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Note 4 - Estimated Liquidation and Operating Costs Net of Estimated Receipts | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block] |
4. | Estimated Liquidation and Operating Costs Net of Estimated Receipts
The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur liquidation and operating costs net of estimated receipts during the liquidation period, excluding the net proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land entitlement costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant improvement costs, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and not previously known), the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid during the liquidation period. The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2020 through December 31, 2020 is as follows:
|  | January 1, 2020 |  |  | Expenditures/ (Receipts) |  |  | Remeasurement of Assets and Liabilities |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated rents and reimbursements |  | $ | 4,309,328 |  |  | $ | (2,432,540 | ) |  | $ | 3,049,860 |  |  | $ | 4,926,648 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating costs |  |  | (2,594,954 | ) |  |  | 1,506,037 |  |  |  | (1,972,487 | ) |  |  | (3,061,404 | )
Capital expenditures |  |  | (474,133 | ) |  |  | 13,495 |  |  |  | - |  |  |  | (460,638 | )
Land entitlement costs |  |  | (1,847,127 | ) |  |  | 1,013,966 |  |  |  | (657,538 | ) |  |  | (1,490,699 | )*
Corporate expenditures |  |  | (6,196,551 | ) |  |  | 2,139,978 |  |  |  | (2,287,769 | ) |  |  | (6,344,342 | )
Selling costs on real estate assets** |  |  | (3,497,200 | ) |  |  | - |  |  |  | 439,203 |  |  |  | (3,057,997 | )
Retention bonus payments to directors, officers and employees** |  |  | (4,680,518 | ) |  |  | - |  |  |  | 1,767,038 |  |  |  | (2,913,480 | )
Less prepaid expenses and other assets |  |  | 603,679 |  |  |  | 245,293 |  |  |  | - |  |  |  | 848,972 |
Liability for estimated liquidation and operating costs net of estimated receipts |  | $ | (14,377,476 | ) |  | $ | 2,486,229 |  |  | $ | 338,307 |  |  | $ | (11,552,940 | )
*The Company reached agreements with certain service vendors to defer payment of approximately $321,000 of the $1.5 million until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. **The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property. The change in the liability for estimated costs in excess of estimated receipts during liquidation from January 1, 2019 through December 31, 2019 is as follows:
|  | January 1, 2019 |  |  | Expenditures/ (Receipts) |  |  | Remeasurement of Assets and Liabilities |  |  | December 31, 2019 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated rents and reimbursements |  | $ | 3,418,285 |  |  | $ | (2,600,047 | ) |  | $ | 3,491,090 |  |  | $ | 4,309,328 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating costs |  |  | (2,084,955 | ) |  |  | 1,536,010 |  |  |  | (2,046,009 | ) |  |  | (2,594,954 | )
Capital expenditures |  |  | (1,130,844 | ) |  |  | 616,230 |  |  |  | 40,481 |  |  |  | (474,133 | )
Land entitlement costs |  |  | (1,468,474 | ) |  |  | 1,422,192 |  |  |  | (1,800,845 | ) |  |  | (1,847,127 | )
Corporate expenditures |  |  | (4,904,367 | ) |  |  | 2,167,814 |  |  |  | (3,459,998 | ) |  |  | (6,196,551 | )
Selling costs on real estate assets* |  |  | (2,437,076 | ) |  |  | - |  |  |  | (1,060,124 | ) |  |  | (3,497,200 | )
Retention bonus payments to directors, officers and employees* |  |  | (1,984,733 | ) |  |  | 14,573 |  |  |  | (2,710,358 | ) |  |  | (4,680,518 | )
Less prepaid expenses and other assets |  |  | 397,854 |  |  |  | 205,825 |  |  |  | - |  |  |  | 603,679 |
Liability for estimated liquidation and operating costs net of estimated receipts |  | $ | (10,194,310 | ) |  | $ | 3,362,597 |  |  | $ | (7,545,763 | ) |  | $ | (14,377,476 | )
*The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value.

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