Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

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

4. 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. All amounts have been adjusted retrospectively for the change through the date of foreclosure.

The following table summarizes for the property discontinued:

	Year Ended December 31,
	2013*		2012
Revenues:
Rental	$	2,656,689	$	3,601,995
General and administrative expenes		-		5,733
Rental property expenses:
Operating		1,850,580		2,442,675
Interest on mortgage debt		1,673,956		2,212,340
Real estate taxes		236,122		314,970
Amortization of in-place lease values and mortgage costs		-		3,456
Total rental property expense		3,760,658		4,979,174
Other income:
Investment income		2,062		3,255
Loss from discontinued operations		(1,101,907)		(1,373,924)
Net gain from foreclosure of discontinued operations		4,705,968		-
Net Income (loss) from discontinued operations	$	3,604,061	$	(1,373,924)

* All revenues and the majority of expenses were incurred through September 23, 2013, date of foreclosure. Costs of $106,463 were incurred from September 24, 2013 through December 31, 2013 in connection with closing costs associated with the foreclosure.

	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		45,793		544,480
Total assets related to discontinued operations	$	45,793	$	14,198,806
Liabilities related to discontinued operations:
Mortgage debt	$	-	$	14,009,797
Mortgage related interest and fees		-		3,287,507
Other liabilities		48,368		546,185
Total liabilities related to discontinued operations	$	48,368	$	17,843,489