XML 41 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Note 16 - Subsequent Events
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

16. SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date the financial statements were issued. Based upon this review, except as disclosed below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than disclosed below.
 
The sale of UTC and Research Parkway took place in February 2025, to a single buyer, for a combined sales price of $16.95 million, where the Company netted approximately $6.37 million in cash proceeds from the sale and additional funds post-closing from the lender reserve accounts. The commercial properties were purchased between 2014 and 2015 for approximately $14.1 million, with a combined book value of approximately $11.6 million prior to the sale, and the Company recorded a combined gain of approximately $4.0 million.
 
During January, February and March 2025, the Company has sold five model homes for a total of approximately $2.4 million.  The homes were purchased between 2019 and  2023 with a total acquisition price of approximately $2.2 million.