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Note 5 - Lease Intangibles | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2019
Notes to Financial Statements |  |
Intangible Assets Disclosure [Text Block] | 5. LEASE INTANGIBLES The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |  |  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |
In-place leases |  | $ | 3,186,889 |  |  | $ | (2,667,835 | ) |  | $ | 519,054 |  |  | $ | 4,360,027 |  |  | $ | (3,283,027 | ) |  | $ | 1,077,000 |
Leasing costs |  |  | 1,800,922 |  |  |  | (1,500,149 | ) |  |  | 300,773 |  |  |  | 2,937,976 |  |  |  | (2,002,711 | ) |  |  | 935,265 |
Above-market leases |  |  | 333,485 |  |  |  | (266,080 | ) |  |  | 67,405 |  |  |  | 333,485 |  |  |  | (240,739 | ) |  |  | 92,746 |
|  | $ | 5,321,296 |  |  | $ | (4,434,064 | ) |  | $ | 887,232 |  |  | $ | 7,631,488 |  |  | $ | (5,526,477 | ) |  | $ | 2,105,011 |
As of June 30, 2020 there were no gross lease intangible assets included in real estate assets held for sale. As of December 31, 2019, there was $2.3 million gross lease intangible assets included in real estate assets held for sale, with $1.4 million of accumulated amortization related to the lease intangible assets netted against real estate assets held for sale. The net value of acquired intangible liabilities was $226,000 and $310,000 relating to below-market leases as of June 30, 2020 and December 31, 2019, respectively. Future aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
Nine months remaining in 2020 |  | $ | 265,169 |
Years ending December 31: |  |  |  |
2021 |  |  | 372,484 |
2022 |  |  | 202,479 |
2023 |  |  | 17,663 |
2024 |  |  | 17,663 |
Thereafter |  |  | 11,774 |
Total |  | $ | 887,232 |
The weighted average remaining amortization period of the intangible assets as of June 30, 2020 is 1.7 years. | 5. LEASE INTANGIBLES Lease intangibles consist of the following:
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |  |  | Lease Intangibles |  |  | Accumulated Amortization |  |  | Lease Intangibles, net |
In-place leases |  | $ | 4,360,027 |  |  | $ | (3,283,027 | ) |  | $ | 1,077,000 |  |  | $ | 4,958,477 |  |  | $ | (3,467,781 | ) |  | $ | 1,490,696 |
Leasing costs |  |  | 2,937,976 |  |  |  | (2,002,711 | ) |  |  | 935,265 |  |  |  | 3,628,080 |  |  |  | (2,405,514 | ) |  |  | 1,222,566 |
Above-market leases |  |  | 333,485 |  |  |  | (240,739 | ) |  |  | 92,746 |  |  |  | 439,878 |  |  |  | (291,666 | ) |  |  | 148,212 |
|  | $ | 7,631,488 |  |  | $ | (5,526,477 | ) |  | $ | 2,105,011 |  |  | $ | 9,026,435 |  |  | $ | (6,164,961 | ) |  | $ | 2,861,474 |
As of December 31, 2019 and 2018, gross lease intangible assets of $2.3 million and $2.5 million, respectively, were included in real estate assets held for sale. As of December 31, 2019 and 2018, accumulated amortization related to the lease intangible assets of $1.4 million and $1.5 million, respectively, were included in real estate assets held for sale. The net value of acquired intangible liabilities was $310,000 and $496,000 relating to below-market leases as of December 31, 2019 and 2018, respectively. Aggregate approximate amortization expense for the Company's lease intangible assets is as follows:
Year ending December 31, |  |  |  |
2020 |  | $ | 687,974 |
2021 |  |  | 510,215 |
2022 |  |  | 360,116 |
2023 |  |  | 173,785 |
2024 |  |  | 118,989 |
Thereafter |  |  | 253,932 |
Total |  | $ | 2,105,011 |
The weighted average amortization period for the intangible assets as of December 31, 2019 was approximately 2.6 years. Lease intangible assets are amortized over the term of the related lease and included as a reduction of rental income in the Statement of Operations.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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