation and are depreciated on the straight-line method over their estimated useful lives as follows:


Furniture and fixtures			7 years
Office equipment and vehicles			5 years
Leasehold improvements			life of related lease
Computer equipment			3 years
Capitalized software			3 years

Summary of Warranty Reserve Activity Included in Accounts Payable and Accrued Liabilities

The following table is a summary of warranty reserve activity, which is included in accounts payable and accrued liabilities:


	Years ended December 31,
	2017			2016
Balance at beginning of period	$	287		$	312
Additions		178			233
Releases and/or charges incurred		(207	)		(258	)

Balance at end of period	$	258		$	287

Summary of Shares Included in Diluted Share Computation

As a result of net losses for the years ended December 31, 2017 and 2016, diluted net loss per share excludes the effects of common stock equivalents consisting of restricted stock awards and warrants, which are anti-dilutive. The following number of shares have been excluded from consideration in the calculation of diluted net loss per share were:


	Twelve Months Ended December 31,
	2017		2016
Restricted stock awards		83		—
Warrants		11		—

		94		—

Segment Reporting Information

The following disclosure includes the Company’s three reportable segments of Homebuilding, Multi-family and Real Estate Services. Each of these segments operates within the Company’s single Washington, D.C. reportable geographic segment.


	Homebuilding			Multi-Family		Real Estate Services			Total
Twelve Months Ended December 31, 2017
Gross revenue	$	43,399		$	—	$	2,031		$	45,430
Gross profit		2,814			—		(268	)		2,546
Net (loss) income		(4,348	)		—		(430	)		(4,778	)
Total assets		47,474			—		3,684			51,158
Depreciation, amortization, and stock based compensation		409			—		177			586
Interest expense		—			—		41			41
Twelve Months Ended December 31, 2016
Gross revenue	$	40,696		$	—	$	884		$	41,580
Gross profit		2,460			—		457			2,917
Net (loss) income		(7,219	)		—		457			(6,762	)
Total assets		59,688			—		133			59,821
Depreciation, amortization, and stock based compensation		258			—		10			268
Interest expense		881			—		—			881