Investment in Partnership

12 Months Ended

Dec. 31, 2021

Investment In Partnership [Abstract]

Investment in Partnership

3. Investment in Partnership

We own 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 expected realization of this investment.

On December 31, 2021 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,
	2021			2020
Condensed balance sheet
Cash	$	123,198		$	114,223
Accounts receivable		16,575			394,158
Inventory		2,165,837			2,266,107
Fixed assets net		-			320
Other assets		-			68,690
Total assets	$	2,305,610		$	2,843,498
Accounts payable	$	504,547		$	1,054,716
Other liabilities		690,978			378,563
Loans from partners		555,104			320,000
Mortgages		-			485,104
Partners’ capital		554,981			605,115
Total liabilities and capital	$	2,305,610		$	2,843,498
Condensed statement of operations
Gross receipts	$	1,504,299		$	554,692
Cost of goods sold		1,033,214			281,932
Gross profit		471,085			272,760
Other expenses(income)		537,916			262,263
Net income (loss)		(66,831	)		10,497
Net income (loss) attributed to Presidential Realty Corporation	$	(20,940	)		3,289