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Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Land $ 6,788,067 $ 6,788,067
Net investment in capital lease - railroad 9,150,000 9,150,000
Total real estate assets 15,938,067 15,938,067
Cash and cash equivalents 699,156 435,870
Other receivables 6,142
Prepaid expenses 48,698 55,356
Intangible assets, net of accumulated amortization 4,360,164 4,538,020
Other assets 286,314 339,470
TOTAL ASSETS 21,332,399 21,312,925
LIABILITIES AND EQUITY    
Deferred revenue 193,457 18,513
Accounts payable 115,027 96,022
Accounts payable, related party 1,773
Accrued interest 93,143 74,243
Current portion of long-term debt, net of debt issuance cost 362,276 307,104
Long-term debt, net of debt issuance cost 9,850,502 10,203,297
TOTAL LIABILITIES 10,614,405 10,700,952
Series A 7.75% Cumulative Redeemable Perpetual Preferred Stock Par Value $25.00 (175,000 shares authorized; 144,636 issued and outstanding as of September 30, 2016 and December 31, 2015) 3,492,149 3,492,149
Equity:    
Common Shares, $0.001 par value (100,000,000 shares authorized; 1,784,938 and 1,742,688 shares issued and outstanding as of September 30, 2016 and December 31, 2015) 1,784 1,743
Additional paid-in capital 11,143,830 11,001,843
Accumulated deficit (3,919,769) (3,883,762)
Total Equity 7,225,845 7,119,824
TOTAL LIABILITIES AND EQUITY $ 21,332,399 $ 21,312,925