XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2021
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Revenues                
Rental revenues $ 1,260 $ 967 $ 577 $ 447 $ 1,024 $ 1,991 $ 3,225 $ 1,563
Other income 16 30 256 46 302 332 355 263
Sale of residential condominium units 6,278 1,450       1,450 24,802  
Total revenues 7,554 2,447 833 493 1,326 3,773 28,382 1,826
Operating Expenses                
Property operating expenses 548 805 1,549 1,752 3,301 4,106 7,785 8,590
Real estate taxes 74 76 79 79 158 234 308 254
General and administrative 1,139 1,255 1,273 1,243 2,516 3,771 4,646 5,217
Pension related costs 158 158 162 163 325 483 67 345
Cost of sale - residential condominium units 6,273 1,417       1,417 24,432  
Transaction related costs               133
Depreciation and amortization 1,003 1,001 1,000 1,000 2,000 3,001 4,003 3,907
Total operating expenses 9,195 4,712 4,063 4,237 8,300 13,012 41,241 18,446
Gain on sale of school condominium               24,196
Operating loss (1,641) (2,265) (3,230) (3,744) (6,974) (9,239) (12,859) 7,576
Equity in net income (loss) from unconsolidated joint ventures 746   (264) (372) (636) (636) (555) (1,571)
Unrealized loss on warrants (369) 1,718 67 (1,977) (1,910) (192) 73 965
Interest expense, net (802) (692) (883) (603) (1,486) (2,178) (3,012) (1,540)
Interest expense - amortization of deferred finance costs (402) (160) (623) (193) (816) (976) (1,134) (261)
Loss before taxes (2,468) (1,399) (4,933) (6,889) (11,822) (13,221) (17,487) 5,169
Tax expense (70) 47 (99) (35) (134) (87) (265) (306)
Net loss attributable to common stockholders (2,538) (1,352) (5,032) (6,924) (11,956) (13,308) (17,752) 4,863
Other comprehensive loss:                
Unrealized gain on pension liability 119 119 118 119 237 356 816 1,015
Comprehensive loss attributable to common stockholders $ (2,419) $ (1,233) $ (4,914) $ (6,805) $ (11,719) $ (12,952) $ (16,936) $ 5,878
Loss per share - basic $ (0.07) $ (0.04) $ (0.15) $ (0.21) $ (0.37) $ (0.41) $ (0.53) $ 0.15
Loss per share - diluted $ (0.07) $ (0.04) $ (0.15) $ (0.21) $ (0.37) $ (0.41) $ (0.53) $ 0.15
Weighted average number of common shares - basic 37,104 32,756 32,694 32,591 32,643 32,681 33,322 32,305
Weighted average number of common shares - diluted 37,104 32,756 32,694 32,591 32,643 32,681 33,322 32,860