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Note 7 - Real Estate | 12 Months Ended
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Dec. 31, 2020
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 2020, the net realizable value of real estate decreased by $9,220,000 and in 2019 it increased by $12,068,730. The 2020 decrease is primarily driven by the change in use in Cortlandt Manor from partly residential to all medical, the cancellation of the contract on lot one in Cortlandt Manor, the termination of the BSL Agreement and by the market decline in real estate value in Flowerfield that is directly related to and stems from the impact of the pandemic. The 2019 increase was mainly attributable to the Purchase and Sale Agreements entered into in Flowerfield and Cortlandt Manor (see Note 5 ). The valuation of the remaining real estate as of December 31, 2020 was $39,050,000.
|  | 2020 |  |  | 2019 |
Net Realizable Value at beginning of period |  | $ | 48,270,000 |  |  | $ | 36,201,270 |
Change in Net Realizable Value |  |  |  |  |  |  |  |
Cortlandt Manor |  |  | (3,820,000 | ) |  |  | 2,010,000 |
Flowerfield |  |  | (5,400,000 | ) |  |  | 10,058,730 |
Net Realizable Value on December 31, |  | $ | 39,050,000 |  |  | $ | 48,270,000 |

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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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