XML 41 R31.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

Note 12 - Segments (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

		Three Months Ended March 31,
		2024				2023
Office/Industrial Properties:
Rental, fees and other income		$	2,967,720			$	2,861,998
Property and related expenses			(1,382,393	)			(1,460,690	)
Net operating income, as defined			1,585,327				1,401,308
Model Home Properties:
Rental, fees and other income			1,268,953				855,120
Property and related expenses			(136,778	)			(30,996	)
Net operating income, as defined			1,132,175				824,124
Retail Properties:
Rental, fees and other income			553,388				458,867
Property and related expenses			(139,954	)			(137,798	)
Net operating income, as defined			413,434				321,069
Reconciliation to net income:
Total net operating income, as defined, for reportable segments			3,130,936				2,546,501
General and administrative expenses			(2,084,450	)			(1,964,620	)
Depreciation and amortization			(1,351,018	)			(1,333,574	)
Interest expense			(1,515,206	)			(867,767	)
Loss on Conduit Pharmaceuticals marketable securities			(3,861,233	)			—
Gain on deconsolidation of SPAC			—				—
Other income, net			4,646				742,117
Income tax expense			(79,565	)			(148,453	)
Gain on sale of real estate			2,018,095				417,337
Net loss		$	(3,737,795	)		$	(608,459	)

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

		March 31,				December 31,
Assets by Reportable Segment:		2024				2023
Office/Industrial Properties:
Land, buildings and improvements, net (1)		$	77,519,538			$	77,472,724
Total assets (2)		$	77,409,048			$	78,140,372
Model Home Properties:
Land, buildings and improvements, net (1)		$	41,813,015			$	50,790,147
Total assets (2)		$	43,872,416			$	51,456,292
Retail Properties:
Land, buildings and improvements, net (1)		$	15,918,011			$	15,877,190
Total assets (2)		$	16,624,792			$	16,539,399
Reconciliation to Total Assets:
Total assets for reportable segments		$	137,906,256			$	146,136,063
Other unallocated assets:
Cash, cash equivalents and restricted cash			342,033				277,143
Other assets, net			25,230,044				29,549,432
Total Assets		$	163,478,333			$	175,962,638

Segment, Reconciliation of Other Items from Segments to Consolidated [Table Text Block]

		For the Three Months Ended March 31,
Capital Expenditures by Reportable Segment		2024				2023
Office/Industrial Properties:
Capital expenditures and tenant improvements, office		$	884,363			$	597,873
Model Home Properties:
Acquisition of operating properties, model home			2,238,497				5,039,455
Retail Properties:
Capital expenditures and tenant improvements, retail			148,084				—
Totals:
Acquisition of operating properties, net			2,238,497				5,039,455
Capital expenditures and tenant improvements			1,032,447				597,873
Total real estate investments		$	3,270,944			$	5,637,328

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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ 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 reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ 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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ 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