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Note 13 - Subsequent Events | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Subsequent Events [Text Block] | 13. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements. On October 12, 2022, certain subsidiaries of the Company, NetREIT Model Homes, LLC and Model Home Partnerships ("the Borowers"), and First Horizon Bank (“Lender”) entered into the tenth amendment (“Amendment”) to their loan agreement, dated as of February 26, 2016, which was previously amended by the first nine amendments dated March 14, 2016, June 29, 2016, April 11, 2017, February 20, 2018, April 11, 2018, April 11, 2019, May 22, 2020, June 26, 2020, and August 19, 2021 (as amended, the “Loan Agreement”). The Amendment is effective August 17, 2022. The Amendment extends the Loan Agreement through October 12, 2023, from August 17, 2022, and requires that the Borrowers maintain a quarterly debt service coverage ratio, in the aggregate, of no less than 1.10 to 1.00. The Amendment further provides that the interest rate shall be equal to the lesser of (a) the maximum rate permitted by applicable law or (b) the greater of (i) the sum of the Index Rate (as defined in the Loan Agreement) then in effect on the date Borrower directs Lender to fix the interest rate for an impending advance plus 2.25% and (ii) 3.00% per year; provided, however, that such fixing of the interest rate shall not be effective for more than 30 days and upon the expiration of such 30 day period, the interest rate shall be reset five business days prior to the date of such advance. In connection with the Amendment, also on October 12, 2022, the Company executed a Guaranty Agreement effective August 17, 2022 (the “Guaranty Agreement”), pursuant to which it guaranteed to Lender the payment and performance of the Borrowers’ obligations under the Loan Agreement, up to 15% of the total outstanding principal, interest, fees and other obligations owed under the Loan Agreement. On October 20, 2022, the Company acquired six model homes for approximately $3.2 million. These acquisitions were paid for with approximately $1.0 million in cash payments and approximately $2.2 million in mortgage loans. There were no other commercial properties acquired after September 30, 2022 through the filing of this Quarterly Report on Form 10-Q. On November 8, 2022, Murphy Canyon entered into a Merger Agreement and Plan of Merger (the “Merger Agreement”) with Conduit Merger Sub, Inc., a Cayman Islands company and a wholly-owned subsidiary of Murphy Canyon (“Merger Sub”), and Conduit Pharmaceuticals Limited, a Cayman Islands company (“Conduit”). The Merger Agreement provides for, among other things, that Merger Sub will merge with and into Conduit, with Conduit as the surviving company in the merger and, after giving effect to such merger, Conduit shall be a wholly-owned subsidiary of Murphy Canyon (the “Merger”). In addition, Murphy Canyon will be renamed Conduit Pharmaceuticals, Inc. The total consideration to be paid at the closing of the Merger (the “Merger Consideration”) by Murphy Canyon to the shareholders of Conduit will be $650,000,000, and will be payable in shares of Class A common stock of Murphy Canyon. The number of shares of Class A common stock be paid to the shareholders of Conduit as Merger Consideration will be 65,000,000, with each share of Class A common stock being valued at $10.00. The Merger, which has been unanimously approved by the boards of directors of both Conduit and Murphy Canyon, is subject to, among other customary clsoing conditions, a successful registration statement declared effective by the SEC, approval by the stockholders of Murphy Canyon, and the shareholders of Conduit. There can be no assurance that the Merger or financing will close as planned, or at all.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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