10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2015

Or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________         

Commission File Number: 001-08594

PRESIDENTIAL REALTY CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware	13-1954619
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1430 Broadway, Suite 503

New York, NY 10018

(Address of Principal Executive Office)

Registrant’s Telephone Number, Including Area Code:  (914) 948-1300

N/A

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x   No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x   No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ¨	Accelerated filer  ¨
Non-accelerated filer ¨	Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨   No x

 Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 As of August 11, 2015, there were 442,533 shares of Class A common stock and 3,846,147 shares of Class B common stock outstanding.  

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES 

Index to Form 10-Q

For the Quarterly Period Ended

June 30, 2015

		Page
Part I	Financial Information (Unaudited)
Item 1.	Financial Statements
	Consolidated Balance Sheets (Unaudited)	1
	Consolidated Statements of Operations (Unaudited)	2
	Consolidated Statements of Cash Flows (Unaudited)	3
	Notes to Consolidated Financial Statements (Unaudited)	4-9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	13
Item 4.	Controls and Procedures	13
Part II	Other Information
Item 6.	Exhibits	15

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	June 30, 2015		December 31,
	(Unaudited)		2014
Assets
Real estate (Note 2)	$	1,125,969	$	1,120,812
Less: accumulated depreciation		590,079		564,715
Net real estate		535,890		556,097
Net mortgage portfolio		-		405
Prepaid expenses		148,514		149,268
Other receivables (net of valuation allowance of
$6,215 in 2015 and  $9,835 in 2014 ) (Note 1)		18,217		29,351
Cash		253,977		442,613
Other assets		14,112		16,184
Total Assets	$	970,710	$	1,193,918
Liabilities and Equity
Liabilities:
Mortgage payable	$	427,820	$	440,654
Line of credit		500,000		500,000
Accounts payable and accrued liabilities		436,142		355,349
Accounts payable		-		4,686
Other liabilities		612,231		599,619
Total Liabilities		1,976,193		1,900,308
Stockholders' Deficit:
Common stock: par value $.00001 per share

	June 30, 2015		December 31, 2014
Class A
Authorized:		700,000		700,000
Issued:		442,533		442,533		4			4
Class B
Authorized:		999,300,000		999,300,000
Issued:		3,846,147		3,846,147		38			38
Additional paid-in capital						2,922,982			2,922,982
Accumulated deficit						(3,928,507	)		(3,629,414	)
Total Stockholders' Deficit						(1,005,483	)		(706,390	)
Total Liabilities and Stockholders' Deficit					$	970,710		$	1,193,918

See notes to consolidated financial statements.

1

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Revenues:
Rental	$	240,561		$	220,002	$	471,503		$	439,266
Interest on mortgages - notes receivable		-			728		200			1,121
Total		240,561			220,730		471,703			440,387
Costs and Expenses:
General and administrative		213,956			269,429		419,510			517,940
Stock based compensation		-			-		-			123,000
Rental property:
Operating expenses		131,544			123,065		284,192			274,604
Interest and fees on mortgage debt		10,951			11,272		21,747			21,450
Real estate taxes		10,573			10,188		21,147			17,386
Depreciation on real estate		12,813			12,743		25,364			25,261
Amortization of mortgage costs		1,419			1,420		2,839			2,839
Total		381,256			428,117		774,799			982,480
Other Income:
Other Income		-			259,851		-			259,851
Investment income		502			17,932		4,003			87,736
Net Income (Loss)	$	(140,193	)	$	70,396	$	(299,093	)	$	(194,506	)
Earnings per Common Share basic and diluted:
Net Income (Loss)	$	(0.03	)	$	0.02	$	(0.07	)	$	(0.05	)
Weighted Average Number of Shares Outstanding - basic and diluted		4,288,680			4,288,680		4,288,680			4,241,111

See notes to consolidated financial statements.

2

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended June 30,
	2015			2014
Net Loss	$	(299,093	)	$	(194,506	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		28,203			26,680
Amortization of discounts on notes and fees		-			(308	)
Stock Based compensation		-			123,000
Bad debt recovery		(5,600	)
Changes in assets and liabilities:
(Increase) decrease in:
Other receivables		16,734			(8,958	)
Discontinued operations assets		-			45,793
Prepaid expenses		(2,085	)		50,149
Other assets		2,072			61,369
Increase (decrease) in:
Accounts payable and accrued liabilities		76,107			79,097
Discontinued operations liabilities		-			(48,368	)
Other liabilities		12,612			(6,591	)
Total adjustments		128,043			321,863
Net cash (used in) provided by operating activities		(171,050	)		127,357
Cash Flows from Investing Activities:
Payments received on notes receivable		405			643
Payments disbursed for capital improvements		(5,157	)		(3,094	)
Net cash used in investing activities		(4,752	)		(2,451	)
Cash Flows from Financing Activities:
Principal payments on mortgage debt		(12,834	)		(12,203	)
Net cash  used in financing activities		(12,834	)		(12,203	)
Net increase (decrease) in Cash and Cash Equivalents		(188,636	)		112,703
Cash and Cash Equivalents, Beginning of period		442,613			477,077
Cash and Cash Equivalents, End of period	$	253,977		$	589,780
Supplemental cash flow information:
Interest paid in cash	$	21,747		$	21,450
Schedule of Non-cash investing activities
Exchange of accrued compensation for warrants	$	-		$	425,000

See notes to consolidated financial statements.

3

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Summary of Significant Accounting Policies

Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets.

Basis of Presentation and Going Concern Considerations

For the six months ended June 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2014 filed on March 25, 2015.

Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

4

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization and Summary of Significant Accounting Policies (Continued)

Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. At June 30, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,215 and $9,835, respectively.

Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. For the three and six months ended June 30, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000, of outstanding stock options and 1,700,000 of outstanding warrants as their inclusion would be anti-dilutive.

Cash

Cash includes cash on hand, cash in banks and cash in money market funds.

Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Recent Accounting Pronouncements

The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition or cash flows based on current information.

5

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2. Real Estate

Real estate is comprised of the following:

	June 30, 2015		December 31, 2014
Land	$	79,100	$	79,100
Buildings		991,373		989,340
Furniture and equipment		55,496		52,372
Total	$	1,125,969	$	1,120,812

Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company during the three and six months ended June 30, 2015 and 2014.

3. Investments in Joint Ventures and Partnerships

In March 2015 we received a distribution from Broadway Partners Fund II in the amount of $2,750. This amount is reported as investment income on the consolidated statement of operations. This investment was previously written off. The Company recognizes income received on the cash basis. The Broadway Partners Fund II distributed the majority of its assets at the end of 2014 and we do not expect any meaningful income in the future.

4. Mortgage Debt

On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate (4.25% at June 30, 2015). The balance outstanding at June 30, 2015 and December 31, 2014 was $500,000. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts. The outstanding balance of the mortgage at June 30, 2015 and December 31, 2014 was $427,820 and $440,654, respectively.

5. Income Taxes

Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90% of its real estate investment trust taxable income to its shareholders each year by the end of the following year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.

ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of June 30, 2015 the tax years that remain open to examination by the federal, state and local taxing authorities are the 2011 – 2014 tax years and the Company was not required to accrue any liability for those tax years.

For the six months ended June 30, 2015, the Company had a tax loss of approximately $187,000 ($.04 per share) which was all ordinary loss. For the six months ended June 30, 2014, the Company had a tax loss of approximately $80,000 ($.02 per share), which was all ordinary loss.

6

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. Commitments, Contingencies and Related Parties

A. Commitments and Contingencies

1) Presidential is not a party to any material legal proceedings. The Company may, from time to time, be a party to routine litigation incidental to the ordinary course of its business.

2) In the opinion of management, the Company’s Mapletree property is adequately covered by insurance in accordance with normal insurance practices.

B. Related Parties

1) Executive Employment Agreements

a. Nickolas W. Jekogian – On January 8, 2014, the Company and Mr. Nicholas W. Jekogian, Chairman and Chief Executive Officer of the Company, entered into an amendment to Mr. Jekogian’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Jekogian’s base salary through the balance of the term at the rate of $225,000 per annum (subject to the continued deferral of the payment of the base salary until a Capital Event), (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Jekogian, (iv) the issuance to Mr. Jekogian of a “Warrant” to purchase 1,700,000 shares of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s employment agreement.

b. Alexander Ludwig – On January 8, 2014, the Company and Mr. Alexander Ludwig, a Director, President, Chief Operating Officer and Principal Financial Officer of the Company entered into an amendment to Mr. Ludwig’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Ludwig’s base salary through the balance of the term at the rate of $225,000 per annum, (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Ludwig.

2) Other liabilities

On May 12, 2015 the Company and three former officer’s entered into agreements that if the Company were to refinance the Palmer Mapletree property, then they would accept, in lieu of the deferred compensation owed to them in the amount of $563,750 a cash payment of $50,000 each for a total of $150,000 from the proceeds of the refinancing and the right to receive restricted stock upon a registered public offering of the Company’s Class B Common Stock. On July 28, 2015 the Company successfully refinanced the Palmer Mapletree LLC property and subsequently made payments of $50,000 and issued the option agreements to each of the three former officers’.  The amount of restricted stock to be issued to each former officer would be the number of shares valued at the public offering price equal to the difference between the cash paid to them and the amount owed to them. 

During 2014 we paid the former officers of the Company $10,000 each or $30,000 in total in order to extend the due date of the payment from November 8, 2014 to November 8, 2016.  The balance owed at June 30, 2015 and December 31, 2014 was $563,750, respectively and is included in other liabilities.

7

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

6. Commitments, Contingencies and Related parties (Continued)

C. Property Management Agreement

On November 8, 2011, the Company and Signature Community Management (“Signature”, An entity owned by our CEO) entered into a Property Management Agreement pursuant to which the Company retained Signature as the exclusive, managing and leasing agent for the Company’s Mapletree Industrial Center property in Palmer, Massachusetts (the “Mapletree Property”). Signature receives compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The property Management Agreement renewed for a one year term on November 8, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. The Company incurred management fees of approximately $10,000 and $20,000 for the three and six months ended June 30, 2015 and 2014, respectively.

D. Asset Management Agreement

On November 8, 2011, the Company entered into an Asset Management Agreement with Signature pursuant to which the Company engaged Signature to oversee the Mapletree property. Signature’s duties include leasing, marketing and advertising, financing, construction and dispositions of the properties. Signature will receive a construction fee for any major renovations or capital projects, subject to the approval of our Board of Directors, an asset management fee of 1.5% of the monthly gross rental revenues collected for the properties, a finance fee of 1% on any debt placement, and a disposition fee of 1% on the sale of any assets, as specified in the Asset Management Agreement. The Asset Management Agreement renewed for a one year term on November 8, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. The Company incurred asset management fees of approximately $3,000 for the three months ended June 30, 2015 and 2014 and $6,000 for the six months ended June 30, 2015 and 2014, respectively.

E. Sublease

The Company leases their executive office space under a month to month lease with Signature for a monthly rental payment of $1,100 or $13,200 per year. Either party may terminate the sublease upon 30 days prior written notice. For the three and six months ended June 30, 2015 and 2014, the Company paid or accrued approximately $3,300 and $6,600, respectively, in rent expense.

7. Stock Compensation

During January 2014, the Company issued 615,000 shares of Class B common stock, valued at $123,000, for directors fees and other professional fees.

8

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

8. Stock Options and Warrants

On November 8, 2011, the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vested six months after the grant date. The aggregate intrinsic value of the option was $0.00. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company has approximately $592,000 of unrecognized compensation expense respectively, related to unvested share-based compensation awards. For the three and six months ended June 30, 2015 and 2014, compensation expense was $0. Approximately $592,000 will vest upon the achievement of performance milestones.

On January 8, 2014, the Company issued a warrant to purchase 1,700,000 shares at an exercise price of $0.10 per share of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s prior employment agreement. The Warrant becomes exercisable only upon the expiration of six (6) months from the date of the Company’s consummation of a Capital Event and will expire five and one half years following the date it first becomes exercisable. The Warrant will also terminate if Mr. Jekogian terminates his employment and/or resigns as a director of the Company without “Good Reason” or without the consent of the Company prior to the date the Warrant becomes exercisable.

9. Estimated Fair Value of Financial Instruments

Estimated fair values of the Company’s financial instruments as of June 30, 2015 and December 31, 2014 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values. However, we believe reported amounts approximate fair value.

10. Subsequent events

On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of Company entered into a Loan Agreement (the “Loan Agreement”) in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%, in order to refinance the Palmer-Mapletree’s Mapletree Industrial Center located in Palmer, Massachusetts. $934,794 was used to repay the existing mortgage loan and line of credit on the property. The Loan replaces Palmer-Mapletree’s prior loan agreement and mortgage on Mapletree Property (the “Prior Loan”) which was entered into on June 8, 2012. $123,757 of the loan proceeds was set aside for capital improvements and reserves. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly payments of $11,308.

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains statements that do not relate to historical facts, but are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to future events or trends, our future prospects and proposed development or business strategies, among other things. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward looking statements in documents incorporated by reference speak only as of the date of those documents. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Examples of forward-looking statements in this report include, but are not limited to, the following categories of expectations about:

· Our ability to implement plans for growth;

· Our ability to finance the acquisition of new real estate assets;

· Our ability to manage growth;

· Our ability to generate operating liquidity;

· Our ability to attract and maintain tenants for our rental properties;

· The demand for rental properties and the creditworthiness of tenants;

· Governmental actions and initiatives;

· Financial results for 2015 and beyond;

· Environmental and safety requirements;

· The form, timing and/or amount of dividend distributions in future periods.

Overview

Presidential is a Delaware corporation organized in 1983 to succeed to the business of a company of the same name which was organized in 1961 to succeed to the business of a closely held real estate business founded in 1911. Since 1982, we have elected to be treated as a real estate investment trust (“REIT”) for Federal and State income tax purposes. We own, directly or indirectly, interests in real estate and interests in entities which own real estate.

We outsource the management of the Mapletree Industrial Center to Signature Community Management.

We obtain funds for working capital and investment from our available cash, operating activities and refinancing of mortgage loans on our real estate.

On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of Company entered into a Loan Agreement (the “Loan Agreement”) in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%, in order to refinance the Palmer-Mapletree’s Mapletree Industrial Center located in Palmer, Massachusetts. $934,794 was used to repay the existing mortgage loan and line of credit on the property. The Loan replaces Palmer-Mapletree’s prior loan agreement and mortgage on Mapletree Property (the “Prior Loan”) which was entered into on June 8, 2012. $123,757 of the loan proceeds was set aside for capital improvements and reserves. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly payments of $11,308.

10

Critical Accounting Policies

For the six months ended June 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty.

In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the financial statements and disclosures. These estimates require difficult, complex and subjective judgments. Management has discussed with the Audit Committee the implementation of the critical accounting policies described below and the estimates required with respect to such policies.

Real Estate

Real estate is carried at cost, net of accumulated depreciation and amortization. Additions and improvements are capitalized and repairs and maintenance are charged to rental property operating expenses as incurred. Depreciation is generally provided on the straight-line method over the estimated useful life of the asset. The useful life of each property, as well as the allocation of the costs associated with a property to its various components, requires estimates by management. If management incorrectly estimates the allocation of those costs or incorrectly estimates the useful lives of its real estate, depreciation expense may be miscalculated.

The Company reviews each of its properties for impairment if events or changes in circumstances warrant. If impairment were to occur, the property would be written down to its estimated fair value. The Company assesses the recoverability of its investment in real estate based on undiscounted cash flow estimates. The future estimated cash flows of a property are based on current rental revenues and operating expenses, as well as the current local economic climate affecting the property. Considerable judgment is required in making these estimates and changes in these estimates could cause the estimated cash flows to change and impairment could occur. As of June 30, 2015, the Company’s net real estate was carried at $535,890.

Rental Revenue Recognition

The Company recognizes rental revenue on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs.

Income Taxes

We operate in a manner intended to enable us to continue to qualify as a Real Estate Investment Trust under Sections 856 to 860 of the Code. Under those sections, a REIT which meets certain requirements is not subject to Federal income tax on that portion of its taxable income which is distributed to its shareholders, if at least 90% of its REIT taxable income (exclusive of capital gains) is so distributed. As a result of our ordinary tax loss for the six months ended June 30, 2015, there is no requirement to make a distribution for the second quarter of 2015. In addition, no provision for income taxes was required at June 30, 2015.

11

Results of Operations

Results of operations for the three and six months ended June 30, 2015 compared to the three and six months ended June 30, 2014:

Operations:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2015			2014		2015			2014
Revenue	$	240,561		$	220,730	$	471,703		$	440,387
Operating expenses	$	131,544		$	123,065	$	284,192		$	274,604
Net income (loss)	$	(140,193	)	$	70,396	$	(299,093	)	$	(194,506	)

Three months ended June 30, 2015

Rental revenues increased by $20,559 for the three months ended June 30, 2015, compared to the three months ended June 30, 2014, as a result of increased rental occupancy at the Mapletree Industrial Center. Management has successfully increased occupancy to 98% as of August 2015.

Net loss for the three months ended June 30, 2015 was $140,193 compared to net income of $70,396 for the three months ended June 30, 2014. The change is primarily due to reduction in other income and investment income of approximately $277,000 offset by: (i) a reduction in general and administrative expenses of approximately $55,000, which consists of decreases in professional fees and administrative salaries, (ii) increased rental income of approximately $21,000. Operating expense at the Mapletree Industrial Center remained consistent compared to the prior year.

Six months ended June 30, 2015

Rental revenues increased by $32,237 for the six months ended June 30, 2015, compared to the six months ended June 30, 2014, as a result of increased rental occupancy at the Mapletree Industrial Center. Management has successfully increased occupancy to 98% as of August 2015.

Net loss for the six months ended June 30, 2015 was $299,093 compared to $194,506 for the six months ended June 30, 2014, an increase of $104,587. The increase was comprised of; reduction in investment income received from Broadway Partners Fund II of approximately $70,000 and other income from the sale of environmental tax credits in the state of Massachusetts, amounting to approximately $260,000. This was offset by a (i) a reduction in general and administrative expenses of approximately $98,000, which consists of decreases in professional fees and administrative salaries, (ii) a decrease in stock based compensation of $123,000, (iii) increased rental income of approximately $32,000. Operating expense at the Mapletree Industrial Center remained consistent compared to the prior year.

Balance Sheet

June 30, 2015 compared to December 31, 2014

Net real estate decreased by $20,207 primarily as a result of depreciation expense recorded during the six months ended June 30, 2015 on the MapleTree Industrial Center.

12

Prepaid expenses decreased by $754 primarily due to the accretion of the directors and officers tail policy purchased in 2011 offset by a $45,000 deposit related to Palmer Mapletree refinancing.

Accrued liabilities increased by $80,797 primarily due to accrued salary for Nicholas W. Jekogian, CEO as required by his employment contract.

Other liabilities increased $12,612 primarily due to prepaid rent, in connection with increased rental activity at the Mapletree Industrial Center.

Liquidity and Capital Resources

We obtain funds for working capital and investment from our available cash.

For the six months ended June 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency, has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital, raising debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty.

At June 30, 2015, we had $253,977 in available cash, a decrease of $188,636 from $442,613 available at December 31, 2014. This decrease in cash and cash equivalents was due to cash used in operating activities of $171,050, $4,752 used in investing activities, and $12,834 of principal payments made on the Mapletree Industrial Center mortgage.

Operating Activities

Cash from operating activities includes interest on the Company’s mortgage portfolio and net cash received from rental property operations. For the six months ended June 30, 2015, cash received from interest and amortization on the Company’s mortgage portfolio was $605. Net cash received from rental property operations was approximately $156,000. Net cash received from rental property operations is before additions and improvements and mortgage amortization. Cash received from investment activities was $2,750 from the Broadway Partners Fund II.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

While we are not required, as a smaller reporting company, to comply with this Item 3, we are providing the following general discussion of qualitative market risk.

Our financial instruments consist primarily of notes receivable and mortgage notes payable. Substantially all of these instruments bear interest at fixed rates, so our cash flows from them are not directly impacted by changes in market rates of interest. However, changes in market rates of interest impact the fair values of these fixed rate assets and liabilities. We generally hold our notes receivable until maturity or prepayment and repay our notes payable at maturity or upon sale of the related properties, and, accordingly, any fluctuations in values do not impact our earnings, balance sheet or cash flows. We also have investments in securities available for sale, which are reported at fair value. We evaluate these instruments for other-than-temporary declines in value, and, if such declines were other than temporary, would record a loss on the investments. We do not own any derivative financial instruments or engage in hedging activities.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

The Company, under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, herein referred to as the Exchange Act) as of the end of the period covered by this report. The purpose of disclosure controls is to ensure that information required to be disclosed in our reports filed with or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed to ensure that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information required to be included in our periodic SEC filings and ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms.

13

(b) Changes in Internal Control over Financial Reporting

The principal executive officer and principal financial officer also conducted an evaluation of internal control over financial reporting, herein referred to as internal control, to determine whether any changes in internal control occurred during the three months ended June 30, 2015 that may have materially affected or which are reasonably likely to materially affect internal control. Based on that evaluation, there has been no change in the Company’s internal control during the three months ended June 30, 2015 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II OTHER INFORMATION

Item 1. Legal Proceedings

None

14

Item 6. Exhibits

31.1	Certification of Chief Executive Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2	Certification of Chief Financial Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1	Certification of Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 .INS	XBRL Instance Document
101 .SCH	XBRL Taxonomy Schema
101 .CAL	XBRL Taxonomy Calculation Linkbase
101 .DEF	XBRL Definition Linkbase
101 .LAB	Taxonomy Label Linkbase
101 .PRE	XBRL Taxonomy Presentation Linkbase

15

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 11th day of August, 2015.

PRESIDENTIAL REALTY CORPORATION
By:	/s/ Nickolas W. Jekogian
	Nickolas Jekogian Chief Executive Officer and Chairman of the Board
By:	/s/ Alexander Ludwig
	Alexander Ludwig
	President, Chief Operating Officer and Principal Financial Officer

16

EX-31.1

Exhibit 31.1

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF

THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nickolas Jekogian, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2015 of Presidential Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2015

/s/ Nickolas W. Jekogian

Nickolas W.  Jekogian

Chief Executive Officer

EX-31.2

Exhibit 31.2

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF

THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Ludwig, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2015 of Presidential Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2015

/s/ Alexander Ludwig   

Alexander Ludwig

President, Chief Operating Officer and Principal Financial Officer

EX-32.1

Exhibit 32.1

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Presidential Realty Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2015 (the “Report”), I, Nickolas Jekogian, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/S/ Nickolas W. Jekogian

Nickolas W. Jekogian

Chief Executive Officer (Principal Executive Officer)

Date: August 11, 2015

EX-32.2

Exhibit 32.2

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Presidential Realty Corporation (the “Company”) on Form 10-Q for the period June 30, 2015 (the “Report”), I, Alexander Ludwig, President, Chief Operating Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/S/ Alexander Ludwig

Alexander Ludwig

President, Chief Operating Officer and Principal Financial Officer

Date:  August 11, 2015

XML

Mortgage Debt

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

4. Mortgage Debt

On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate (4.25% at June 30, 2015). The balance outstanding at June 30, 2015 and December 31, 2014 was $500,000. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts. The outstanding balance of the mortgage at June 30, 2015 and December 31, 2014 was $427,820 and $440,654, respectively.

XML

Investments in Joint Ventures and Partnerships

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3. Investments in Joint Ventures and Partnerships

In March 2015 we received a distribution from Broadway Partners Fund II in the amount of $2,750. This amount is reported as investment income on the consolidated statement of operations. This investment was previously written off. The Company recognizes income received on the cash basis. The Broadway Partners Fund II distributed the majority of its assets at the end of 2014 and we do not expect any meaningful income in the future.

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets
Real estate (Note 2)	$ 1,125,969	$ 1,120,812
Less: accumulated depreciation	590,079	564,715
Net real estate	535,890	556,097
Net mortgage portfolio	0	405
Prepaid expenses	148,514	149,268
Other receivables (net of valuation allowance of $6,215 in 2015 and $9,835 in 2014 ) (Note 1)	18,217	29,351
Cash	253,977	442,613
Other assets	14,112	16,184
Total Assets	970,710	1,193,918
Liabilities:
Mortgage payable	427,820	440,654
Line of credit	500,000	500,000
Accounts payable and accrued liabilities	436,142	355,349
Accounts payable	0	4,686
Other liabilities	612,231	599,619
Total Liabilities	1,976,193	1,900,308
Stockholders' Deficit:
Additional paid-in capital	2,922,982	2,922,982
Accumulated deficit	(3,928,507)	(3,629,414)
Total Stockholders' Deficit	(1,005,483)	(706,390)
Total Liabilities and Stockholders' Deficit	970,710	1,193,918
Common Class A [Member]
Stockholders' Deficit:
Common stock: par value $.00001 per share	4	4
Common Class B [Member]
Stockholders' Deficit:
Common stock: par value $.00001 per share	$ 38	$ 38

XML

Organization and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Text Block]

1. Organization and Summary of Significant Accounting Policies

Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets.

Basis of Presentation and Going Concern Considerations

For the six months ended June 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2014 filed on March 25, 2015.

Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. At June 30, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,215 and $9,835, respectively.

Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. For the three and six months ended June 30, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000, of outstanding stock options and 1,700,000 of outstanding warrants as their inclusion would be anti-dilutive.

Cash

Cash includes cash on hand, cash in banks and cash in money market funds.

Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Recent Accounting Pronouncements

The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition or cash flows based on current information.

XML

Income Taxes (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax [Line Items]
Real Estate Investment Trust Taxable Income (Loss)	$ (187,000)	$ (80,000)
Real Estate Investment Trust Taxable Income Loss Per Share	$ (0.04)	$ (0.02)
Real Estate Investment Trust Taxable Income Distributable To ShareHolder	90.00%

XML

Stock Compensation (Details Textual) - 1 months ended Jan. 31, 2014 - Common Class B [Member] - USD ($)	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	615,000
Stock Issued During Period, Value, Issued for Services	$ 123,000

XML

Real Estate

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

2. Real Estate

Real estate is comprised of the following:

	June 30, 2015		December 31, 2014
Land	$	79,100	$	79,100
Buildings		991,373		989,340
Furniture and equipment		55,496		52,372
Total	$	1,125,969	$	1,120,812

Rental revenue from the Maple Tree property constituted all of the rental revenue for the Company during the three and six months ended June 30, 2015 and 2014.

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Valuation allowance for other receivables (in dollars)	$ 6,215	$ 9,835
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Class A [Member]
Common Stock, Shares Authorized	700,000	700,000
Common stock, shares issued	442,533	442,533
Common Class B [Member]
Common Stock, Shares Authorized	999,300,000	999,300,000
Common stock, shares issued	3,846,147	3,846,147

XML

Real Estate (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Schedule of Real Estate Properties [Table Text Block]

Real estate is comprised of the following:

	June 30, 2015		December 31, 2014
Land	$	79,100	$	79,100
Buildings		991,373		989,340
Furniture and equipment		55,496		52,372
Total	$	1,125,969	$	1,120,812

XML

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 11, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	PRESIDENTIAL REALTY CORP/DE/
Entity Central Index Key	0000731245
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PDNLB
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		442,533
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,846,147

XML

Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accounting Policies [Line Items]
Allowance For Doubtful Other Receivables, Current	$ 6,215		$ 9,835
Warrant [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,700,000	1,700,000
Equity Option [Member]
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	740,000	740,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental	$ 240,561	$ 220,002	$ 471,503	$ 439,266
Interest on mortgages - notes receivable	0	728	200	1,121
Total	240,561	220,730	471,703	440,387
Costs and Expenses:
General and administrative	213,956	269,429	419,510	517,940
Stock based compensation	0	0	0	123,000
Rental property:
Operating expenses	131,544	123,065	284,192	274,604
Interest and fees on mortgage debt	10,951	11,272	21,747	21,450
Real estate taxes	10,573	10,188	21,147	17,386
Depreciation on real estate	12,813	12,743	25,364	25,261
Amortization of mortgage costs	1,419	1,420	2,839	2,839
Total	381,256	428,117	774,799	982,480
Other Income:
Other Income	0	259,851	0	259,851
Investment income	502	17,932	4,003	87,736
Discontinued Operations (Note 4):
Net Income (Loss)	$ (140,193)	$ 70,396	$ (299,093)	$ (194,506)
Earnings per Common Share basic and diluted:
Net Income (Loss)	$ (0.03)	$ 0.02	$ (0.07)	$ (0.05)
Weighted Average Number of Shares Outstanding -
Weighted Average Number of Shares Outstanding - basic and diluted	4,288,680	4,288,680	4,288,680	4,241,111

XML

Stock Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure Of Stock Compensation [Text Block]

7. Stock Compensation

During January 2014, the Company issued 615,000 shares of Class B common stock, valued at $123,000, for directors fees and other professional fees.

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Commitments, Contingencies and Related Parties

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

6. Commitments, Contingencies and Related Parties

A. Commitments and Contingencies

1) Presidential is not a party to any material legal proceedings. The Company may, from time to time, be a party to routine litigation incidental to the ordinary course of its business.

2) In the opinion of management, the Company’s Mapletree property is adequately covered by insurance in accordance with normal insurance practices.

B. Related Parties

1) Executive Employment Agreements

a. Nickolas W. Jekogian – On January 8, 2014, the Company and Mr. Nicholas W. Jekogian, Chairman and Chief Executive Officer of the Company, entered into an amendment to Mr. Jekogian’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Jekogian’s base salary through the balance of the term at the rate of $225,000 per annum (subject to the continued deferral of the payment of the base salary until a Capital Event), (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Jekogian, (iv) the issuance to Mr. Jekogian of a “Warrant” to purchase 1,700,000 shares of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s employment agreement.

b. Alexander Ludwig – On January 8, 2014, the Company and Mr. Alexander Ludwig, a Director, President, Chief Operating Officer and Principal Financial Officer of the Company entered into an amendment to Mr. Ludwig’s employment agreement dated November 8, 2011. The amendment provides for (i) the extension of the employment term from May 3, 2013 to December 31, 2015, (ii) continuation of Mr. Ludwig’s base salary through the balance of the term at the rate of $225,000 per annum, (iii) removal of the $200,000 cap on the amount of any annual bonus that might be awarded Mr. Ludwig.

2) Other liabilities

On May 12, 2015 the Company and three former officer’s entered into agreements that if the Company were to refinance the Palmer Mapletree property, then they would accept, in lieu of the deferred compensation owed to them in the amount of $563,750 a cash payment of $50,000 each for a total of $150,000 from the proceeds of the refinancing and the right to receive restricted stock upon a registered public offering of the Company’s Class B Common Stock. On July 28, 2015 the Company successfully refinanced the Palmer Mapletree LLC property and subsequently made payments of $50,000 and issued the option agreements to each of the three former officers’.  The amount of restricted stock to be issued to each former officer would be the number of shares valued at the public offering price equal to the difference between the cash paid to them and the amount owed to them. 

During 2014 we paid the former officers of the Company $10,000 each or $30,000 in total in order to extend the due date of the payment from November 8, 2014 to November 8, 2016.  The balance owed at June 30, 2015 and December 31, 2014 was $563,750, respectively and is included in other liabilities.

C. Property Management Agreement

On November 8, 2011, the Company and Signature Community Management (“Signature”, An entity owned by our CEO) entered into a Property Management Agreement pursuant to which the Company retained Signature as the exclusive, managing and leasing agent for the Company’s Mapletree Industrial Center property in Palmer, Massachusetts (the “Mapletree Property”). Signature receives compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The property Management Agreement renewed for a one year term on November 8, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. The Company incurred management fees of approximately $10,000 and $20,000 for the three and six months ended June 30, 2015 and 2014, respectively.

D. Asset Management Agreement

On November 8, 2011, the Company entered into an Asset Management Agreement with Signature pursuant to which the Company engaged Signature to oversee the Mapletree property. Signature’s duties include leasing, marketing and advertising, financing, construction and dispositions of the properties. Signature will receive a construction fee for any major renovations or capital projects, subject to the approval of our Board of Directors, an asset management fee of 1.5% of the monthly gross rental revenues collected for the properties, a finance fee of 1% on any debt placement, and a disposition fee of 1% on the sale of any assets, as specified in the Asset Management Agreement. The Asset Management Agreement renewed for a one year term on November 8, 2014 and will be automatically renewable for one year terms until it is terminated by either party upon written notice. The Company incurred asset management fees of approximately $3,000 for the three months ended June 30, 2015 and 2014 and $6,000 for the six months ended June 30, 2015 and 2014, respectively.

E. Sublease

The Company leases their executive office space under a month to month lease with Signature for a monthly rental payment of $1,100 or $13,200 per year. Either party may terminate the sublease upon 30 days prior written notice. For the three and six months ended June 30, 2015 and 2014, the Company paid or accrued approximately $3,300 and $6,600, respectively, in rent expense.

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Commitments, Contingencies and Related Parties (Details Textual) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 08, 2014	Nov. 08, 2011	Jul. 28, 2015	May. 12, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Commitments, Contingencies and Related parties [Line Items]
Operating Leases, Rent Expense, Sublease Rentals							$ 13,200
Operating Leases Rent Expense Sublease Rentals Per Monthly							1,100
Management fee of monthly rental income from tenants		5.00%
Asset Management Fees					$ 3,000	$ 3,000	6,000	$ 6,000
Operating Leases, Rent Expense							3,300	6,600
Finance Fee Percentage		1.00%
Disposition Fee Percentage		1.00%
Property Management Fee							10,000	$ 20,000
Asset Management Fee Percentage		1.50%
Related Party Transaction, Amounts of Transaction									$ 30,000
Due to Related Parties					$ 563,750		$ 563,750		563,750
Related Party Transaction, Amount of Transaction with Each Former Officer									$ 10,000
Subsequent Event [Member]
Commitments, Contingencies and Related parties [Line Items]
Total potential cash payment on possible refinancing				$ 150,000
Due to Related Parties				563,750
Potential Cash Payment to Each Former Officers				$ 50,000
Common Class B [Member]
Commitments, Contingencies and Related parties [Line Items]
Warrants Issued For Cancellation Of Deferred Compensation, Shares	1,700,000
Warrants Issued For Cancellation Of Deferred Compensation, Value	$ 425,000
Chief Operating Officer [Member]
Commitments, Contingencies and Related parties [Line Items]
Base Salary	225,000
Removal of Cap	200,000
Director, Chairman Of Board Of Directors and Chief Executive Officer [Member]
Commitments, Contingencies and Related parties [Line Items]
Base Salary	225,000
Removal of Cap	$ 200,000
Palmer Mapletree Property [Member] | Subsequent Event [Member]
Commitments, Contingencies and Related parties [Line Items]
Repayments of Related Party Debt			$ 50,000

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Real Estate (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real Estate [Line Items]
Land	$ 79,100	$ 79,100
Buildings	991,373	989,340
Furniture and equipment	55,496	52,372
Total	$ 1,125,969	$ 1,120,812

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Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

10. Subsequent events

On July 28, 2015, Palmer-Mapletree LLC, a wholly-owned subsidiary of Company entered into a Loan Agreement (the “Loan Agreement”) in the principal amount of $1,750,000 (the “Loan”) at an interest rate of 6.031%, in order to refinance the Palmer-Mapletree’s Mapletree Industrial Center located in Palmer, Massachusetts. $934,794 was used to repay the existing mortgage loan and line of credit on the property. The Loan replaces Palmer-Mapletree’s prior loan agreement and mortgage on Mapletree Property (the “Prior Loan”) which was entered into on June 8, 2012. $123,757 of the loan proceeds was set aside for capital improvements and reserves. We received net proceeds of $585,125. The Loan matures on August 5, 2025 and requires monthly payments of $11,308.

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Stock Options and Warrants

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options [Text Block]

8. Stock Options and Warrants

On November 8, 2011, the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vested six months after the grant date. The aggregate intrinsic value of the option was $0.00. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company has approximately $592,000 of unrecognized compensation expense respectively, related to unvested share-based compensation awards. For the three and six months ended June 30, 2015 and 2014, compensation expense was $0. Approximately $592,000 will vest upon the achievement of performance milestones.

On January 8, 2014, the Company issued a warrant to purchase 1,700,000 shares at an exercise price of $0.10 per share of the Company’s Class B Common Stock in exchange for the complete cancellation of $425,000 of the deferred compensation accrued under Mr. Jekogian’s prior employment agreement. The Warrant becomes exercisable only upon the expiration of six (6) months from the date of the Company’s consummation of a Capital Event and will expire five and one half years following the date it first becomes exercisable. The Warrant will also terminate if Mr. Jekogian terminates his employment and/or resigns as a director of the Company without “Good Reason” or without the consent of the Company prior to the date the Warrant becomes exercisable.

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Estimated Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

9. Estimated Fair Value of Financial Instruments

Estimated fair values of the Company’s financial instruments as of June 30, 2015 and December 31, 2014 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values. However, we believe reported amounts approximate fair value.

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Organization and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Organization and Description Of Business Accounting [Policy Text Block]

Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company is engaged principally in the ownership of income producing real estate. Presidential operates in a single business segment, investments in real estate related assets.

Basis Of Presentation and Going Concern Considerations [Policy Text Block]

Basis of Presentation and Going Concern Considerations

For the six months ended June 30, 2015, the Company had a loss from operations. This, combined with a history of operating losses and working capital deficiency has been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. Our ability to continue as a going concern is dependent upon the successful execution of our business plan to achieve profitability, and to increase working capital by raising capital through debt and/or equity. The accompanying financial statements do not include any adjustments that may result from this uncertainty.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim financial information. The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2014 filed on March 25, 2015.

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Revenue Recognition Leases, Operating [Policy Text Block]

Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. At June 30, 2015 and December 31, 2014, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,215 and $9,835, respectively.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding non-vested shares) during each year. Diluted net income per share is computed by dividing net income by the weighted average shares outstanding, including the dilutive effect, if any, of non-vested shares. For the three and six months ended June 30, 2015 and 2014, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000, of outstanding stock options and 1,700,000 of outstanding warrants as their inclusion would be anti-dilutive.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

Cash includes cash on hand, cash in banks and cash in money market funds.

Use of Estimates, Policy [Policy Text Block]

Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

Income Tax Uncertainties, Policy [Policy Text Block]

Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition or cash flows based on current information.

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Mortgage Debt (Details Textual) - USD ($)		6 Months Ended
	Jun. 08, 2012	Jun. 30, 2015	Dec. 31, 2014
Mortgage Debt [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 500,000
Mortgage and Line Of Credit Total	$ 1,000,000
Mortgage Loans on Real Estate, Interest Rate	5.00%
Mortgage Debt Maturity Period	5 years
Mortgage Loan Interest Rate Adjustment Description	interest will adjust monthly equal to the banks Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years
Proceeds From Mortgage Loan	$ 459,620
Line of Credit Facility, Amount Outstanding	$ 500,000	$ 500,000	$ 500,000
Line of Credit Facility, Interest Rate Description	with an interest rate of 1% over the banks Prime Rate
Mortgage payable		$ 427,820	$ 440,654
Line of Credit Facility, Interest Rate During Period		4.25%

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Subsequent Events (Details Textual) - Jul. 28, 2015 - Subsequent Event [Member] - USD ($)	Total
Loans Payable [Member]
Subsequent Event [Line Items]
Debt Instrument, Maturity Date	Aug. 05, 2025
Palmer Mapletree LLC [Member]
Subsequent Event [Line Items]
Loans Payable, Current, Total	$ 934,794
Debt Instrument, Periodic Payment, Total	11,308
Palmer Mapletree LLC [Member] | Loans Payable [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 1,750,000
Debt Instrument, Interest Rate, Stated Percentage	6.031%
Proceeds from Loans	$ 585,125
Deferred Fees And Prepaid Cost	$ 123,757

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net Loss	$ (299,093)	$ (194,506)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	28,203	26,680
Amortization of discounts on notes and fees	0	(308)
Stock Based compensation	0	$ 123,000
Bad debt recovery	(5,600)
(Increase) decrease in:
Other receivables	16,734	$ (8,958)
Discontinued operations assets	0	45,793
Prepaid expenses	(2,085)	50,149
Other assets	2,072	61,369
Increase (decrease) in:
Accounts payable and accrued liabilities	76,107	79,097
Discontinued operations liabilities	0	(48,368)
Other liabilities	12,612	(6,591)
Total adjustments	128,043	321,863
Net cash (used in) provided by operating activities	(171,050)	127,357
Cash Flows from Investing Activities:
Payments received on notes receivable	405	643
Payments disbursed for capital improvements	(5,157)	(3,094)
Net cash used in investing activities	(4,752)	(2,451)
Cash Flows from Financing Activities:
Principal payments on mortgage debt	(12,834)	(12,203)
Net cash used in financing activities	(12,834)	(12,203)
Net increase (decrease) in Cash and Cash Equivalents	(188,636)	112,703
Cash and Cash Equivalents, Beginning of period	442,613	477,077
Cash and Cash Equivalents, End of period	253,977	589,780
Supplemental cash flow information:
Interest paid in cash	21,747	21,450
Schedule of Non-cash investing activities
Exchange of accrued compensation for warrants	$ 0	$ 425,000

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Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

5. Income Taxes

Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90% of its real estate investment trust taxable income to its shareholders each year by the end of the following year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.

ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of June 30, 2015 the tax years that remain open to examination by the federal, state and local taxing authorities are the 2011 – 2014 tax years and the Company was not required to accrue any liability for those tax years.

For the six months ended June 30, 2015, the Company had a tax loss of approximately $187,000 ($.04 per share) which was all ordinary loss. For the six months ended June 30, 2014, the Company had a tax loss of approximately $80,000 ($.02 per share), which was all ordinary loss.

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Investments in Joint Ventures and Partnerships (Details Textual)	1 Months Ended
	Mar. 31, 2015 USD ($)
Schedule of Equity Method Investments [Line Items]
Proceeds from Equity Method Investment, Dividends or Distributions	$ 2,750