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IMPAIRMENT AND ASSET HELD FOR SALE | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
IMPAIRMENT AND ASSET HELD FOR SALE | 7 – IMPAIRMENT AND ASSET HELD FOR SALE For the three months ended March 31, 2024, the Trust concluded that an impairment of value of certain assets within its greenhouse portfolio was appropriate based on lower listing prices due to challenging market conditions for two assets held for sale. During the three months ended March 31, 2024, the Trust recorded approximately $549,600 of a non-cash impairment charge, all on assets held for sale. There was $0 non-cash impairment charge during the three months ended March 31, 2023. Any decline in the estimated fair values of our assets could result in impairment charges in the future. It is possible that such impairments, if required, could be material. The Trust has aggregated and classified the assets and liabilities of properties to be sold as held for sale in our Consolidated Balance Sheets as of March 31, 2024 since all criteria under ASC 360-10-45-9 were met. The prior period comparative balance sheet as of December 31, 2023 is recast to achieve comparability. The balance sheet as of December 31, 2023 also included the Salisbury and Sherman 6 properties which were sold during the first quarter of 2024 and therefore removed from the March 31, 2024 column. The assets and liabilities of assets held for sale were as follows: SCHEDULE OF ASSETS AND LIABILITIES OF ASSETS HELD FOR SALE
|  | March 31, 2024 |  |  | December 31, 2023 |
ASSETS |  |  |  |  |  |  |  |
Land |  |  | 1,660,193 |  |  |  | 2,815,730 |
Greenhouse cultivation and processing facilities, net of accumulated depreciation |  |  | 30,209,685 |  |  |  | 31,532,816 |
Prepaid Expense |  |  | 65,304 |  |  |  | 1,457 |
Deferred rent receivable |  |  | - |  |  |  | 13,169 |
TOTAL ASSETS - Held for sale |  |  | 31,935,182 |  |  |  | 34,363,172 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable |  |  | 787,733 |  |  |  | 792,669 |
Tenant security deposits |  |  | 895,492 |  |  |  | 895,492 |
Prepaid rent |  |  | - |  |  |  | 30,000 |
Accrued expenses |  |  | 548,306 |  |  |  | 501,767 |
Current portion of long-term debt, net of unamortized discount |  |  | - |  |  |  | 462,411 |
Long-term debt, net of unamortized discount |  |  | - |  |  |  | 44,712 |
TOTAL LIABILITIES - Held for sale |  |  | 2,231,531 |  |  |  | 2,727,051 |

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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- References No definition available. + Details
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