XML 46 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
7. RECEIVABLES
6 Months Ended
Jun. 30, 2014
Receivables [Abstract]  
RECEIVABLES

The Company recognizes tenant rentals on a straight-line basis over the reasonably assured lease term. The Company's tenant rental agreements provide for scheduled rent increases during the lease term. Tenant rental revenue that has been earned on straight-line basis over the reasonably assured rental term, but has not been invoiced as yet under the terms of the tenant rental agreement, has either been classified as current or non-current under tenant receivable. Tenant rental revenue that has been earned on a straight-line basis, but that will not be invoiced to tenants under the terms of the tenant rental agreement within twelve months of the balance sheet date, has been classified as non-current under tenant receivable.

 

 

Receivables consist of the following:

   

June 30,

2014

 
       
Tenant receivable, current   $ 46,893  
Tenant receivable, non-current     35,029  
Consulting services receivables     40,000  
Other receivables     13,947  
Receivables     135,869  
Less: Allowance for doubtful accounts     (26,400)  
Receivables, net   $ 109,469  

 

 

Tenant rental income earned but not invoiced for the three and six month periods ended June 30, 2014 was $15,264 and $35,029, respectively. The allowance for doubtful accounts at June 30, 2014 is $26,400.

 

Consulting receivable, net at June 30, 2014 was $13,600 and consisted of gross receivable of $40,000, net of allowance for doubtful accounts of $26,400.  The balance is comprised of receivables owed to the Company by a Canadian company operating in the cannabis industry.  Other receivables is primarily comprised of various miscellaneous receivables.

 

The following discloses scheduled tenant receipts for the remainder of 2014, the next five fiscal years, and thereafter:

 

    Scheduled Tenant Receipts  
       
Remainder of 2014   $ 92,955  
2015     148,205  
2016     110,536  
2017     112,753  
2018     115,008  
2019     117,308  
Thereafter     246,202  
Total scheduled rental receipts   $ 942,967