Discontinued Operations

12 Months Ended

Dec. 31, 2014

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,
	2014		2013
Revenues:
Rental	$	-	$	2,656,689
Rental property expenses:
Operating		-		1,850,580
Interest on mortgage debt		-		1,673,956
Real estate taxes		-		236,122
Total rental property expense		-		3,760,658
Other income:		-
Investment income		-		2,062
Loss from discontinued operations		-		(1,101,907)
Net gain from foreclosure of discontinued operations		-		4,705,968
Net Income from discontinued operations	$	-	$	3,604,061

* 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,
	2014		2013
Assets related to discontinued operations:
Other assets	$	-	$	45,793
Total assets related to discontinued operations	$	-	$	45,793
Liabilities related to discontinued operations:
Other liabilities	$	-	$	48,368
Total liabilities related to discontinued operations	$	-	$	48,368

During the year ended December 31, 2014 the Company recorded a loss of $516,982 from the deconsolidation of subsidiaries related to the dissolution of the ownership entities of Hato Ray property.