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Note 7 - Real Estate | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Real Estate Disclosure [Text Block] |
7. | Real Estate
The Company reports its financial statements under the liquidation basis of accounting which reflects real estate value at net realizable value (predicated on current asset values). During 2019 and 2018, the net realizable value of real estate increased by $12,068,730 and $3,984,605, respectively. The 2019 increase is mainly attributable to the Purchase and Sale Agreements entered into in Flowerfield and Cortlandt Manor (see Note 5 ). The 2018 increase was primarily driven by the increase in value attributable to the entitlement process. The valuation of the remaining real estate as of December 31, 2019 was $48,270,000.
|  | 2019 |  |  | 2018 |
Net Realizable Value at beginning of period |  | $ | 36,201,270 |  |  | $ | 33,016,665 |
Increases in Net Realizable Value |  |  |  |  |  |  |  |
Cortlandt Manor |  |  | 2,010,000 |  |  |  | 1,040,000 |
Flowerfield |  |  | 10,058,730 |  |  |  | 2,944,605 |
Less Property Sales |  |  |  |  |  |  |  |
Port Jefferson Professional Park |  |  | - |  |  |  | (800,000 | )
Net Realizable Value at December 31, |  | $ | 48,270,000 |  |  | $ | 36,201,270 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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