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Note 7 - Real Estate
 12 Months Ended
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