XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 12 - Segments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | For the Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Rental, fees and other income |  | $ | 13,161,268 |  |  | $ | 17,128,687 |
Property and related expenses |  |  | (5,769,843 | ) |  |  | (7,977,561 | )
Net operating income, as defined |  |  | 7,391,425 |  |  |  | 9,151,126 |
Model Home Properties: |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 3,211,149 |  |  |  | 4,251,980 |
Property and related expenses |  |  | (129,389 | ) |  |  | (202,667 | )
Net operating income, as defined |  |  | 3,081,760 |  |  |  | 4,049,313 |
Retail Properties: |  |  |  |  |  |  |  |
Rental, fees and other income |  |  | 3,023,316 |  |  |  | 2,971,125 |
Property and related expenses |  |  | (1,056,581 | ) |  |  | (2,368,906 | )
Net operating (loss) income, as defined |  |  | 1,966,735 |  |  |  | 602,219 |
Reconciliation to net loss: |  |  |  |  |  |  |  |
Total net operating income, as defined, for reportable segments |  |  | 12,439,920 |  |  |  | 13,802,658 |
General and administrative expenses |  |  | (6,225,510 | ) |  |  | (5,751,754 | )
Depreciation and amortization |  |  | (5,397,498 | ) |  |  | (6,274,321 | )
Interest expense |  |  | (4,822,085 | ) |  |  | (8,813,067 | )
Deferred offering costs |  |  | — |  |  |  | (530,639 | )
Gain on extinguishment of government debt |  |  | 10,000 |  |  |  | 451,785 |
Other income (expense), net |  |  | (3,417 | ) |  |  | (20,636 | )
Income tax expense |  |  | 47,620 |  |  |  | (370,884 | )
Gain on sale of real estate |  |  | 2,487,528 |  |  |  | 1,245,460 |
Net loss |  | $ | (1,463,442 | ) |  | $ | (6,261,398 | )
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|  | December 31, |  |  | December 31, |
Assets by Reportable Segment: |  | 2021 |  |  | 2020 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 78,240,086 |  |  | $ | 99,120,649 |
Total assets (2) |  | $ | 76,453,436 |  |  | $ | 100,046,782 |
Model Home Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 34,089,046 |  |  | $ | 42,509,596 |
Total assets (2) |  | $ | 31,047,202 |  |  | $ | 42,246,022 |
Retail Properties: |  |  |  |  |  |  |  |
Land, buildings and improvements, net (1) |  | $ | 25,693,239 |  |  | $ | 24,555,371 |
Total assets (2) |  | $ | 27,579,469 |  |  | $ | 26,108,109 |
Reconciliation to Total Assets: |  |  |  |  |  |  |  |
Total assets for reportable segments |  | $ | 135,080,107 |  |  | $ | 168,400,913 |
Other unallocated assets: |  |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash |  |  | 6,738,345 |  |  |  | 2,149,088 |
Other assets, net |  |  | 19,378,311 |  |  |  | 15,018,615 |
Total Assets |  | $ | 161,196,763 |  |  | $ | 185,568,616 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] |
|  | For the Year Ended December 31, |
Capital Expenditures by Reportable Segment |  | 2021 |  |  | 2020 |
Office/Industrial Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  | $ | 8,891,810 |  |  | $ | — |
Capital expenditures and tenant improvements |  |  | 1,513,362 |  |  |  | 2,825,169 |
Model Home Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 8,426,750 |  |  |  | 10,161,613 |
Retail Properties: |  |  |  |  |  |  |  |
Acquisition of operating properties |  |  | 4,906,266 |  |  |  | — |
Capital expenditures and tenant improvements |  |  | 83,824 |  |  |  | 9,205 |
Totals: |  |  |  |  |  |  |  |
Acquisition of operating properties, net |  |  | 22,224,826 |  |  |  | 10,161,613 |
Capital expenditures and tenant improvements |  |  | 1,597,186 |  |  |  | 2,834,373 |
Total real estate investments |  | $ | 23,822,012 |  |  | $ | 12,995,986 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each significant reconciling item, other than profit (loss), revenues, or assets, in the reconciliation of totals of such items in reportable segments to the entity's corresponding consolidated amount. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration