Investment in Partnership

9 Months Ended

Sep. 30, 2021

Investment In Partnership [Abstract]

Investment in Partnership

3. Investment in Partnership

As of September 30, 2021 and December 31, 2020, we owned a 31.3333% interest in Avalon Jublee, LLC partnership with an aggregate fair value of $-0-. The Company has elected the fair value option versus accounting under the equity method as the fair value better represents the Company’s realization of this investment.

On December 31, 2020 the Avalon Property consisted of 34 finished, single-family subdivision lots and approximately 21.42 acres of subsequent phases of undeveloped land in Los Lunas, New Mexico.

Summary financial information for Avalon Property (31.3333% owned) accounted for by the fair value method is as follows:

	December 31,
	2020
Condensed balance sheet
Cash	$	114,223
Accounts receivable		394,158
Inventory		2,266,107
Fixed assets net		320
Other assets		68,690
Total assets	$	2,843,498
Accounts payable	$	1,054,716
Other liabilities		378,563
Loans from partners		320,000
Mortgages		485,104
Partners’ capital		605,115
Total liabilities and capital	$	2,843,498
Condensed statement of operations
Gross receipts	$	554,692
Cost of goods sold		281,932
Gross profit		272,760
Other expenses		262,263
Net income	$	10,497
Net income attributed to Presidential Realty Corporation	$	3,289