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