Investment in Partnership

9 Months Ended

Sep. 30, 2022

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 realization of this investment.

At September 30, 2022 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
Condensed balance sheet
Cash	$	123,198
Accounts receivable		16,575
Inventory		2,165,837
Total assets	$	2,305,610
Accounts payable	$	504,547
Other liabilities		690,978
Loans from partners		555,104
Partners’ capital		554,981
Total liabilities and capital	$	2,305,610
Condensed statement of operations
Gross receipts	$	1,504,299
Cost of goods sold		1,033,214
Gross profit		471,085
Other expenses(income)		537,916
Net loss		(66,831	)
Net loss attributed to Presidential Realty Corporation	$	(20,940	)