Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

During the quarter ended March 31, 2012, the Company designated PDL, Inc. & Associates, Limited Co-partnership, Presidential Matmor Corp. and PDL, Inc. as discontinued operations. (see Note 4A)

The following table summarizes operations for the property discontinued:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2013		2012		2013		2012
Revenues:
Rental	$	858,109	$	860,954	$	2,656,689	$	2,755,212
Expenses:
General and administrative expenes		-		2,371		-		6,004
Rental property expenses:
Operating		539,657		714,851		1,744,117		1,859,873
Interest on mortgage debt		556,131		502,028		1,673,956		1,661,279
Real estate taxes		78,742		78,742		236,122		236,227
Amortization of in place lease values		-		-		-		3,456
Total expense		1,174,530		1,297,992		3,654,195		3,766,839
Investment income		672		761		2,062		2,577
Loss from discontinued operations		(315,749)		(436,277)		(995,444)		(1,009,050)
Net gain from foreclosure of discontinued operations		4,684,012		-		4,684,012		-
Net Income (loss) from discontinued operations	$	4,368,263	$	(436,277)	$	3,688,568	$	(1,009,050)

The following table summarized the assets and liabilities for property discontinued:

	September 30,		December 31,
	2013		2012
Assets related to discontinued operations:
Land		-	$	1,905,985
Buildings		-		13,829,390
Furniture and equipment		-		6,375
Less: accumulated depreciation		-		(2,087,424)
Net real estate		-		13,654,326
Other assets		49,881		544,480
Total assets related to discontinued operations	$	49,881	$	14,198,806
Liabilities related to discontinued operations:
Mortgage debt	$	-	$	14,009,797
Mortgage related interest and fees		-		3,287,507
Other liabilities		18,867		546,185
Total liabilities related to discontinued operations	$	18,867	$	17,843,489