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Note 12 - Segments (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

		Three Months Ended September 30,								For the Nine Months Ended September 30,
		2021				2020				2021				2020
Office/Industrial Properties:
Rental, fees and other income		$	2,888,361			$	4,098,892			$	10,149,013			$	13,334,595
Property and related expenses			(1,171,387	)			(1,813,950	)			(4,288,142	)			(5,539,320	)
Net operating income, as defined			1,716,974				2,284,942				5,860,871				7,795,275
Model Home Properties:
Rental, fees and other income			739,558				1,058,329				2,528,748				3,268,074
Property and related expenses			(25,804	)			(58,897	)			(106,304	)			(160,688	)
Net operating income, as defined			713,754				999,432				2,422,444				3,107,386
Retail Properties:
Rental, fees and other income			748,312				548,392				2,213,808				2,305,412
Property and related expenses			(217,379	)			(277,820	)			(644,862	)			(1,729,171	)
Net operating (loss) income, as defined			530,933				270,572				1,568,946				576,241
Reconciliation to net loss:
Total net operating income, as defined, for reportable segments			2,961,661				3,554,946				9,852,261				11,478,902
General and administrative expenses			(1,479,261	)			(1,366,380	)			(4,361,297	)			(3,996,696	)
Depreciation and amortization			(1,306,874	)			(1,626,917	)			(4,104,018	)			(4,823,673	)
Interest expense			(1,030,883	)			(2,143,960	)			(3,822,313	)			(6,971,162	)
Gain on extinguishment of government debt			—				—				10,000				—
Other income (expense), net			(13,886	)			(12,270	)			(67,329	)			(10,865	)
Income tax expense			(182,607	)			(122,602	)			(471,506	)			(257,602	)
Gain (loss) on sale of real estate			627,322				332,715				2,060,336				656,975
Net income (loss)		$	(424,528	)		$	(1,384,468	)		$	(903,866	)		$	(3,924,121	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

		September 30,				December 31,
Assets by Reportable Segment:		2021				2020
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	70,110,480			$	99,120,649
Total assets (2)		$	67,689,503			$	100,046,782
Model Home Properties:
Land, buildings and improvements, net (1)		$	29,954,760			$	42,509,596
Total assets (2)		$	28,972,715			$	42,246,022
Retail Properties:
Land, buildings and improvements, net (1)		$	25,774,657			$	24,555,371
Total assets (2)		$	27,471,065			$	26,108,109
Reconciliation to Total Assets:
Total assets for reportable segments		$	124,133,283			$	168,400,913
Other unallocated assets:
Cash, cash equivalents and restricted cash			19,428,488				2,149,088
Other assets, net			18,272,856				15,018,615
Total Assets		$	161,834,627			$	185,568,616

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

		For the Nine Months Ended September 30,
Capital Expenditures by Reportable Segment		2021				2020
Office/Industrial Properties:
Capital expenditures and tenant improvements		$	1,054,202			$	2,501,075
Model Home Properties:
Acquisition of operating properties			2,851,800				8,996,248
Retail Properties:
Acquisition of operating properties			4,906,266
Capital expenditures and tenant improvements			67,849				9,077
Totals:
Acquisition of operating properties, net			7,758,066				8,996,248
Capital expenditures and tenant improvements			1,122,051				2,510,152
Total real estate investments		$	8,880,117			$	11,506,400

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