16.	Subsequent Events

COVID-

19.

December 2019,

a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the

first

several months of

2020,

the virus, SARS-CoV-

and resulting disease, COVID-

19,

spread to the United States, including New York State, the geographic location in which the Company operates. The Company's evaluation of the effects of these events is ongoing; however, in

February

and

March 2020,

some of our tenants began to experience decreasing demand for their products and services which

may

impact their ability to timely meet their lease obligations. Furthermore, on

March 21

2020,

New York Governor Andrew Cuomo issued an Executive Order entitled “New York State on PAUSE” (Policy that Assures Uniform Safety for Everyone) (the “Order”), pursuant to which, all non-essential employees (as defined by the State) must stay at home starting

March 22, 2020

through

April 19, 2020.

The Order also includes a

-day moratorium on any residential or commercial evictions.

Beginning

March 16, 2020,

prior to the Order, the Company’s employees began temporarily working remotely to ensure the safety and well-being of our employees and their families. The Company’s technology infrastructure, for some time, has been set up to handle offsite seamless operations to address alternative disaster recovery disruption. As a result, all employees will continue to work remotely unless they report needing sick leave or family leave pursuant to regulated benefits.

Small businesses and

not

-for-profit corporations, which account for approximately

39%

(

$834,000

) of the Company’s projected annual rental revenues for

2020,

are expected to be adversely affected disproportionately by the economic ramifications of COVID-

19.

Although it is difficult to estimate the duration and full extent of this disruption, the impact of COVID-

on our future results could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted, including new information which

may

emerge concerning the severity of the coronavirus, the success of actions taken to contain or treat the coronavirus and reactions by consumers, companies, governmental entities and capital markets. We are actively working with our tenants to manage and mitigate the impact to COVID-

on the Company’s operations, liquidity and resulting Net Asset Value.

The COVID-

public health crisis

may

also adversely impact our efforts to secure entitlements and the sale of our real estate. State and local governments are prioritizing COVID-

crisis management and, to the extent possible, re-allocating resources accordingly which

may

adversely impact the timeline of our entitlements and technical approvals.

Furthermore, the real estate market is also expected to be adversely affected which could further negatively impact the timing of sales and the resulting value of our real estate.

The extent of the impact of COVID-

on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions. The Company has

four

employees. As a result, the Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees are infected by the Coronavirus and become ill from COVID-

19.

Credit Facility

. The Company amended and extended the Original Line which included extending the maturity date of the Interest-Only Phase to the earlier of

April 30, 2020

or upon drawing down a total of

$3,000,000

after which it automatically converts to a permanent loan maturing on the earlier of

April 30, 2027

months after conversion to a permanent loan (the “Permanent Phase”).

To secure access to additional working capital through the final sale date of the Cortlandt Property lots (“Lots”), the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) signed a commitment letter for a

third

loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to

$2,500,000,

which is scheduled to close in the

second

quarter of

2020.

The term is

months, with an option to extend for an additional

months. The interest rate is a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus

100

basis points (

), rounded up to the nearest

1/8

percent), but in

event less than

four

and

three

quarters percent (

4.75%

). The ability to draw upon the line is limited to certain amounts, contingent upon whether GSD Cortlandt delivered signed contracts for

one

or both Lots.

The line is secured by the Cortlandt property (approximately

acres) and cross collateralized by approximately

31.8

acres of the Flowerfield Industrial Park including the related buildings and leases. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain cross collateralized by the subdivided industrial park lot only.

Effective

February 27, 2020,

the Company entered into an engagement letter with a national real estate finance firm (the “Firm”) pursuant to which the Firm agreed to assist the Company secure financing with prospective lenders, and the Company agreed to pay the Firm an origination fee equal to

one

percent (

) of any loan secured by the Company with any lender introduced to the Company by the Firm other than designated excluded lenders with whom the Company has a preexisting relationship. The intended use of this facility is to finance tenant improvements on new leases, if any, and a reserve for additional working capital.